§ 14-164-701 - Legislative intent. - Arkansas Statutes

14-164-701. Legislative intent.

(a) It is declared and confirmed that the securing and developing of industry is vital to the economic welfare of the State of Arkansas and its people. To this end, it is necessary that the maximum flexibility be given to the counties and municipalities in the state in their efforts to retain and expand existing, and locate new, industrial facilities. This task involves the opportunity for the full utilization of the benefits of financing industrial facilities under Arkansas Constitution, Amendment 49 [repealed], and 14-164-201 -- 14-164-206, 14-164-208 -- 14-164-224, and 14-267-101 -- 14-267-113, including the exemption from ad valorem taxation of all industrial facilities which were exempt under Arkansas Constitution, Article 16, 5, as interpreted by the Supreme Court of Arkansas in Wayland v. Snapp, 232 Ark. 57, 334 S.W.2d 633 (1960).

(b) While concerns using industrial bond financing should be encouraged to make payments in lieu of ad valorem taxes and that is declared to be the general policy of the General Assembly, the final determination of whether these payments are to be made and, if made, in what amounts should be negotiated and contracted by the counties or municipalities and by the industrial concerns involved.