§ 15-4-3208 - Amendment 82 bonds. - Arkansas Statutes

15-4-3208. Amendment 82 bonds.

(a) After the General Assembly's approval in regular session, fiscal session, or special session and the execution of the Amendment 82 agreement, the Arkansas Development Finance Authority, on behalf of the state, may issue bonds under Arkansas Constitution, Amendment 82, and this subchapter, to be known as "Amendment 82 Bonds" in one (1) or more series up to the maximum principal amount approved by the General Assembly.

(b) (1) Bonds shall be issued for the purpose of financing infrastructure needs and other needs to support a qualified Amendment 82 project.

(2) The proceeds of the Amendment 82 bonds shall be applied:

(A) To the payment of project costs and the costs and expenses of issuance of the Amendment 82 bonds; or

(B) In connection with a qualified Amendment 82 project refinancing, to the repayment of indebtedness incurred to pay project costs and the costs and expenses of issuance of the Amendment 82 bonds.