§ 15-4-1806 - Application -- Determination of eligibility. - Arkansas Statutes

15-4-1806. Application -- Determination of eligibility.

(a) After consideration of the application and conclusion of the hearing, the State Board of Finance shall determine whether the facilities described in the application are eligible facilities.

(b) If the board determines that the facilities described in the application are eligible facilities and that the financing of or repayment for such eligible facilities through a combination of bonds of the applicant and state assistance under this subchapter is in the best interest of the applicant and the state, the application shall be approved.

(c) In determining whether state assistance is in the best interest of the applicant and the state, the board shall consider:

(1) The capacity of the applicant to issue bonds to finance the eligible facilities;

(2) The amount of additional state income tax revenues estimated to be derived from the eligible facilities; and

(3) The estimated principal and interest requirements for the bonds issued in connection with the eligible facilities or amounts necessary to repay the investment by a state agency or political subdivision in eligible facilities.