Arkansas § 15-4-415 Authority to use bond proceeds

Arkansas Statutes

§ 15-4-415 — Authority to use bond proceeds

The Arkansas Economic Development Council, acting through the Division of Minority Business Enterprise of the Arkansas Economic Development Commission, is authorized and empowered to use the proceeds of any bonds issued under this subchapter, together with any other available funds, for the making of loans for:

(1)The purchase of investment loans and paying of incidental expenses in connection therewith;

(2)Paying the expenses of amortizing and issuing the bonds;

(3)Paying interest on the bonds until revenues thereon are available in sufficient amounts; and (4) Funding such debt service reserves as the council deems necessary or desirable.

Free access — add to your briefcase to read the full text and ask questions with AI

The Arkansas Economic Development Council, acting through the Division of Minority Business Enterprise of the Arkansas Economic Development Commission, is authorized and empowered to use the proceeds of any bonds issued under this subchapter, together with any other available funds, for the making of loans for: (1) The purchase of investment loans and paying of incidental expenses in connection therewith; (2) Paying the expenses of amortizing and issuing the bonds; (3) Paying interest on the bonds until revenues thereon are available in sufficient amounts; and (4) Funding such debt service reserves as the council deems necessary or desirable.

Arkansas § 15-4-415 (Authority to use bond proceeds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.