§ 15-4-204 - Functions, powers, and duties. - Arkansas Statutes

15-4-204. Functions, powers, and duties.

(a) The Arkansas Economic Development Council shall have and be subject to all functions, powers, and duties imposed upon it by this act.

(b) For the purpose of regulating its own procedure and carrying out its functions, the commission shall have the authority from time to time to make, amend, and enforce all reasonable rules or regulations not inconsistent with law which will aid in the performance of any of the functions, powers, or duties conferred or imposed upon it by law.

(c) In addition, the council shall have the function, power, and duty within the bounds of its financial means to approve:

(1) The articles of incorporation of any local industrial corporation prior to its submission to the Secretary of State for filing;

(2) The issuance of bonds by any local industrial development corporation; and

(3) Guaranties of amortization payments on Act No. 9 bonds, as provided for in the Industrial Revenue Bond Guaranty Law, 15-4-601 et seq.