§ 15-4-703 - Authority to issue bonds -- Arkansas Economic Development Council determinations. - Arkansas Statutes

15-4-703. Authority to issue bonds -- Arkansas Economic Development Council determinations.

(a) If at the time there are no other available moneys to meet the then-present or reasonably projected obligations of the Revenue Bond Guaranty Account, the Arkansas Economic Development Council shall proceed promptly to issue bonds, as authorized in this subchapter, in such principal amounts as may be necessary to enable the council to meet, as and when due, all obligations of the account.

(b) The authority to issue bonds shall be a continuing authority that may be exercised from time to time.

(c) Determination of when additional moneys will be needed for the account, the amounts that will be needed, the availability or unavailability of other moneys, the necessity for the issuance of bonds, and the principal amounts of bonds to be issued shall be made solely by the council in the exercise of its discretion.