(a) Pursuant to the intention of the General Assembly expressed in § 15-5-303, the Arkansas Development Finance Authority is hereby authorized and empowered to issue revenue bonds, at one (1) time or from time to time, and to use the proceeds there of to:(1) Provide urban service districts in various counties or municipalities with money for a program of capital construction, reconstruction, improvements, and services within the districts for purposes set forth in this chapter;(2) Pay all incidental expenses in connection with those purposes;(3) Pay the expenses of authorizing and issuing the bonds;(4) Establish a debt service reserve to secure the payment of the bonds, if the authority deems it desirable; and(5) Make provision for the payment of interest and trustee's fees on the bonds.(b) The bonds outstanding under this chapter may be in such principal amount as the authority shall determine to be necessary for the accomplishment of the purposes of this chapter.(c) The bonds shall be authorized, shall be sold by the means, shall bear the rate or rates of interest, and shall be executed and delivered in the manner as the authority may determine pursuant to the provisions of §§ be authorized, shall be sold by the means, shall bear the rate or rates of interest, and shall be executed and delivered in the manner as the authority may determine pursuant to the provisions of §§ 15-5-301 - 15-5-316, inclusive.(d) The bonds issued shall mature over a period of not more than thirty (30) years.(e) The authority is authorized to enter into authorizing resolutions and trust indentures as it deems necessary to secure the revenue bonds.Acts 1995, No. 1090, § 7, 8.
Arkansas Legal Code