Ark. Code Ann. § 15-5-301 (2020)
Power to issue bonds
- The Arkansas Development Finance Authority is authorized and empowered to issue bonds, whether or not the interest on the bonds is subject to federal income taxation, either for a specific activity or for a particular project or on a pooled or consolidated basis for a series of related or unrelated activities or projects in such amounts as shall be determined by the authority for the purpose of enhancing the Public School Fund or financing qualified agricultural business enterprises, capital improvement facilities, educational facilities, healthcare facilities, housing developments, industrial enterprises, exports of goods and short-term advance funding of local government obligations, scientific and technical services businesses, technology-based enterprises, tourism enterprises, nonprofit organizations, energy efficiency projects, or any combination of those facilities or enterprises, or any interest in facilities, including without limitation leasehold interests in and mortgages on those facilities.
- However, nothing in this subchapter and §§ 15-5-101 — 15-5-106, 15-5-201 — 15-5-211, and 15-5-213 shall be construed to authorize the authority to issue or sell revenue bonds or use the proceeds thereof to purchase, condemn, or otherwise acquire a utility plant or distribution system owned or operated by a regulated public utility.
History. Acts 1985, No. 1062, § 6.00; 1986 (2nd Ex. Sess.), No. 18, § 2; A.S.A. 1947, § 13-2906; Acts 1987, No. 900, § 5; 2007, No. 593, § 2; 2013, No. 1252, § 4; 2017, No. 824, § 10.
Publisher's Notes. Acts 1987, No. 900, § 9, provided:
“It is the intention of this act to amend such portions of Acts 1985, No. 1062, as amended, as are specifically mentioned in this act; the remainder of Acts 1985, No. 1062 shall remain in full force and effect as enacted until it shall be further amended or repealed.”
Amendments. The 2013 amendment, in (a)(1), deleted “from time to time” following “to issue bonds” and inserted “energy efficiency projects” preceding “or any combination of those facilities”.
The 2017 amendment deleted former (a)(2) and redesignated former (a)(1) as present (a).
Cross References. Public School Fund, § 19-5-305.