In addition to powers conferred under other laws, the Arkansas Economic Development Commission may take any action necessary to carry out the purposes of this subchapter, including the power to:
(1) Provide loans and grants from bond proceeds or project revenues to local entities and to authorize local entities to make loans to other persons for financing superprojects;
(2) Cause the Arkansas Development Finance Authority to purchase with bond proceeds or project revenues, bonds or notes from a local entity in order to provide funds for financing superprojects and to enter into note and bond purchase agreements in connection with those purchases;
(3) Fix, regulate, and collect rates, fees, rents, or other charges for making any loan or commitment under this subchapter and for performing accounting and loan servicing duties relating to the loans;
(4) Require audits of all accounts related to construction, operation, or maintenance of any superproject funded by this subchapter;
(5) Take reasonable actions necessary to ensure that debt service requirements are met;
(6) Refinance loans made by the authority from whatever source to local entities in order to develop a superproject;
(7) Provide loans from bond proceeds or project revenues to local entities for the purpose of refinancing indebtedness of the local entity incurred for the purpose of financing a superproject; and
(8) Take any other action necessary to accomplish the purposes of 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