§ 15-5-1403 - Definitions. - Arkansas Statutes

15-5-1403. Definitions.

As used in this subchapter:

(1) "Authority" means the Arkansas Development Finance Authority;

(2) "Bond guaranty" means a special obligation of the Bond Guaranty Reserve Account as defined in 15-5-403(8);

(3) "Capital guaranty" means the guaranty provided by the authority under 15-5-1405;

(4) "Certificate" means a document executed by the authority extending a capital guaranty to the designated investor group;

(5) "Designated investor group" means the investor group selected by the authority under this subchapter;

(6) "Equity capital" means capital invested in common or preferred stock, royalty rights, limited partnership interests, limited liability company interests, and any other securities or rights that evidence ownership in private businesses;

(7) "Investor group" means any individual, corporation, partnership, limited liability company, or other lawfully organized entity;

(8) "Near-equity capital" means capital invested in unsecured, undersecured, subordinated, or convertible loans or debt securities;

(9) "Person" means any individual, corporation, partnership, or other lawfully organized entity;

(10) "Revolving fund" means a bank account:

(A) Created by the designated investor group in a financial institution located in this state; and

(B) Used solely as provided in this subchapter; and

(11) "Tax credit" means an income tax credit granted to the authority under this subchapter.