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) If at the time there are no other available moneys to meet the then-present or reasonably projected obligations of the Bond Guaranty Reserve Account, the Arkansas Development Finance Authority shall proceed promptly to issue bonds as authorized in this subchapter in such principal amounts as may be necessary to enable the authority to meet, as and when due, all obligations of the account.
(b) The authority to issue bonds shall be a continuing authority that may be exercised from time to time.
(c) Determination of when additional moneys will be needed for the account, the amounts that will be needed, the availability or unavailability of other moneys, the necessity for the issuance of bonds, and the principal amounts of bonds to be issued shall be made solely by the authority in the exercise of its discretion.
Cite this article: FindLaw.com - Arkansas Code Title 15. Natural Resources and Economic Development § 15-5-415. Bonds providing deficit funding - last updated January 01, 2020 | https://codes.findlaw.com/ar/title-15-natural-resources-and-economic-development/ar-code-sect-15-5-415/
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.