(a)
(1) The Arkansas Development Finance Authority, exercising an essential public function as the State of Arkansas's bond-issuing authority, is authorized by this subchapter to issue bonds to fund superprojects.
(2) The authority shall be responsible for developing the bond financing portion of the plan required by § 15-4-3005.
(b)
(1) As the lead economic development agency for the State of Arkansas, the Arkansas Economic Development Commission is authorized to utilize the superproject funding in attracting superprojects to Arkansas.
(2) The commission shall:
(A) Utilize economic impact and cost-benefit analysis to evaluate proposed superprojects;
(B) Be responsible for developing the portion of the plan concerning the selection and funding of the superprojects; and
(C) Be responsible for monitoring and reporting to the authority, the Governor, and the Legislative Council on the ongoing economic impact of the superproject and the sponsor's progress in meeting the requirement for their economic development investment.
Structure Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 1 - Development Of Economic And Natural Resources Generally
Chapter 4 - Development Of Business And Industry Generally
§ 15-4-3002. Legislative findings
§ 15-4-3004. Authority to issue bonds
§ 15-4-3005. State of Arkansas Economic Development General Obligation Bonds
§ 15-4-3006. Qualification as a superproject
§ 15-4-3009. Authorization of bonds
§ 15-4-3010. Form and delivery of bonds
§ 15-4-3011. Sale and price of bonds
§ 15-4-3012. Deposit of bond proceeds
§ 15-4-3013. Powers of the Arkansas Economic Development Commission
§ 15-4-3014. General obligations bonds
§ 15-4-3015. Annual determination of moneys required for bond repayment
§ 15-4-3016. Exemption from taxes
§ 15-4-3018. Contractual obligations of state — Enforcement
§ 15-4-3019. No rights until first series of bonds sold and delivered — Outstanding bonds unaffected
§ 15-4-3020. Consent by qualified electors to issue bonds
§ 15-4-3021. Vote on issuance of bonds by qualified electors
§ 15-4-3022. Legal actions heard as preferred cause — Appeals