Ark. Code Ann. § 15-4-604
This is the official text of Ark. Code Ann. § 15-4-604, 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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When bonds may be guaranteed - Standards and rules for evaluations
Official statutory text
(a) Amortization payments on Act No. 9 bonds and ADFA bonds may be guaranteed in instances when: (1) Substantial employment is involved; (2) The total principal amount of all outstanding Act No. 9 bonds and ADFA bonds under guaranty is not in excess of one hundred million dollars ($100,000,000); (3) No one (1) issue or series of Act No. 9 bonds or ADFA bonds guaranteed under this section shall exceed five million dollars ($5,000,000) in principal amount; (4) The user of the industrial project involved is not permitted to purchase or own at any time any of such bonds; and (5) The user is found to be financially responsible and the full payment of the interest and principal amount of the bonds may reasonably be expected. (b) The Arkansas Economic Development Council shall promulgate standards and rules for the evaluation of the financial condition and business history of users. Amended by Act 2019, No. 315,§ 1057, eff. 7/24/2019. Acts 1967, No. 173, § 3; 1967, No. 509, § 1; 1969, No. 397, § 3(a); 1971, No. 251, § 1; 1977 (Ex. Sess.), No. 10, § 1; 1979, No. 115, §§ 1, 2; 1981, No. 259, § 1; 1985, No. 864, § 1; A.S.A. 1947, § 9-561; Acts 1987 (1st Ex. Sess.), No. 39, § 2; 1997, No. 778, § 3; 2001, No. 1032, § 2.
(a) Amortization payments on Act No. 9 bonds and ADFA bonds may be guaranteed in instances when: (1) Substantial employment is involved; (2) The total principal amount of all outstanding Act No. 9 bonds and ADFA bonds under guaranty is not in excess of one hundred million dollars ($100,000,000); (3) No one (1) issue or series of Act No. 9 bonds or ADFA bonds guaranteed under this section shall exceed five million dollars ($5,000,000) in principal amount; (4) The user of the industrial project involved is not permitted to purchase or own at any time any of such bonds; and (5) The user is found to be financially responsible and the full payment of the interest and principal amount of the bonds may reasonably be expected.
(1) Substantial employment is involved;
(2) The total principal amount of all outstanding Act No. 9 bonds and ADFA bonds under guaranty is not in excess of one hundred million dollars ($100,000,000);
(3) No one (1) issue or series of Act No. 9 bonds or ADFA bonds guaranteed under this section shall exceed five million dollars ($5,000,000) in principal amount;
(4) The user of the industrial project involved is not permitted to purchase or own at any time any of such bonds; and
(5) The user is found to be financially responsible and the full payment of the interest and principal amount of the bonds may reasonably be expected.
(b) The Arkansas Economic Development Council shall promulgate standards and rules for the evaluation of the financial condition and business history of users.
Amended by Act 2019, No. 315,§ 1057, eff. 7/24/2019.
Acts 1967, No. 173, § 3; 1967, No. 509, § 1; 1969, No. 397, § 3(a); 1971, No. 251, § 1; 1977 (Ex. Sess.), No. 10, § 1; 1979, No. 115, §§ 1, 2; 1981, No. 259, § 1; 1985, No. 864, § 1; A.S.A. 1947, § 9-561; Acts 1987 (1st Ex. Sess.), No. 39, § 2; 1997, No. 778, § 3; 2001, No. 1032, § 2.
(a) Amortization payments on Act No. 9 bonds and ADFA bonds may be guaranteed in instances when: (1) Substantial employment is involved; (2) The total principal amount of all outstanding Act No. 9 bonds and ADFA bonds under guaranty is not in excess of one hundred million dollars ($100,000,000); (3) No one (1) issue or series of Act No. 9 bonds or ADFA bonds guaranteed under this section shall exceed five million dollars ($5,000,000) in principal amount; (4) The user of the industrial project involved is not permitted to purchase or own at any time any of such bonds; and (5) The user is found to be financially responsible and the full payment of the interest and principal amount of the bonds may reasonably be expected.
(1) Substantial employment is involved;
(2) The total principal amount of all outstanding Act No. 9 bonds and ADFA bonds under guaranty is not in excess of one hundred million dollars ($100,000,000);
(3) No one (1) issue or series of Act No. 9 bonds or ADFA bonds guaranteed under this section shall exceed five million dollars ($5,000,000) in principal amount;
(4) The user of the industrial project involved is not permitted to purchase or own at any time any of such bonds; and
(5) The user is found to be financially responsible and the full payment of the interest and principal amount of the bonds may reasonably be expected.
(b) The Arkansas Economic Development Council shall promulgate standards and rules for the evaluation of the financial condition and business history of users.
Amended by Act 2019, No. 315,§ 1057, eff. 7/24/2019.
Acts 1967, No. 173, § 3; 1967, No. 509, § 1; 1969, No. 397, § 3(a); 1971, No. 251, § 1; 1977 (Ex. Sess.), No. 10, § 1; 1979, No. 115, §§ 1, 2; 1981, No. 259, § 1; 1985, No. 864, § 1; A.S.A. 1947, § 9-561; Acts 1987 (1st Ex. Sess.), No. 39, § 2; 1997, No. 778, § 3; 2001, No. 1032, § 2.
Status: in_force
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