Skip to main content

Arkansas Code Title 15. Natural Resources and Economic Development § 15-4-604. When bonds may be guaranteed--Standards and rules for evaluations

Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

(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.

Cite this article: FindLaw.com - Arkansas Code Title 15. Natural Resources and Economic Development § 15-4-604. When bonds may be guaranteed--Standards and rules for evaluations - last updated January 01, 2020 | https://codes.findlaw.com/ar/title-15-natural-resources-and-economic-development/ar-code-sect-15-4-604/


FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Copied to clipboard