§ 15-5-204 - Prohibition on personal interests in contracts. - Arkansas Statutes

15-5-204. Prohibition on personal interests in contracts.

(a) (1) No officer or employee of the Arkansas Development Finance Authority for purpose of personal gain shall have or attempt to have, directly or indirectly, any interest in any contract or agreement of the authority in connection with the sale or purchase of any bonds or investments of the authority.

(2) The General Assembly finds and declares, in furtherance of the public purposes set forth in 15-5-201, that it shall not be deemed a violation of the provisions of this section if any member of the Board of Directors of the Arkansas Development Finance Authority or any firm owned by a member or by which a member is employed, shall participate in any program of the authority provided that such participation shall be on the same terms and subject to the same conditions governing all other participants in the program.

(b) Any member, officer, employee, or agent of the authority who shall be found guilty of violating the provisions of this section shall be barred from public employment in the state in any capacity whatsoever for a period of five (5) years from the date he or she was adjudged guilty of the misdemeanor, in addition to such other penalties as may be provided by law.