(a) Upon the request of a state entity, the Arkansas Development Finance Authority may issue bonds for the purpose of:
(1) Providing financing or refinancing for an energy efficiency project;
(2) Refunding bonds issued under this subchapter; and
(3) Paying the costs of issuing the bonds.
(b) (1) The bonds may be:
(A) Secured by a pledge of the savings derived from the energy efficiency project; and
(B) Paid from general revenues, special revenues, revenues derived from taxes, or any other revenues available to the state entity.
(2) A state entity may pledge or assign any guaranteed energy savings contract to secure the bonds.
(3) A state entity may enter into a long-term loan agreement with the authority to secure the bonds.
(4) Notwithstanding any law to the contrary, a state entity may use maintenance and operations appropriations to pay for an energy efficiency project.
(c) (1) (A) Bonds issued under this subchapter shall:
(i) Be authorized by a resolution of the state entity and the Board of Directors of the Arkansas Development Finance Authority; and
(ii) Have the form and characteristics and bear the designations provided in the resolution and permitted under this chapter, including without limitation ยงยง 15-5-301 -- 15-5-317.
(B) The resolution under subdivision (c)(1)(A)(i) of this section may include the provisions and covenants that the state entity or the board determines to be necessary.
(2) The board may:
(A) Require additional proceedings; and
(B) Approve and have executed any other proceedings, agreements, trust agreements, or other instruments necessary or convenient to the issuance of the bonds.
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