§ 15-5-415 — Issuance of bonds to provide additional moneys

(a) If at the time there are no other available moneys to meet the then-present or reasonably projected obligations of the Bond Guaranty Reserve Account, the Arkansas Development Finance Authority shall proceed promptly to issue bonds as authorized in this subchapter in such principal amounts as may be necessary to enable the authority to meet, as and when due, all obligations of the account. (b) The authority to issue bonds shall be a continuing authority that may be exercised from time to time. (c) Determination of when additional moneys will be needed for the account, the amounts that will be needed, the availability or unavailability of other moneys, the necessity for the issuance of bonds, and the principal amounts of bonds to be issued shall be made solely by the authority in the exercise of its discretion.

Legislative History

Acts 1985, No. 340, § 11; 1985, No. 505, § 11; A.S.A. 1947, § 13-2934.