§ 15-5-301 - Power to issue bonds. - Arkansas Statutes

15-5-301. Power to issue bonds.

(a) (1) The Arkansas Development Finance Authority is authorized and empowered to issue bonds from time to time, whether or not the interest on the bonds is subject to federal income taxation, either for a specific activity or for a particular project or on a pooled or consolidated basis for a series of related or unrelated activities or projects in such amounts as shall be determined by the authority for the purpose of enhancing the Public School Fund or financing qualified agricultural business enterprises, capital improvement facilities, educational facilities, health care facilities, housing developments, industrial enterprises, exports of goods and short-term advance funding of local government obligations, scientific and technical services businesses, technology-based enterprises, tourism enterprises, nonprofit organizations, or any combination of those facilities or enterprises, or any interest in facilities, including, without limitation, leasehold interests in and mortgages on those facilities.

(2) The proceeds of and earnings from the bond issues, in amounts determined by the authority, may be deposited into the State Treasury to the credit of the fund.

(b) However, nothing in this subchapter and 15-5-101 -- 15-5-106, 15-5-201 -- 15-5-211, and 15-5-213 shall be construed to authorize the authority to issue or sell revenue bonds or use the proceeds thereof to purchase, condemn, or otherwise acquire a utility plant or distribution system owned or operated by a regulated public utility.