(a) Any city or town in this state or any board, commission, or other authority duly established by ordinance of any such city or town or the boards of trustees, respectively, of the firemen's relief and pension fund and the policemen's pension and relief fund of any such city or town may invest any of its funds not immediately needed for its purposes in the bonds or other obligations of any industrial or economic development corporation having its principal office in the county in which any such city or town is located.
(b) The board of trustees of any retirement system created by the General Assembly, in its discretion, may invest its funds in first lien coupon bonds of any corporation organized under the provisions of this act.
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