Arkansas § 15-5-1804 - Issuance of bonds.

§ 15-5-1804. Issuance of bonds.

Upon the request of a state entity, the Arkansas Development Finance Authority may issue bonds for the purpose of: Providing financing or refinancing for an energy efficiency project; Refunding bonds issued under this subchapter; and Paying the costs of issuing the bonds. The bonds may be: Secured by a pledge of the savings derived from the energy efficiency project; and Paid from general revenues, special revenues, revenues derived from taxes, or any other revenues available to the state entity. A state entity may pledge or assign any guaranteed energy savings contract to secure the bonds. A state entity may enter into a long-term loan agreement with the authority to secure the bonds. Notwithstanding any law to the contrary, a state entity may use maintenance and operations appropriations to pay for an energy efficiency project. Bonds issued under this subchapter shall: Be authorized by a resolution of the state entity and the Board of Directors of the Arkansas Development Finance Authority; and Have the form and characteristics and bear the designations provided in the resolution and permitted under this chapter, including without limitation §§ 15-5-301 — 15-5-317. The resolution under subdivision (c)(1)(A)(i) of this section may include the provisions and covenants that the state entity or the board determines to be necessary. The board may: Require additional proceedings; and Approve and have executed any other proceedings, agreements, trust agreements, or other instruments necessary or convenient to the issuance of the bonds.