Skip to main content
Find a Lawyer

Arkansas Code Title 15. Natural Resources and Economic Development § 15-5-1804. Issuance of bonds

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) Upon the request of a state entity, the Arkansas Development Finance Authority may issue bonds for the purpose of:

(1) Providing financing or refinancing for an energy efficiency project;

(2) Refunding bonds issued under this subchapter; and

(3) Paying the costs of issuing the bonds.

(b)(1) The bonds may be:

(A) Secured by a pledge of the savings derived from the energy efficiency project; and

(B) Paid from general revenues, special revenues, revenues derived from taxes, or any other revenues available to the state entity.

(2) A state entity may pledge or assign any guaranteed energy savings contract to secure the bonds.

(3) A state entity may enter into a long-term loan agreement with the authority to secure the bonds.

(4) Notwithstanding any law to the contrary, a state entity may use maintenance and operations appropriations to pay for an energy efficiency project.

(c)(1)(A) Bonds issued under this subchapter shall:

(i) Be authorized by a resolution of the state entity and the Board of Directors of the Arkansas Development Finance Authority; and

(ii) Have the form and characteristics and bear the designations provided in the resolution and permitted under this chapter, including without limitation §§ 15-5-301 -- 15-5-317.

(B) The resolution under subdivision (c)(1)(A)(i) of this section may include the provisions and covenants that the state entity or the board determines to be necessary.

(2) The board may:

(A) Require additional proceedings; and

(B) Approve and have executed any other proceedings, agreements, trust agreements, or other instruments necessary or convenient to the issuance of the bonds.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Arkansas Code Title 15. Natural Resources and Economic Development § 15-5-1804. Issuance of bonds - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-15-natural-resources-and-economic-development/ar-code-sect-15-5-1804/

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 before relying on it for your legal needs.

Was this helpful?

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.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard