Bill > SB361

This bill creates the Industrial Development Authorities Expansion Act, which establishes a comprehensive framework for creating and operating industrial development authorities (IDAs) in Arkansas. The bill defines IDAs as public benefit corporations authorized by local governments to secure and develop industry and foster economic development. Key provisions include allowing one or more local governments to establish an IDA with a board of directors, specifying the composition and appointment process for board members, and outlining the authorities' broad powers. These powers include acquiring and developing industrial parks, research facilities, job training centers, rail lines, and other economic development projects; issuing bonds to finance these initiatives; and cooperating with state and federal agencies to promote economic growth. The bill also provides detailed regulations for bond issuance, including tax exemptions, sale procedures, and repayment mechanisms. Importantly, the bonds are not backed by the state's full faith and credit, and board members are not personally liable for bond-related damages unless they act with corrupt intent. The legislation aims to provide maximum flexibility for local governments to attract, retain, and expand industrial facilities, ultimately supporting Arkansas's economic development efforts.

Agriculture and Natural Resources

https://arkleg.state.ar.us/Bills/Detail?id=sb361&ddBienniumSession=2025%2F2025R