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Subchapter 1 - Arkansas Development Finance Authority Act — General Provisions
§ 15-5-101. Title - This subchapter, §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 —...
§ 15-5-102. Legislative findings and declaration of public necessity - (a) The General Assembly finds: (1) (A) That there exists...
§ 15-5-103. Definitions - As used in this subchapter, §§ 15-5-201 — 15-5-211, 15-5-213,...
§ 15-5-104. Construction - (a) This subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and...
§ 15-5-105. Subchapters supplemental - (a) Except as stated in § 15-5-303, it is the...
§ 15-5-106. Bonds - The Arkansas Development Finance Authority is authorized to issue bonds...
Subchapter 2 - Arkansas Development Finance Authority Act — Administration
§ 15-5-201. Creation of authority - There is created, with such duties and powers as are...
§ 15-5-202. Board of directors — Members - (a) (1) The Board of Directors of the Arkansas Development...
§ 15-5-203. Board officers and employees - (a) Annually and at such other times as may be...
§ 15-5-204. Prohibition on personal interests in contracts - (a) (1) No officer or employee of the Arkansas Development...
§ 15-5-205. Board meetings - (a) The powers of the Arkansas Development Finance Authority shall...
§ 15-5-207. Rights, powers, privileges, and duties of authority — Definitions - (a) The Arkansas Development Finance Authority shall have such rights,...
§ 15-5-208. Services of public entities to authority — Expenses - (a) All officers, departments, boards, agencies, divisions, and commissions of...
§ 15-5-209. Disposition and use of funds - (a) All revenues received by the Arkansas Development Finance Authority,...
§ 15-5-210. Annual report - (a) On or before January 31 of each year, the...
§ 15-5-211. Dissolution of the authority - (a) The Arkansas Development Finance Authority may be dissolved by...
§ 15-5-212. Approval of Legislative Council for certain matters - (a) The Arkansas Development Finance Authority or the Secretary of...
§ 15-5-213. Correction Facilities Construction Fund - (a) There is established on the books of the Arkansas...
§ 15-5-214. Criminal background check - (a) The Arkansas Development Finance Authority may require a state...
Subchapter 3 - Arkansas Development Finance Authority Act — Bonds
§ 15-5-301. Power to issue bonds - (a) The Arkansas Development Finance Authority is authorized and empowered...
§ 15-5-302. Underwriters and experts - (a) The Arkansas Development Finance Authority, when requested to do...
§ 15-5-303. Exclusive issuer of revenue bonds for public facilities - It is the intention of the General Assembly that the...
§ 15-5-304. Exclusive issuer of mortgage bonds - For purposes of compliance with the Mortgage Subsidy Bond Tax...
§ 15-5-305. Authorized investors - (a) Any municipality or any board, commission, or other authority...
§ 15-5-306. Tax exemption - Any bonds issued under the provisions of this subchapter and...
§ 15-5-307. Request to issue certain bonds - (a) When gubernatorial approval is required by the provisions of...
§ 15-5-308. Notice of issue — Disapproval - (a) Not less than thirty (30) days prior to the...
§ 15-5-309. Authorizing resolution and trust indenture — Terms and qualities of bonds - (a) (1) Bonds issued in accordance with this subchapter shall...
§ 15-5-310. Sale - (a) The bonds may be sold in such manner, either...
§ 15-5-311. Execution - (a) The bonds shall be executed by manual or facsimile...
§ 15-5-312. Statement on face of bond — Security - (a) It shall be plainly stated on the face of...
§ 15-5-313. Pledge valid and binding — Lien - (a) Any pledge of revenues, moneys, funds, or other property...
§ 15-5-314. Refunding bonds - (a) Bonds may be issued for the purpose of refunding,...
§ 15-5-315. Securing deposit of public funds - Bonds issued under this subchapter shall be eligible to secure...
§ 15-5-316. No personal liability - No director or officer of the Arkansas Development Finance Authority...
§ 15-5-317. Power to enter into an interest rate exchange agreement or similar agreement or contract - (a) In connection with bonds issued before, on, or after...
§ 15-5-318. Primary administration of federal allocations of private activity and governmental volume cap - (a) (1) Except as provided in subsection (b) of this...
Subchapter 4 - Arkansas Development Finance Authority Bond Guaranty Act of 1985
§ 15-5-401. Title - This subchapter may be referred to and cited as the...
§ 15-5-402. Legislative findings and declaration of public necessity - (a) The General Assembly finds: (1) That there exists severe...
§ 15-5-403. Definitions - As used in this subchapter: (1) “Act” means this subchapter;...
§ 15-5-404. Power of authority to grant or deny guaranty bonds - The Arkansas Development Finance Authority, in addition to all the...
§ 15-5-405. When bonds may be guaranteed - Amortization payments on qualified bonds may be guaranteed in instances...
§ 15-5-406. Standards and rules for evaluations - The Arkansas Development Finance Authority shall promulgate standards and rules...
§ 15-5-407. Bond Guaranty Reserve Account — Investment of funds - (a) (1) The Arkansas Development Finance Authority may establish a...
§ 15-5-408. Evidence to support guaranty — Premium payment - (a) Each borrower requesting a guaranty under this subchapter shall...
§ 15-5-409. Review of applications - (a) All applications filed with the Arkansas Development Finance Authority...
§ 15-5-410. No private right against authority under §§ 15-5-408 and 15-5-409 - No provision of §§ 15-5-408 and 15-5-409 shall be interpreted...
§ 15-5-411. Grants to fund - The Arkansas Development Finance Authority is authorized to accept grants...
§ 15-5-412. Guaranty agreement provision - Guaranty agreements entered into by the Arkansas Development Finance Authority...
§ 15-5-413. Rules — Remedies - (a) The Arkansas Development Finance Authority is authorized and directed...
§ 15-5-414. Authority to use money committed to other projects - (a) If the Arkansas Development Finance Authority shall at any...
§ 15-5-415. Issuance of bonds to provide additional moneys - (a) If at the time there are no other available...
§ 15-5-416. Authorizing resolution - (a) The bonds shall be authorized by resolution of the...
§ 15-5-417. Trust indenture - (a) The resolution authorizing the issuance of bonds may provide...
§ 15-5-418. Execution of bonds and coupons — Temporary notes or bonds - (a) The bonds shall be executed by the facsimile or...
§ 15-5-419. Sale of bonds — Statement on face of bond - (a) The bonds may be sold in such manner, either...
§ 15-5-420. Obligation of authority — Disposition of proceeds - (a) All bonds issued under this subchapter shall be obligations...
§ 15-5-421. Bond debt service amount - (a) The Arkansas Development Finance Authority shall notify the Treasurer...
§ 15-5-422. Moneys for Correction Facilities Construction Fund - The Arkansas Development Finance Authority is authorized to accept moneys...
Subchapter 6 - Allocation of State Ceiling
§ 15-5-601. Bonds affected — Definitions - (a) This subchapter shall be effective for the calendar year...
§ 15-5-602. Delegation of functions - The President of the Arkansas Development Finance Authority may delegate...
§ 15-5-603. Aggregate percentages allocated - (a) The aggregate of the state ceiling for the State...
§ 15-5-604. Filing by issuer of reservation of volume cap and notice of issuance of bonds - (a) In order to reserve an allocation of the state...
§ 15-5-605. Special rules for allocation of volume cap for multifamily residential housing bonds - (a) Notwithstanding § 15-5-604(c), the priority allocation of volume cap...
§ 15-5-606. Balance of state ceiling — Carryforwards - (a) (1) (A) Volume cap that has not been allocated...
§ 15-5-607. Records of filings - (a) The Arkansas Development Finance Authority shall maintain continuous cumulative...
§ 15-5-608. Acceptable forms - Filings made under this subchapter and notice of issuance of...
§ 15-5-609. Filing fee - The Arkansas Development Finance Authority may charge each issuer of...
§ 15-5-610. Allocation of 2008 Housing Act Volume Cap - (a) The 2008 Housing Act Volume Cap shall be allocated...
Subchapter 7 - Arkansas Development Finance Authority Small Business Act of 1989
§ 15-5-701. Title - This subchapter may be referred to and cited as the...
§ 15-5-702. Legislative findings and declaration of public necessity - (a) The General Assembly finds: (1) That there exists severe...
§ 15-5-703. Definitions - As used in this subchapter: (1) “Agencies of the United...
§ 15-5-704. Duty of authority - The Arkansas Development Finance Authority, in addition to all the...
§ 15-5-705. Funding or guarantee of loans — Conditions - (a) Loans may be guaranteed when: (1) The Arkansas Development...
§ 15-5-706. Evaluation of small-business persons - (a) The Arkansas Development Finance Authority shall promulgate standards and...
§ 15-5-707. Small Business Revolving Loan Fund — Investment of funds - (a) (1) The Arkansas Development Finance Authority is authorized to...
§ 15-5-708. Applications — Supporting documents - Each small-business person requesting a loan or guaranty or qualified...
§ 15-5-709. Applications — Review — Confidentiality and public disclosure — Notice - (a) All applications filed with the Arkansas Development Finance Authority...
§ 15-5-710. Liability of authority's members and staff - No provision of §§ 15-5-708 and 15-5-709 shall be interpreted...
§ 15-5-711. Grants to fund - The Arkansas Development Finance Authority may accept grants to its...
§ 15-5-712. Power to make grants and loans - The Arkansas Development Finance Authority may make grants, direct loans,...
§ 15-5-713. Funding of qualified investments - (a) The Arkansas Development Finance Authority may approve the use...
§ 15-5-714. Entrepreneur Fee Waiver Pilot Program — Definition - (a) There is created a program to be known as...
Subchapter 9 - Construction Assistance Revolving Loans
§ 15-5-901. Fund — Establishment — Uses — Accounts - (a) (1) (A) There is established on the books of...
§ 15-5-902. Fund — Administration - (a) (1) The Construction Assistance Revolving Loan Fund shall be...
§ 15-5-903. Fund — Grants — Deposits — Cash funds - (a) The Arkansas Natural Resources Commission and the Arkansas Development...
§ 15-5-904. Fees for technical and administrative services - (a) (1) The Arkansas Natural Resources Commission may establish and...
§ 15-5-905. Federal grants deposited into fund - (a) The Arkansas Natural Resources Commission and the Arkansas Development...
§ 15-5-906. Security for bonds - (a) The Arkansas Natural Resources Commission and, with the approval...
§ 15-5-907. Substitution of loans — Forgiveness of principal - (a) The Arkansas Natural Resources Commission may remove any loan,...
§ 15-5-908. Withholding general revenue turnback - (a) Should any city, town, county, or political subdivision receiving...
§ 15-5-909. Definitions - As used in this subchapter: (1) “Administrative account” means the...
§ 15-5-910. Interest rates on loans - (a) The loans made and bonds, notes, and other evidences...
Subchapter 11 - Arkansas Capital Access Program for Small Business Act of 1993
§ 15-5-1101. Title - This subchapter may be referred to and cited as the...
§ 15-5-1102. Legislative findings and declaration of public necessity - (a) The General Assembly finds: (1) There is a persistent...
§ 15-5-1103. Definitions - As used in this subchapter: (1) “Financial institution” means all...
§ 15-5-1104. Contracts with financial institutions — Contents of contract - (a) The Arkansas Development Finance Authority may contract with a...
§ 15-5-1105. Capital Access Fund — Use — Investment earnings — Administrative expenses - (a) There is created within the Arkansas Development Finance Authority...
§ 15-5-1106. Loss reserve accounts — Limitation on amount - (a) The Arkansas Development Finance Authority shall establish a loss...
§ 15-5-1107. Enrollment of qualified loan — Procedure — Fee — Transfers to loss reserve account - (a) (1) When a financial institution participates in the Arkansas...
§ 15-5-1108. Claims for reimbursement of losses — Amounts subject to reimbursement - (a) The Arkansas Development Finance Authority shall establish procedures under...
§ 15-5-1109. Rules - The Arkansas Development Finance Authority may adopt such rules as...
§ 15-5-1110. Financial report of Capital Access Fund - (a) At least annually, the Arkansas Development Finance Authority shall...
§ 15-5-1111. Arkansas Credit Reserve Program - The Arkansas Development Finance Authority shall establish the Arkansas Credit...
Subchapter 12 - Petroleum Storage Tank Trust Fund Bond Financing Act
§ 15-5-1201. Title - This subchapter may be known and may be cited as...
§ 15-5-1202. Purpose - The purpose of this subchapter is to provide for the...
§ 15-5-1203. Definitions - As used in this subchapter: (1) “Act” means the Arkansas...
§ 15-5-1204. Issuance of revenue bonds by the authority - (a) (1) Upon the request of the Director of the...
§ 15-5-1205. Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund — Pledged fees - (a) (1) The debt service on the bonds shall be...
§ 15-5-1206. Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund — Payment of debt service — Tax exemption - (a) Payment of principal and interest on the bonds shall...
§ 15-5-1207. Expiration of subchapter - The provisions of this subchapter shall expire upon payment of...
§ 15-5-1208. Refunding bonds - (a) The Arkansas Development Finance Authority may provide by resolution...
§ 15-5-1209. Eligible security - The bonds are eligible to secure deposits of public funds...
§ 15-5-1210. Subchapter cumulative of other laws - This subchapter is cumulative of other laws on the subject...
Subchapter 13 - Affordable Neighborhood Housing Tax Credit Act of 1997
§ 15-5-1301. Title - This subchapter shall be known and may be cited as...
§ 15-5-1302. Definitions - As used in this subchapter: (1) “Affordable housing assistance activities”...
§ 15-5-1303. Affordable housing assistance activities and affordable housing units — Business firms proposing to provide — Procedure for approval and tax credit - (a) Any business firm which engages in providing affordable housing...
§ 15-5-1304. Tax credits authorized — Amount allowed annually — Exceeded when — Upper limits set — Carryover permitted - (a) (1) For proposals approved under § 15-5-1303, the amount...
§ 15-5-1305. Rules - The Secretary of the Department of Finance and Administration and...
Subchapter 14 - Venture Capital Investment Act of 2001
§ 15-5-1401. Title - This subchapter shall be known and may be cited as...
§ 15-5-1402. Purpose - The State of Arkansas desires to increase the availability of...
§ 15-5-1403. Definitions - As used in this subchapter: (1) “Accredited investor” means an...
§ 15-5-1404. Designated investor group - (a) (1) The Arkansas Development Finance Authority shall solicit from...
§ 15-5-1405. Guaranty - (a) The Arkansas Development Finance Authority shall have the power...
§ 15-5-1406. Tax credits - (a) The State of Arkansas shall issue income tax credits...
§ 15-5-1407. Registration of tax credits - (a) The Arkansas Development Finance Authority, in conjunction with the...
§ 15-5-1408. Annual report - The designated investor group shall publish an annual report within...
§ 15-5-1409. Powers of the Arkansas Development Finance Authority - The Arkansas Development Finance Authority shall have the power to...
§ 15-5-1410. Legislative findings - The General Assembly finds: (1) There is a need to...
§ 15-5-1411. Creation of the Arkansas Venture Capital Development Fund - (a) There is established the Arkansas Venture Capital Development Fund,...
§ 15-5-1412. Eligibility for financial assistance — Limitation - (a) For a technology-based enterprise or venture capital fund to...
§ 15-5-1413. Funding of Arkansas Venture Capital Development Fund - (a) The trustees of the Venture Capital Investment Trust may...
§ 15-5-1414. Review committee - The review committee shall: (1) Recommend to the trustees of...
§ 15-5-1415. Annual report - The trustees of the Venture Capital Investment Trust shall publish...
§ 15-5-1416. Powers of the trustees of the Venture Capital Investment Trust - The trustees of the Venture Capital Investment Trust may promulgate...
Subchapter 15 - Arkansas Brownfield Revolving Loan Fund Act
§ 15-5-1501. Title - This subchapter may be titled as the “Arkansas Brownfield Revolving...
§ 15-5-1502. Definitions - As used in this subchapter: (1) “Authority” means the Arkansas...
§ 15-5-1503. Brownfield Revolving Loan Fund — Establishment — Uses - (a) (1) There is established on the books of the...
§ 15-5-1504. Brownfield Revolving Loan Fund — Sources — Deposits - (a) The following moneys shall be deposited directly into the...
§ 15-5-1505. Brownfield Revolving Loan Fund — Administration - (a) (1) The Brownfield Revolving Loan Fund shall be administered...
§ 15-5-1506. Loans — Grants - (a) With approval of the Division of Environmental Quality, the...
§ 15-5-1507. Allocation from Treasurer of State - (a) (1) The Arkansas Development Finance Authority may accept moneys...
§ 15-5-1508. Security for bonds - The Arkansas Development Finance Authority may use the moneys in...
§ 15-5-1509. Administrative fees - (a) The Division of Environmental Quality and the Arkansas Development...
§ 15-5-1510. Collection of fees - (a) (1) With approval of the Division of Environmental Quality,...
§ 15-5-1511. Rules - The Division of Environmental Quality may adopt rules as necessary...
Subchapter 17 - Arkansas Housing Trust Fund Act of 2009
§ 15-5-1701. Title - This subchapter shall be known and may be cited as...
§ 15-5-1702. Legislative intent - The General Assembly finds: (1) That current economic conditions, the...
§ 15-5-1703. Definitions - As used in this subchapter: (1) “Advisory committee” means the...
§ 15-5-1704. Establishment of Arkansas Housing Trust Fund - (a) There is established on the books of the Arkansas...
§ 15-5-1705. Sources and deposits — Administration of Arkansas Housing Trust Fund — Responsibilities of the Arkansas Development Finance Authority - (a) The following moneys shall be deposited into the Arkansas...
§ 15-5-1706. Creation of Arkansas Housing Trust Fund Advisory Committee - (a) (1) There is created the Arkansas Housing Trust Fund...
§ 15-5-1707. Roles and responsibilities of the Arkansas Housing Trust Fund Advisory Committee - (a) The Arkansas Housing Trust Fund Advisory Committee will operate...
§ 15-5-1708. Purposes and uses of the Arkansas Housing Trust Fund - (a) Money held in the Arkansas Housing Trust Fund shall...
§ 15-5-1709. Minimum requirements — Distribution of funds — Application evaluation guidelines - (a) In order for a proposal to be an activity...
Subchapter 18 - State Entity Energy Efficiency Project Bond Act
§ 15-5-1801. Title - This subchapter shall be known as the “State Entity Energy...
§ 15-5-1802. Purpose - (a) The purpose of this subchapter is to provide financing...
§ 15-5-1803. Definitions - As used in this subchapter: (1) “Bonds” means all bonds,...
§ 15-5-1804. Issuance of bonds - (a) Upon the request of a state entity, the Arkansas...
§ 15-5-1805. Terms and conditions - (a) The Arkansas Development Finance Authority shall be the issuer...
§ 15-5-1806. Tax exemption - The interest on the bonds issued under this subchapter shall...
§ 15-5-1807. Refunding bonds - (a) The Arkansas Development Finance Authority may provide by resolution...
§ 15-5-1808. Applicability - This subchapter: (1) Applies only to the following governmental units:...
§ 15-5-1809. Subchapter supplemental to other laws - This subchapter is: (1) Supplemental to other laws on the...
§ 15-5-1810. Rules - The Arkansas Development Finance Authority may promulgate rules to implement...
Subchapter 19 - Arkansas Student Loan Financing Act
§ 15-5-1901. Title - This subchapter shall be known and may be cited as...
§ 15-5-1902. Creation of the Student Loan Authority Division — Assumption of obligations of Arkansas Student Loan Authority - (a) (1) There is established the Student Loan Authority Division...
§ 15-5-1903. Definitions - As used in this subchapter: (1) (A) “Education loan” means...
§ 15-5-1904. Cash funds — Sufficient redemption fund required - (a) (1) All moneys received by the Student Loan Authority...
§ 15-5-1905. Excess funds — Allowable investments - Moneys in funds created by resolution or trust indenture of...
§ 15-5-1906. Trust indenture funds and accounts - (a) All proceeds derived from a particular obligation under this...
§ 15-5-1907. Students — Power to contract - (a) For the purpose of this subchapter, a student who...
§ 15-5-1908. Purchase of student loan notes - Before purchasing a guaranteed educational loan note or an education...