Ark. Code Ann. § 15-4-603

The Arkansas Economic Development Council, called the “council”, in addition to all the duties and functions defined in §§ 15-4-101, 15-4-102, 15-4-201 — 15-4-204, 15-4-206, 15-4-209 — 15-4-212, and 15-4-501 — 15-4-525, is empowered to approve or deny by majority vote of the membership of the council the guaranty as provided in this subchapter of amortization payments on Act No. 9 bonds or ADFA bonds, subject to the provisions, restrictions, and conditions set forth in this subchapter.