Arkansas Code Title 15. Natural Resources and Economic Development § 15-4-3013. Economic Development Commission--Powers

(1) Provide loans and grants from bond proceeds or project revenues to local entities and to authorize local entities to make loans to other persons for financing superprojects;

(2) Cause the Arkansas Development Finance Authority to purchase with bond proceeds or project revenues, bonds or notes from a local entity in order to provide funds for financing superprojects and to enter into note and bond purchase agreements in connection with those purchases;

(3) Fix, regulate, and collect rates, fees, rents, or other charges for making any loan or commitment under this subchapter and for performing accounting and loan servicing duties relating to the loans;

(4) Require audits of all accounts related to construction, operation, or maintenance of any superproject funded by this subchapter;

(5) Take reasonable actions necessary to ensure that debt service requirements are met;

(6) Refinance loans made by the authority from whatever source to local entities in order to develop a superproject;

(7) Provide loans from bond proceeds or project revenues to local entities for the purpose of refinancing indebtedness of the local entity incurred for the purpose of financing a superproject; and

(8) Take any other action necessary to accomplish the purposes of this subchapter.