Section 14-164-502 - Legislative findings and determinationsIt is found and declared by the General Assembly of the State of Arkansas that:
(1)(A) This state's program for industrial and economic development and the financing thereof is inadequate; and(B) As a result, there are inadequate opportunities for employment of its inhabitants in industry and industry is not able to adequately replace, retool, or modernize with new technology, existing facilities; and(2) The securing and developing of industry upon terms and under conditions competitive with those available in other states is essential to the economic growth and development of this state; and(3) The economic and other benefits to the state and its people resulting from economic development are essential to the public health, safety, and welfare of the people of Arkansas; and(4) Preserving and maintaining economic activity and the securing and developing of industry are essential public purposes serving to benefit the people of Arkansas; and(5) The issuance of bonds and other evidences of indebtedness under the provisions of this subchapter will promote the economic welfare of this state and its people and is for a public purpose.Acts 1985, No. 1017, § 1; A.S.A. 1947, § 13-1272.