TO CREATE THE INDUSTRIAL DEVELOPMENT AUTHORITIES EXPANSION ACT; AND TO PROVIDE FOR THE CREATION OF INDUSTRIAL DEVELOPMENT AUTHORITIES TO SECURE AND DEVELOP INDUSTRY AND FOSTER ECONOMIC DEVELOPMENT.

SB 361 creates a legal framework for Arkansas counties and municipalities to establish Industrial Development Authorities (IDAs). These IDAs are public entities designed to secure new industry, foster economic development, and attract business investments within local communities. The bill outlines how local governments can form IDAs through ordinances or orders, establish governing boards (with membership based on population), and operate as separate corporate entities. It directly affects local governments and businesses seeking economic development opportunities by providing a standardized process for creating these authorities. The law does not make specific economic decisions but enables local entities to pursue development projects using tools like bond financing.