(a)
(1) The Arkansas Development Finance Authority shall solicit from investor groups investment plans for the raising and investing of capital in accordance with the requirements of this subchapter.
(2) Investment plans submitted shall address the investor group's:
(A) Level of experience;
(B) Quality of management;
(C) Investment philosophy and process;
(D) Probability of success in fund raising; and
(E) Plan for achieving the purposes of this subchapter.
(b) (1) The authority shall consider and select the investment plans and shall select and certify as the designated investor group the one (1) investor group deemed best qualified to:
(A) Capitalize the private revolving fund with the most effective and efficient utilization of the capital guaranty;
(B) Invest the capital in private seed and venture capital entities in a manner mobilizing a wide variety of equity capital and near-equity capital investments in ventures promoting the economic development of Arkansas; and
(C) Help build a significant, fiscally strong, and permanent resource to serve the objectives expressed in this subsection.
(2) The designated investor group must have a manager who is a person with demonstrated substantial successful experience in design, implementation, and management of seed and venture capital investment programs and in capital formation.
(c) The authority, in its discretion, shall have the right to:
(1) Remove and replace the chosen designated investor group; and
(2) Effect the assignment of all assets, liabilities, guaranties, and other contracts of this program to a new designated investor group.
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