Finagin v. Arkansas Development Finance Authority
Supreme Court of Arkansas
1Opinion of the Court
Ray Thornton, Justice.
The Arkansas Development Finance Authority [ADFA] was established by Ark. Code Ann. § 15-5-201 et seq., (1987), funded by six million dollars derived from interest on investments, and authorized to issue revenue bonds under the provisions of Amendment 65 to the Constitution for the purpose of developing business and industry in this state. The payment of bonds issued by ADFA was to be made from revenues produced by the business or industry developed by the proceeds of the bonds. Red River Aluminum Co., Inc. [Red River] received $800,000.00 from ADFA in 1987 for start-up…
2Cases cited15 opinions
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