Ark. Code Ann. § 22-3-1415 (2020)

1. The Building Authority Division may supervise and manage buildings and other facilities constructed pursuant to the authority granted in this subchapter and to manage, maintain, and repair those buildings and facilities to provide rental space to be made available for the housing of state agencies, departments, boards, commissions, and institutions, or other tenants at such rental rates as deemed necessary:
   1. To provide sufficient funds to enable the Arkansas Development Finance Authority to meet, when due, the payment of the principal of, interest on, and trustees' and paying agents' fees in connection with all bonds issued under this subchapter;
   2. To enable the Arkansas Development Finance Authority to establish and maintain such reserves and other financial obligations in regard to the bonds issued under the provisions of this subchapter, as shall be set forth in any authorizing resolution or trust indenture utilized for that purpose; and
   3. To pay the costs of utilities, insurance, janitorial supplies and services, building maintenance, upkeep, repair, and remodeling as deemed necessary, including the accumulation of reserves deemed necessary for such purposes as authorized under the provisions of this subchapter, and, in connection therewith, the division may establish one (1) or more accounts in one (1) or more banks authorized to do business in this state to accomplish those purposes.
2. The division may hire legal counsel of its choice to assist in the administration of this subchapter.

History. Acts 1991, No. 1173, § 13; 1995, No. 1229, § 2; 1999, No. 1182, § 6; 2015 (1st Ex. Sess.), No. 7, § 50; 2015 (1st Ex. Sess.), No. 8, § 50; 2019, No. 910, § 6216.

A.C.R.C. Notes. Acts 2015 (1st Ex. Sess.), Nos. 7 and 8, § 1, provided: “Transfer of the Arkansas Building Authority to the Department of Finance and Administration.

“(a)(1) The Arkansas Building Authority is transferred to the Department of Finance and Administration by a type 2 transfer under § 25-2-105.

“(2) For the purposes of this act, the Department of Finance and Administration shall be considered a principal department established by Acts 1971, No. 38.

“(b) All authority, powers, duties, functions, records, personnel, property, unexpended balances of appropriations, allocations, and other funds, including the functions of budgeting or purchasing, are transferred to the Department of Finance and Administration, except as specified by this act.

“(c) All powers, duties, and functions, including rulemaking, regulation, and licensing, promulgation of rules, rates, regulations, and standards, and the rendering of findings, orders, and adjudications are transferred to the Director of the Department of Finance and Administration.

“(d) The members of the Arkansas Building Authority Council, and their successors, shall continue to be selected in the manner and serve for the terms provided by the statutes applicable to the council except as specified in this act.

“(e) The Arkansas Code Revision Commission shall make appropriate name changes in the Arkansas Code to implement this act.”

Amendments. The 1999 amendment substituted “constructed” for “acquired” in (a); and made stylistic changes.

The 2015 amendment by Acts 2015 (1st Ex. Sess.), Nos. 7 and 8 substituted “The Building Authority Division of the Department of Finance and Administration may” for “Arkansas Building Authority is hereby authorized to” in the introductory language of (a); substituted “the division” for “Arkansas Building Authority” in (a)(3); and substituted “The division may” for “Arkansas Building Authority is hereby authorized to” in (b).

The 2019 amendment deleted “of the Department of Finance and Administration” following “Building Authority Division” in the introductory language of (a).