(a) If at the time there are no other available moneys to meet the then-present or reasonably projected obligations of the Revenue Bond Guaranty Account, the Arkansas Economic Development Council shall proceed promptly to issue bonds, as authorized in this subchapter, in such principal amounts as may be necessary to enable the council to meet, as and when due, all obligations of the account.
(b) The authority to issue bonds shall be a continuing authority that may be exercised from time to time.
(c) Determination of when additional moneys will be needed for the account, the amounts that will be needed, the availability or unavailability of other moneys, the necessity for the issuance of bonds, and the principal amounts of bonds to be issued shall be made solely by the council in the exercise of its discretion.
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 7 - Industrial Development Guaranty Bond Act
§ 15-4-702. Authority to use Arkansas Economic Development Council moneys if account is insufficient
§ 15-4-703. Authority to issue bonds — Arkansas Economic Development Council determinations
§ 15-4-704. Authorizing resolution — Bond issuance, form, and contents
§ 15-4-706. Execution and delivery of bonds
§ 15-4-707. Temporary notes or bonds
§ 15-4-709. Arkansas Economic Development Council obligations — Deposit of revenues and net proceeds
§ 15-4-710. Notice to State Board of Finance — Disposition of bond debt service amount