RELATING TO ACCESS FOR DISABLED PERSONS.

2024 Regular Session Introduced by Henry Aquino and 5 co-sponsors

SB 384 streamlines bond issuance by removing the requirement for the Arkansas Development Finance Authority to submit program fact sheets, easing administrative burdens.

Received notice of discharge of all conferees (Hse. Com. No. 457).

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Purpose and Intent

Senate Bill 384 (SB 384) aims to repeal the requirement for the Arkansas Development Finance Authority (ADFA) to submit a program fact sheet to the Legislative Council and the Arkansas Legislative Audit for each new bond issue. The bill seeks to streamline the reporting process associated with bond issuance, which is deemed unnecessary for most bonds issued by the ADFA.

Key Provisions

Repeal of Reporting Requirement: The bill eliminates the statutory requirement for the ADFA to file a program fact sheet after the issuance of bonds. This includes details such as fees, interest rates, and other financial metrics related to the bond issue.

Amendments to Arkansas Code: The bill amends Arkansas Code § 15-5-212, which previously mandated the submission of these reports, and adjusts related provisions in § 15-5-317 concerning interest rate exchange agreements.

No Fiscal Impact: The Legislative Impact Statement indicates that the repeal will have no revenue or taxpayer impact and requires no additional resources for implementation.

Affected Parties

Arkansas Development Finance Authority: The ADFA will benefit from reduced administrative burdens associated with bond issuance reporting.

Private Sector Entities: Most bonds issued by the ADFA are on behalf of private-sector entities and do not pledge state resources, meaning these entities will experience less regulatory oversight without compromising state finances.

Legislative Council and Arkansas Legislative Audit: These bodies will no longer receive the program fact sheets, which may reduce their workload but could also limit their oversight capabilities.

Procedural Aspects and Timeline

Introduced: March 5, 2025

Legislative Actions: The bill has passed through various stages, including committee reviews and readings in both the Senate and House.

Final Status: As of April 7, 2025, SB 384 has been signed into law as Act 468, indicating successful passage through the legislative process.

Conclusion

SB 384 represents a significant change in the regulatory framework governing bond issuance by the Arkansas Development Finance Authority. By repealing the requirement for program fact sheets, the bill aims to streamline operations and reduce unnecessary reporting, while maintaining legislative oversight for bond issues that do involve state resources.

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