(a)
(1) To qualify as a superproject, the investment and job creation requirements must be attained no later than the eighth year after the project first begins operations unless the eight-year period is extended by the Arkansas Economic Development Commission.
(2) The commission may extend the eight-year deadline for a reasonable period of time, taking into consideration general economic conditions.
(b) If the investment and job creation requirements are not attained within the eight-year deadline or the extended deadline as prescribed by the commission, the sponsor shall refund to the Arkansas Development Finance Authority any funds the sponsor received under this subchapter.
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