§ 15-5-403 - Definitions. - Arkansas Statutes

15-5-403. Definitions.

As used in this subchapter:

(1) "Act" means the Arkansas Development Finance Authority Bond Guaranty Act of 1985, 15-5-401 et seq.;

(2) "ADFA Act" means the Arkansas Development Finance Authority Act, 15-5-101 -- 15-5-106, 15-5-201 -- 15-5-211, 15-5-213, and 15-5-301 -- 15-5-316;

(3) "Amortization payments" means the periodic, that is, monthly, semiannual, annual, etc., payments of interest, whether at a fixed or variable rate, or premium, if any, and installments of principal of qualified bonds as required by the trust indenture relating to the bonds;

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

(5) "Board" means the Board of Directors of the Arkansas Development Finance Authority;

(6) "Bond fund" means the Guaranty Bond Fund authorized in this subchapter from which bonds issued by the authority for the purpose of meeting the obligations of the Bond Guaranty Reserve Account are payable;

(7) "Borrower" means the individual, entity, firm, or corporation, whether for profit or nonprofit, or city, county, other political subdivision, or state agency charged with developing the project under the terms of the trust indenture relating to qualified bonds;

(8) "Bond Guaranty Reserve Account" means the account created in this subchapter for the purpose of:

(A) Meeting amortization payments of qualified bonds guaranteed by the authority; and

(B) Enhancing and supporting the credit of those qualified bonds;

(9) "Project" means the project for which the proceeds of qualified bonds are utilized;

(10) "Qualified bonds" means:

(A) Revenue bonds validly issued by the authority in accordance with the provisions of the Arkansas Development Finance Authority Act, 15-5-101 -- 15-5-106, 15-5-201 -- 15-5-211, 15-5-213, and 15-5-301 -- 15-5-316;

(B) An obligation issued by the designated investor group under the Venture Capital Investment Act of 2001, 15-5-1401 et seq.; or

(C) Revenue bonds validly issued by a city or county under the Municipalities and Counties Industrial Development Revenue Bond Law, 14-164-201 et seq.;

(11) "State" means the State of Arkansas; and

(12) "Supplemental Guaranty Reserve Account" means an account which may be established by the authority for the purpose of enhancing the Bond Guaranty Reserve Account.