§ 15-4-3013 — Powers of the Arkansas Economic Development Commission

Arkansas § 15-4-3013

• Jurisdiction: Arkansas
• Title: 15

Text

In addition to powers conferred under other laws, the Arkansas Economic Development Commission may take any action necessary to carry out the purposes of this subchapter, including the power to: (1) Provide loans and grants from bond proceeds or project revenues to local entities and to authorize local entities to make loans to other persons for financing superprojects; (2) Cause the Arkansas Development Finance Authority to purchase with bond proceeds or project revenues, bonds or notes from a local entity in order to provide funds for financing superprojects and to enter into note and bond purchase agreements in connection with those purchases; (3) Fix, regulate, and collect rates, fees, rents, or other charges for making any loan or commitment under this subchapter and for performing accounting and loan servicing duties relating to the loans; (4) Require audits of all accounts related to construction, operation, or maintenance of any superproject funded by this subchapter; (5) Take reasonable actions necessary to ensure that debt service requirements are met; (6) Refinance loans made by the authority from whatever source to local entities in order to develop a superproject; (7) Provide loans from bond proceeds or project revenues to local entities for the purpose of refinancing indebtedness of the local entity incurred for the purpose of financing a superproject; and (8) Take any other action necessary to accomplish the purposes of this subchapter.

Legislative History

Acts 2003, No. 1751, § 13.