1. (a) Staff Professional Selection Committee.

   1. (1) The initial level of review of proposals is performed by the Staff Professional Selection Committee.

   2. (2) The committee is composed of the following officers:

      1. (A) Vice President for Finance and Administration of the Arkansas Development Finance Authority or designee;
      2. (B) Vice President for Housing of the Arkansas Development Finance Authority or designee;
      3. (C) Vice President for Development Finance of the Arkansas Development Finance Authority or designee;
      4. (D) Vice President and General Counsel of the Arkansas Development Finance Authority;
      5. (E) Public Finance Officer of the Arkansas Development Finance Authority;
      6. (F) Internal Auditor of the Arkansas Development Finance Authority; and
      7. (G) President of the Arkansas Development Finance Authority.
   3. (3) The president may from time to time appoint additional staff members and others to sit on the committee.
   4. (4) The Public Finance Officer shall serve as chair of the committee.
   5. (5) In the absence or other incapacity of the Public Finance Officer, the president shall appoint an interim chair of the committee.
   6. (6) The chair shall act as a liaison between the Staff Professional Selection Committee and the Board Professional Selection Committee.

   7. (7) The chair shall also:

      1. (A) Notify the Board Professional Selection Committee of any upcoming RFPs; and
      2. (B) Forward to the Board Professional Selection Committee the Staff Professional Selection Committee’s recommendation.

2. (b) Board Professional Selection Committee.

   1. (1)

      1. (A) The Board Professional Selection Committee shall consist of three (3) members.
      2. (B) The Chair of the Board of Directors of the Arkansas Development Finance Authority shall appoint the Vice Chair of the Board of Directors of the Arkansas Development Finance Authority and two (2) additional members of the Board of Directors of the Arkansas Development Finance Authority to the committee.
      3. (C)

3. (i) The Chair of the Board of Directors of the Arkansas Development Finance Authority shall annually select one (1) of the three (3) as chair of the committee.

   1. (ii) The annual appointment shall take place during the first meeting of the Board of Directors of the Arkansas Development Finance Authority for the calendar year.

      1. (D) The Chair of the Board of Directors of the Arkansas Development Finance Authority shall fill vacancies as appropriate.

   2. (2) The Board Professional Selection Committee is charged with the responsibility and authority for:

      1. (A) Overseeing the various aspects in which professionals are engaged to provide services to the authority; and
      2. (B) Otherwise interacting with the authority in the regular course of business.
   3. (3) Except in such cases where the Board of Directors of the Arkansas Development Finance Authority delegates to the Board Professional Selection Committee the authority to make the final decision as provided herein, it is the responsibility of the Board Professional Selection Committee to report to the Board of Directors of the Arkansas Development Finance Authority the results of its selection process, including the Board Professional Selection Committee’s recommendation for selection.

   4. (4) As part of its ongoing responsibilities, the Board Professional Selection Committee shall consider and take action on appropriate matters including, but not limited to:

      1. (A) Consider and recommend amendments to this part from time to time, as well as consider and recommend additional or supplemental policies or procedures that may be appropriate for the Board of Directors of the Arkansas Development Finance Authority to act upon concerning the engagement of or relationship with professionals;
      2. (B) Consider and make recommendations to the Board of Directors of the Arkansas Development Finance Authority concerning temporary waivers of or deviations from the policies and procedures adopted herein;
      3. (C) Preapprove the form of RFPs used in the solicitation and selection of professionals;
      4. (D) Review the recommendations and other actions from the Staff Professional Selection Committee and take action as deemed appropriate;
      5. (E) Conduct interviews of professionals and take other actions deemed appropriate in assisting the committee in making its decisions; and
      6. (F) Take other actions consistent with the policies and procedures expressed herein.

   5. (5)

      1. (A) In the case of all refundings (not involving new program money) in an amount not exceeding ten million dollars ($10,000,000) and any other case where the Board of Directors of the Arkansas Development Finance Authority, by appropriate action, has so authorized, the decision of the Board Professional Selection Committee shall be considered the final decision of the Board of Directors of the Arkansas Development Finance Authority.
      2. (B) Any such action taken by the Board Professional Selection Committee will be reported to the next regular meeting of the Board of Directors of the Arkansas Development Finance Authority.
      3. (C) In the case of all other decisions regarding selection and proposal approvals by the Board Professional Selection Committee, the decision by the Board Professional Selection Committee shall be referred to the full Board of Directors of the Arkansas Development Finance Authority at any regular or special meeting of the Board of Directors of the Arkansas Development Finance Authority for final action by a vote of the Board of Directors of the Arkansas Development Finance Authority.

Codification Notes: "RFP" means request for proposal.