Section 15-5-1804 - Issuance of bonds(a) Upon the request of a state entity, the Arkansas Development Finance Authority may issue bonds for the purpose of: (1) Providing financing or refinancing for an energy efficiency project;(2) Refunding bonds issued under this subchapter; and(3) Paying the costs of issuing the bonds.(b)(1) The bonds may be: (A) Secured by a pledge of the savings derived from the energy efficiency project; and(B) Paid from general revenues, special revenues, revenues derived from taxes, or any other revenues available to the state entity.(2) A state entity may pledge or assign any guaranteed energy savings contract to secure the bonds.(3) A state entity may enter into a long-term loan agreement with the authority to secure the bonds.(4) Notwithstanding any law to the contrary, a state entity may use maintenance and operations appropriations to pay for an energy efficiency project.(c)(1)(A) Bonds issued under this subchapter shall: (i) Be authorized by a resolution of the state entity and the Board of Directors of the Arkansas Development Finance Authority; and(ii) 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.(B) 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.(2) The board may:(A) Require additional proceedings; and(B) Approve and have executed any other proceedings, agreements, trust agreements, or other instruments necessary or convenient to the issuance of the bonds.Added by Act 2013, No. 1252,§ 1, eff. 8/16/2013.