Ark. Code Ann. § 15-4-415
This is the official text of Ark. Code Ann. § 15-4-415, part of Arkansas’s Code Ann — part of the compiled statutory law of Arkansas, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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Authority to use bond proceeds
Official statutory text
The Arkansas Economic Development Council, acting through the Division of Minority Business Enterprise of the Arkansas Economic Development Commission, is authorized and empowered to use the proceeds of any bonds issued under this subchapter, together with any other available funds, for the making of loans for: (1) The purchase of investment loans and paying of incidental expenses in connection therewith; (2) Paying the expenses of amortizing and issuing the bonds; (3) Paying interest on the bonds until revenues thereon are available in sufficient amounts; and (4) Funding such debt service reserves as the council deems necessary or desirable. Acts 1985, No. 869, § 5; A.S.A. 1947, § 9-573.
The Arkansas Economic Development Council, acting through the Division of Minority Business Enterprise of the Arkansas Economic Development Commission, is authorized and empowered to use the proceeds of any bonds issued under this subchapter, together with any other available funds, for the making of loans for:
(1) The purchase of investment loans and paying of incidental expenses in connection therewith;
(2) Paying the expenses of amortizing and issuing the bonds;
(3) Paying interest on the bonds until revenues thereon are available in sufficient amounts; and
(4) Funding such debt service reserves as the council deems necessary or desirable.
Acts 1985, No. 869, § 5; A.S.A. 1947, § 9-573.
The Arkansas Economic Development Council, acting through the Division of Minority Business Enterprise of the Arkansas Economic Development Commission, is authorized and empowered to use the proceeds of any bonds issued under this subchapter, together with any other available funds, for the making of loans for:
(1) The purchase of investment loans and paying of incidental expenses in connection therewith;
(2) Paying the expenses of amortizing and issuing the bonds;
(3) Paying interest on the bonds until revenues thereon are available in sufficient amounts; and
(4) Funding such debt service reserves as the council deems necessary or desirable.
Acts 1985, No. 869, § 5; A.S.A. 1947, § 9-573.
Status: in_force
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