(a) This subchapter shall be effective for the calendar year 2001 and thereafter and may be relied upon by issuers of affected bonds, beneficiaries of the proceeds from and owners of the bonds, and other participants in the issuance of the bonds with respect to all affected bonds issued on and after January 1, 2001.(b) As used in this subchapter: (1) 'Affected bonds' means bonds subject to the state ceiling; and(2) 'Qualified housing issues' shall have the same meaning as used in 26 U.S.C. § 146(d)(5)(B)(ii), as it existed on January 1, 2009;(3) 'State ceiling' shall have the same meaning as used in 26 U.S.C. § 146, as it existed on January 1, 2001; and(4) '2008 Housing Act Volume Cap' means the temporary increase in annual private activity volume cap provided to the state by the Housing and Economic Recovery Act of 2008, Pub. L. No. 110-289.Acts 1987, No. 900, § 8; 2001, No. 1044, § 1; 2009, No. 6, § 1.
Arkansas Legal Code