§ 15-5-713 - Funding of qualified investments. - Arkansas Statutes

15-5-713. Funding of qualified investments.

(a) (1) The Arkansas Development Finance Authority is authorized to make, from cash funds held by the authority for such a purpose, qualified investments upon such terms and conditions and for such periods of time as shall be recommended by the President of the Arkansas Development Finance Authority and approved by the Board of Directors of the Arkansas Development Finance Authority.

(2) Before approving a qualified investment, the board shall determine that the making of the qualified investment furthers the purposes of this subchapter as included in 15-5-702 and is in the best interest of the state.

(b) The authority shall not make qualified investments in any one (1) small business, in the aggregate, exceeding five hundred thousand dollars ($500,000) or ten percent (10%) of the direct fund, whichever is smaller.