(a) The Arkansas Development Finance Authority or the Secretary of the Department of Commerce on behalf of the authority shall not employ or select any investment banker, consultant, professional financial advisor, or attorney unless the selection criteria to be used in the selection have been submitted to the Legislative Council for review.
(b)
(1) As soon as practicable after closing any new bond issue, the authority shall submit a program fact sheet for the new bond issue to the Legislative Council for its review. The program fact sheet shall include, but not be limited to, the fees, interest rates, average coupon life of the securities, and gross spread for the new bond issue.
(2) A copy of each program fact sheet shall be submitted to Arkansas Legislative Audit at the same time that the program fact sheet is submitted to the Legislative Council.
Structure Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 1 - Development Of Economic And Natural Resources Generally
Chapter 5 - Arkansas Development Finance Authority
Subchapter 2 - Arkansas Development Finance Authority Act — Administration
§ 15-5-201. Creation of authority
§ 15-5-202. Board of directors — Members
§ 15-5-203. Board officers and employees
§ 15-5-204. Prohibition on personal interests in contracts
§ 15-5-207. Rights, powers, privileges, and duties of authority — Definitions
§ 15-5-208. Services of public entities to authority — Expenses
§ 15-5-209. Disposition and use of funds
§ 15-5-211. Dissolution of the authority
§ 15-5-212. Approval of Legislative Council for certain matters