Arkansas Code
Subchapter 32 - Arkansas Amendment 82 Implementation Act
§ 15-4-3212. Sale and price of bonds

(a) The bonds may be sold in the manner, either at public or private sale, and upon terms determined by the Arkansas Development Finance Authority to be reasonable and expedient for effectuating the purposes of Arkansas Constitution, Amendment 82, and this subchapter.
(b) The bonds may be sold at the price the authority determines acceptable, including sale at a discount or a premium.
(c)
(1) If the bonds are to be sold at public sale, the authority shall give notice of the offering of the bonds in a manner reasonably designed to notify participants in the public finance industry that the offering is being made.
(2) The authority shall set the terms and conditions of bidding, including the basis on which the winning bid will be selected.

(d) The authority may employ administrative agents, fiscal agents, underwriters, architects, accountants, engineers, and legal counsel and may pay them reasonable compensation from the proceeds of the bonds.
(e)
(1) The authority may structure the sale of bonds using financing techniques recommended by its underwriters or other professional advisors in order to take advantage of market conditions and obtain the most favorable interest rates consistent with the purposes of Arkansas Constitution, Amendment 82, and this subchapter.
(2)
(A) In furtherance of this authorization, the authority may enter into ancillary agreements in connection with the sale of the bonds as it deems necessary and advisable.
(B) Ancillary agreements may include, without limitation:
(i) Bond purchase agreements;
(ii) Remarketing agreements;
(iii) Letters of credit; or
(iv) Reimbursement agreements.

(3) The authority may also enter into interest rate exchange agreements or similar agreements or contracts with any person on a competitive or negotiated basis under terms or conditions determined by the authority, but in compliance with § 15-5-317.

(f) After funding any necessary reserve or reserves, the proceeds from the sale of the bonds may be used to pay:
(1) The fees of any trustee or paying agent;
(2) The costs of publication of notices;
(3) The costs of printing the bonds;
(4) The costs of publication and printing of official statements and other documents relating to the sale of the bonds;
(5) The fees of any nationally recognized rating agency;
(6) The fees of the issuer;
(7) The fees of the guarantor;
(8) Project costs; and
(9) Other reasonable costs incurred by the authority for issuing and selling the bonds.