(a) The Arkansas Natural Resources Commission may remove any loan, bond, note, or other evidence of indebtedness purchased with moneys in the Construction Assistance Revolving Loan Fund Account from the account and substitute another loan, bond, note, or other evidence of indebtedness not then in default as to payment of any installment of principal, interest, or financing fee and having an equal or greater outstanding principal balance, made by the commission for a purpose authorized by this subchapter.
(b) The commission may forgive principal of loans made and bonds, notes, and other evidences of indebtedness purchased with moneys in the Construction Assistance Revolving Loan Fund, provided that principal may be forgiven only for loans made and bonds, notes, and other evidences of indebtedness purchased with moneys in the fund provided by the federal government under the Clean Water Act for the purpose of providing additional subsidization to eligible recipients in the form of forgiveness of principal, negative interest loans, or grants or any combination of principal, negative interest loans, or grants.
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 9 - Construction Assistance Revolving Loans
§ 15-5-901. Fund — Establishment — Uses — Accounts
§ 15-5-902. Fund — Administration
§ 15-5-903. Fund — Grants — Deposits — Cash funds
§ 15-5-904. Fees for technical and administrative services
§ 15-5-905. Federal grants deposited into fund
§ 15-5-906. Security for bonds
§ 15-5-907. Substitution of loans — Forgiveness of principal