The bill aims to repeal the requirement for the Arkansas Development Finance Authority to submit a program fact sheet to the Legislative Council and Arkansas Legislative Audit for each new bond issue. Specifically, it removes the obligations outlined in Arkansas Code 15-5-212 regarding the submission of a program fact sheet that includes details such as fees, interest rates, and other financial metrics related to new bond issues. This change is intended to streamline the process for the authority and reduce administrative burdens.

Additionally, the bill modifies Arkansas Code 15-5-317(e) by replacing the phrase "Pursuant to the authority's reporting requirement under 15-5-212" with "The authority shall disclose to the Governor and to the Legislative Council each interest rate exchange agreement or similar agreement or contract to which the authority is a party." This adjustment clarifies the authority's obligation to disclose agreements without referencing the now-repealed reporting requirement.

Statutes affected:
SB 384: 15-5-212, 15-5-317(e)
Act 468: 15-5-212, 15-5-317(e)