HB1493 Summary

• Changes the title of "Director" to "President" throughout Arkansas Development Finance Authority statutes and updates references to administrative positions and authority structure.

• Modifies Board of Directors membership requirements for the elderly population representative to specify age 60+ and clarify restrictions on agricultural business engagement; establishes an Agriculture Subcommittee with legislative members.

• Expands bond issuing authority and lending powers by allowing bonds to be secured by multiple sources including bond proceeds, reserves, lease/loan payments, and other revenues or obligations.

• Updates definitions and procedures for qualified investments and direct funds in the Small Business Act provisions, changing "shall" to "may" to provide more flexibility in administration.

• Repeals Arkansas Code Title 15, Chapter 5, Subchapter 8 (Rural and Agricultural Development provisions) and related marketing coordination statute, consolidating agricultural development functions; declares the act effective immediately upon approval as an emergency measure.