§ 15-4-3004 - Authority to issue bonds. - Arkansas Statutes

15-4-3004. Authority to issue bonds.

(a) (1) The Arkansas Development Finance Authority, exercising an essential public function as the State of Arkansas' bond-issuing authority, is authorized by this subchapter to issue bonds to fund superprojects.

(2) The authority shall be responsible for developing the bond financing portion of the plan required by 15-4-3005.

(b) (1) As the lead economic development agency for the State of Arkansas, the Arkansas Economic Development Commission is authorized to utilize the superproject funding in attracting superprojects to Arkansas.

(2) The commission shall:

(A) Utilize economic impact and cost-benefit analysis to evaluate proposed superprojects;

(B) Be responsible for developing the portion of the plan concerning the selection and funding of the superprojects; and

(C) Be responsible for monitoring and reporting to the authority, the Governor, and the Legislative Council on the ongoing economic impact of the project and the sponsor's progress in meeting the requirement for their economic development investment.