§ 15-4-407 — Limits on bond issuance and loan purchases

(a) The Arkansas Economic Development Council is authorized and empowered to issue revenue bonds in such amounts as may be determined by the council. (b) For the purposes of this subchapter, the aggregate amount of revenue bonds to be issued under the provisions of this subchapter shall not exceed the sum of ten million dollars ($10,000,000) for the fiscal biennium ending June 30, 1987. (c) Moneys loaned to small business companies under the provisions of this subchapter shall be used by the companies in making business loans to small business concerns, as defined in this subchapter, in amounts not to exceed an aggregate of one hundred thousand dollars ($100,000) in such moneys to the same small business concern during any fiscal biennium. (d) Small business concern loans purchased by the council from qualified small business investment companies shall not exceed an aggregate of one hundred thousand dollars ($100,000) in loans to any single business firm during any fiscal biennium.

Legislative History

Acts 1985, No. 869, §§ 4, 5; A.S.A. 1947, §§ 9-572, 9-573.