(a) (1) (A) Each county or municipality requesting a guaranty under this subchapter shall submit to the Arkansas Economic Development Council evidence showing conformity with §§ 14-164-201 -- 14-164-206 and 14-164-208 -- 14-164-224 and such other supporting documents as the council shall require. The application and documentation may be submitted by the user of the industrial project involved.

(B) When a guaranty is requested with respect to ADFA bonds, the Arkansas Development Finance Authority shall submit to the council evidence showing conformity with §§ 15-5-101 -- 15-5-105, 15-5-201 -- 15-5-211, and 15-5-301 -- 15-5-316 and such other supporting documents as the council shall reasonably require.

(2) (A) All applications for guaranties shall be accompanied by a one-time premium payment to the Revenue Bond Guaranty Reserve Account in an amount equal to whichever is the larger amount of either:

(i) Three percent (3%) of the amount of the total principal and interest requirements from date of issuance to maturity of the Act No. 9 bonds or ADFA bonds guaranteed; or

(ii) Five percent (5%) of the principal amount of the Act No. 9 bonds or ADFA bonds guaranteed.

(B) The premium payment may be collected by the county or municipality or the authority from the lessee of the industrial project involved.

(b)

(1) All applications filed with the council under the provisions of this subchapter shall first be reviewed by the appropriate designated staff officials of the council or by a committee consisting of members of the council for preliminary review and recommendation prior to being submitted for consideration by the council.

(2)

(A) All applications submitted to the council and all supporting documents, instruments, proposed contracts, estimated costs, or other evidence submitted therewith shall be confidential and shall not be open to public review except as provided in this section.

(B) All staff meetings or meetings of the review committee of members of the council established for the purpose of giving preliminary review of such applications shall be confidential and shall not be open to the public.

(3) Upon conclusion of the preliminary review of each request for a guaranty under this subchapter, if the request for guaranty is submitted to the council with a recommendation that it be approved, the application and all supporting documents, including the findings and the recommendations resulting from the staff or review committee thereof, shall be an open public record available for inspection during all regular business hours.

(4) In the event that an application from a municipality or county or the authority requesting a guaranty under this subchapter is not recommended for approval by the council, that application and all supporting documents, including all findings and recommendations in regard thereto by the staff or review committee, shall continue to be confidential and not open to public inspection.

(5) The municipality or county or the authority shall be notified in writing of any staff or review committee determination that the application is not being submitted to the council with a recommendation that it be approved. This notice shall advise the municipality or county or the authority that the application will be kept confidential unless the municipality or county or the authority, within thirty (30) days from the date of receipt of the written notice, shall file a petition with the council requesting that the council hold a hearing in regard to the application. In this event, the application and all supporting documents shall become public information available for public inspection.

(c) The membership of a review committee, when acting in that capacity, shall never be considered to constitute a quorum of the council for the purpose of approving an application for guaranty under this subchapter.

(d) No provision of this section shall be interpreted to create any private right against any member of the council or any member of its staff.