The Arkansas Economic Development Council, acting through the Division of Minority Business Enterprise of the Arkansas Economic Development Commission, is authorized and empowered to use the proceeds of any bonds issued under this subchapter, together with any other available funds, for the making of loans for:
(1) The purchase of investment loans and paying of incidental expenses in connection therewith;
(2) Paying the expenses of amortizing and issuing the bonds;
(3) Paying interest on the bonds until revenues thereon are available in sufficient amounts; and
(4) Funding such debt service reserves as the council deems necessary or desirable.
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
Subchapter 4 - Jobs Creation by Stimulating Small Business Growth Act of 1985
§ 15-4-402. Legislative findings and purpose
§ 15-4-404. Promulgation of rules generally
§ 15-4-405. Companies qualified for loan application and sale — Apportioning available funds
§ 15-4-406. Authority to issue revenue bonds — Loan funds
§ 15-4-407. Limits on bond issuance and loan purchases
§ 15-4-408. Prerequisites to issuance
§ 15-4-409. Authorizing resolution and trust indenture
§ 15-4-410. Issuance and redemption procedures
§ 15-4-414. No personal liability