Arkansas § 15-5-603 - Aggregate percentages allocated.
Full text of Arkansas Arkansas Code of 1987 Annotated § 15-5-603 — Aggregate percentages allocated., with citation guidance and answers to common questions.
§ 15-5-603. Aggregate percentages allocated.
The aggregate of the state ceiling for the State of Arkansas for each calendar year shall be allocated on a percentage basis as follows: The Arkansas Development Finance Authority is allocated for calendar year 2001 and for each year thereafter the following amounts for the purposes stated: For multifamily residential housing, ten percent (10%) of the aggregate state ceiling; For single family residential housing, seventeen percent (17%) of the aggregate state ceiling; For industrial development, thirty-three percent (33%) of the aggregate state ceiling; and For student loan financing, ten percent (10%) of the aggregate state ceiling. However, the authority, by resolution of the Board of Directors of the Arkansas Development Finance Authority, may provide that the total amount of seventy percent (70%) of the aggregate state ceiling allocated to the authority for calendar years 2001 and thereafter may be redistributed among the purposes stated in amounts other than those set forth in this subsection. To the extent any amounts of the aggregate state ceiling allocated pursuant to subsection (a) of this section are not used prior to September 1 in any year, these amounts shall be allocated pursuant to subsection (c) of this section. The remaining thirty percent (30%) of the aggregate state ceiling plus any amounts not used by September 1 in each year pursuant to subsection (b) of this section is allocated to all other affected bonds issued by all issuers of such affected bonds within the state, regardless of whether such issuers are at the state level or at the local level, pursuant to rules established by the authority promulgated in compliance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq., in the amounts set forth in filings made by or on behalf of issuers.
Frequently Asked Questions About Arkansas § 15-5-603
What does Arkansas Code of 1987 Annotated § 15-5-603 cover?
Section 15-5-603 ("Aggregate percentages allocated.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 15-5-603?
A common citation format is "Arkansas Code of 1987 Annotated § 15-5-603" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 15-5-603 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.