(a) Applications must comply with:
- (1) State of Arkansas legislative and constitutional law; and
- (2) Federal tax law, its requirements, and restrictions that are imposed on the issuance of tax exempt bonds.
- (b) An applicant must demonstrate and document that the project will have a positive impact on employment or otherwise actively assist in the economic development of Arkansas.
- (c) An applicant must demonstrate reasonable assurance of the ability to repay the projected debt from debt service.
- (d) An applicant must agree to comply with all rules of the Arkansas Development Finance Authority.