§ 15-5-308 - Notice of issue -- Disapproval. - Arkansas Statutes

15-5-308. Notice of issue -- Disapproval.

(a) Not less than thirty (30) days prior to the issuance of any bonds authorized under this subchapter and 15-5-101 -- 15-5-106, 15-5-201 -- 15-5-211, and 15-5-213 with respect to any project or activity which is to be undertaken for the direct benefit of any person or entity which is not a state agency or a political subdivision, written notice of the intention of the Arkansas Development Finance Authority to provide financing and issue bonds therefor shall be given by the President of the Arkansas Development Finance Authority to the mayor of the municipality in which the project or activity is to be located, or, if the project or activity is not proposed to be located within a municipality, the notice shall be given to the county judge of the county.

(b) No bonds for the financing of the project or activity shall be issued by the authority or any other political subdivision or instrumentality of the state for a one-year period if, within fifteen (15) days after the giving of the notice, the legislative body of the political subdivision in which the project or activity is proposed to be located shall have duly enacted an ordinance or resolution stating express disapproval by the legislative body of the project or activity and the reasons therefor.

(c) Such disapproval shall not be effective unless a certified copy of the ordinance or resolution shall have been delivered to the president within twenty (20) days of the giving of notice by the president as herein required.

(d) (1) Any notice required by this section may be given by the mailing thereof or actual delivery thereof to the proper person, and it shall be conclusively presumed that any notice given by mail, with proper postage prepaid, has been timely received by the addressee.

(2) However, it shall not be necessary to give the notice provided for in this section if the project or activity is of such a nature that a public hearing has been held in the affected political subdivision with respect thereto and approval given in the manner required by 147(f) of the Internal Revenue Code of 1986.

(e) This section shall not apply to the issuance of bonds to provide financing on a pooled or consolidated basis for a series of related or unrelated activities or projects when the activities or projects have not been specifically identified prior to the issuance of the bonds.