Stricken language would be deleted from and underlined language would be added to present law.
Act 468 of the Regular Session
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State of Arkansas 1
95th General Assembly A Bill 2
Regular Session, 2025 SENATE BILL 384 3
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By: Senator Crowell 5
By: Representative Cavenaugh 6
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For An Act To Be Entitled 8
AN ACT TO REPEAL THE REQUIREMENT THAT THE ARKANSAS 9
DEVELOPMENT FINANCE AUTHORITY SUBMIT A PROGRAM FACT 10
SHEET TO THE LEGISLATIVE COUNCIL AND ARKANSAS 11
LEGISLATIVE AUDIT FOR EACH NEW BOND ISSUE; AND FOR 12
OTHER PURPOSES. 13
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Subtitle 16
TO REPEAL THE REQUIREMENT THAT THE 17
ARKANSAS DEVELOPMENT FINANCE AUTHORITY 18
SUBMIT A PROGRAM FACT SHEET TO THE 19
LEGISLATIVE COUNCIL AND ARKANSAS 20
LEGISLATIVE AUDIT FOR EACH NEW BOND 21
ISSUE. 22
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BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: 24
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SECTION 1. Arkansas Code § 15 -5-212 is amended to read as follows: 26
15-5-212. Approval of Legislative Council for certain matters. 27
(a) The Arkansas Development Finance Authority or the Secretary of the 28
Department of Commerce on behalf of the authority shall not employ or select 29
any investment banker, consultant, professional financial advisor, or 30
attorney unless the selection criteria to be used in the selection have been 31
submitted to the Legislative Council for review. 32
(b)(1) As soon as practicable after closing any new bond issue, the 33
authority shall submit a program fact sheet for the new bond issue to the 34
Legislative Council for its review. The program fact sheet shall include, but 35
not be limited to, the fees, interest rates, average coupon life of the 36 SB384
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securities, and gross spread for the new bond issue. 1
(2) A copy of each program fact sheet shall be submitted to 2
Arkansas Legislative Audit at the same time that the program fact sheet is 3
submitted to the Legislative Council. 4
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SECTION 2. Arkansas Code § 15 -5-317(e), concerning the power of the 6
Arkansas Development Finance Authority to enter into an interest rate 7
exchange agreement or similar agreement or contract, is amended to read as 8
follows: 9
(e) Pursuant to the authority's reporting requirement under § 15 -5-10
212, the The authority shall disclose to the Governor and to the Legislative 11
Council each interest rate exchange agreement or similar agreement or 12
contract to which the authority is a party. 13
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APPROVED: 4/3/25 16
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