Ark. Code Ann. § 15-5-201: Creation of authority

There is created, with such duties and powers as are hereinafter set forth to carry out the provisions of this subchapter and §§ 15-5-101 - 15-5-106 and 15-5-301 - 15-5-316 , a public body politic and corporate, with corporate succession, to be an independent instrumentality exercising essential public functions, and to be known as the "Arkansas Development Finance Authority".