(a) Any funds remaining with the corporation in excess of the amount necessary to finance a project, including the cost of lands, buildings, and facilities and other expenses necessary to its completion, shall be used by the corporation to reduce the amount of its first lien obligations.
(b) For this purpose, the corporation shall call its first lien obligations for payment in inverse numerical order not later than the next interest payment date after completion of the project.
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 5 - Industrial Development Corporations
§ 15-4-501. Purpose — Incorporators
§ 15-4-502. Articles of incorporation — Contents
§ 15-4-503. Articles — Signatures and acknowledgment of incorporators
§ 15-4-506. Beginning of corporate existence
§ 15-4-508. Filing corrected articles of incorporation
§ 15-4-511. Amendments to articles of incorporation
§ 15-4-513. Nonprofit operation — Payment of indebtedness
§ 15-4-514. Authority to borrow money, issue bonds, etc
§ 15-4-515. Exemption from Arkansas Securities Act
§ 15-4-517. Bond issue — Terms
§ 15-4-518. Security for bonds
§ 15-4-521. Sale of obligations
§ 15-4-522. Refunding obligations