The "Industrial Development Authorities Expansion Act" seeks to bolster Arkansas's economic development by establishing industrial development authorities tasked with promoting industry, job creation, and capital investment. The bill introduces a new chapter to the Arkansas Code, Chapter 189, detailing the definitions, powers, and organizational structure of these authorities. Local governments can create these authorities through a petition process approved by the circuit court. Key provisions include the formation of a board of directors for each authority, ensuring representation based on population ratios, and outlining the authorities' purposes, such as developing commerce and industrial parks and job training facilities.

Additionally, the bill amends existing laws to enhance the powers of industrial development authorities, allowing them to act as agents for both the U.S. Government and the State of Arkansas. It introduces provisions for acquiring and maintaining facilities related to economic development projects and enables local governments to contract with these authorities for financial assistance. The legislation also details the issuance and management of bonds, including the establishment of escrow accounts and tax exemptions for these bonds. Furthermore, it modifies existing laws to allow the disposal of railroad track material to industrial development authorities and streamlines the transfer of surplus materials to support development initiatives. Overall, the bill aims to strengthen the capacity of industrial development authorities to foster economic growth in Arkansas.

Statutes affected:
SB 361: 14-233-102(6), 15-11-211, 14-143-101, 14-185-101, 14-189-101, 14-166-202, 27-67-322(f)
Act 576: 14-233-102(6), 15-11-211, 14-143-101, 14-185-101, 14-189-101, 14-166-202, 27-67-322(f)