§ 15-4-3223 — Power and duties of the Arkansas Economic Development Commission and the Arkansas Development Finance Authority

Arkansas § 15-4-3223

• Jurisdiction: Arkansas
• Title: 15

Text

(a) In connection with their duties and powers under this subchapter, the Arkansas Economic Development Commission and the Arkansas Development Finance Authority, acting independently or jointly, shall have the following powers and duties, in addition to and not in replacement or limitation of powers conferred under other laws, to: (1) Provide loans to a sponsor for payment of project costs; (2) Develop or cause to be developed with proceeds of the Amendment 82 bonds, leases as lessee or lessor, in any manner acquire, own, hold, maintain, operate, sell, dispose of, exchange, mortgage, or lend, on behalf of the state, with respect to all or any part of any qualified Amendment 82 project; (3) In any manner acquire, own, hold, use, exercise, sell, mortgage, pledge, hypothecate, or dispose of franchises, rights, privileges, licenses, rights-of-way, and easements that are necessary, useful, or appropriate for the exercise of the powers or implementation of the purposes set forth in Arkansas Constitution, Amendment 82, and this subchapter; (4) Sell, convey, mortgage, pledge, lease as lessor, or otherwise dispose of all or any part of any qualified Amendment 82 project or other properties that it owns or leases, tangible or intangible, including, without limitation, franchises, rights, privileges, licenses, rights-of-way, and easements; (5) Have and exercise the right of eminent domain for the purpose of acquiring lands, the fee title thereto, or any easement, right-of-way, or other interest or estate therein for a qualified Amendment 82 project, the infrastructure needs, or other needs therefor or portions thereof by the procedure now provided for condemnation by railroads in § 18-15-1201 et seq.; (6) Make or accept gifts or grants of moneys, services, franchises, rights, privileges, licenses, rights-of-way, easements, or other property, real or personal or mixed; (7) Enter into any contract necessary or convenient for the exercise of the powers or implementation of the purposes set forth in Arkansas Constitution, Amendment 82, and this subchapter; (8) Fix, regulate, and collect rates, fees, rents, or other charges for the use of any properties or services furnished or delivered by the commission and the authority; (9) Require audits or other periodic reports of any or all accounts related to construction, operation, or maintenance of any infrastructure or other needs funded by Arkansas Constitution, Amendment 82, and this subchapter; (10) Take reasonable actions to ensure that debt service requirements are met; and (11) Take such other action as may be appropriate to accomplish the purpose of Arkansas Constitution, Amendment 82, and this subchapter. (b) The commission and the authority may promulgate rules with respect to their powers and duties under Arkansas Constitution, Amendment 82, and this subchapter. (c) No member, officer, director, or employee of the commission or the authority shall be liable personally for any reason arising from the issuance of bonds under Arkansas Constitution, Amendment 82, and this subchapter unless the person acted with corrupt intent.

Legislative History

Acts 2005, No. 1981, § 1.