(a) Amortization payments on Act No. 9 bonds and ADFA bonds may be guaranteed in instances when:
(1) Substantial employment is involved;
(2) The total principal amount of all outstanding Act No. 9 bonds and ADFA bonds under guaranty is not in excess of one hundred million dollars ($100,000,000);
(3) No one (1) issue or series of Act No. 9 bonds or ADFA bonds guaranteed under this section shall exceed five million dollars ($5,000,000) in principal amount;
(4) The user of the industrial project involved is not permitted to purchase or own at any time any of such bonds; and
(5) The user is found to be financially responsible and the full payment of the interest and principal amount of the bonds may reasonably be expected.
(b) The Arkansas Economic Development Council shall promulgate standards and regulations for the evaluation of the financial condition and business history of users.
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