On Apr. 14, ARK LEG enacted bill on industrial development authority.
ARK LEG enacted bill SB 361 for the creation of an industrial development authorities.
Amendments to Arkansas code ARK LEG 14-11-189, by adding additional chapter 189.
Document dated Apr. 14, 2025, was received on Apr. 23, 2025, due to a fixed feed.
Legislative Provisions
Creation of Industrial development authorities expansion act; where one or more local governments may organize and establish industrial development authority (IDA).
Each IDA that is established must consist of and be governed by a board of directors.
Governing body of each local government wanting to organize industrial development authority must declare intention by ordinance if municipality or by order if is a county.
Described requirements for industrial development authority, including members of board of directors of IDA, permanent records, general purposes, powers generally.
As well as proposals for lease or operation, authorization to borrow funds, issue bonds.
Legislative History
On Mar. 3, 2025, bill introduced into Senate; on Mar. 12, 2025, bill passed the Senate.
On Mar. 12, 2025, bill introduced into House; on Apr. 8, 2025, bill passed the House.
On Apr. 9, 2025, delivered to governor; on Apr. 14, 2025, governor approved, Act 576.
Effectiveness
Act effective 91 days after legislature adjourned sine die (May 5), so Aug. 4, 2025.
Regulators
ARK LEG
Entity Types
Corp
Reference
Bill, SB361, Act 576, 4/14/2025; Citation: ARK LEG 14-11-189;
Functions
Compliance; C-Suite; Financial; Legal; Operations; Record Retention; Reporting
