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Arkansas Development Finance Authority (view source)
Revision as of 23:51, October 18, 2016
, 23:51, October 18, 2016no edit summary
The '''Arkansas Development Finance Authority''' ('''ADFA''') charter was drafted by [[Webster Hubbell]], passed by the [[Arkansas]] state legislature and signed into law by Governor [[Bill Clinton]] in 1985.
The '''Arkansas Development Finance Authority''' ('''ADFA''') charter was drafted by [[Webster Hubbell]], passed by the [[Arkansas]] state legislature at Gov. [[Bill Clinton]]'s urging and signed into law by Gov. Clinton in 1985. The ADFA has no regulator and no legislative oversight. The governor appointed the board members and reviewed every bond issued. There was no limit on the value of bonds that could be issued.
The principle bond underwriter for the ADFA was Lasater & Company, founded in 1983 by Dan Lasater. In just two years Lasater & Co. underwote $664 million in Arkansas bonds.
The ADFA primarily served two masters: the Stephens, Inc., investment bank that received 78 percent of ADFA's underwriting fees and sales of housing and industrial bonds (Clinton had appointed two Stephens associates to the ADFA board) (10); and Clinton crony [[Dan Lasater]], whose municipal bond issues firm underwrote $664 million in municipal bond issues after the creation of the ADFA.<ref>Davis, L. J., "The Name of the Rose," The New Republic, April 4, 1994. </ref>
The ADFA primarily served two masters: the Stephens, Inc., investment bank that received 78 percent of ADFA's underwriting fees and sales of housing and industrial bonds (Clinton had appointed two Stephens associates to the ADFA board) (10); and Clinton crony [[Dan Lasater]], whose municipal bond issues firm underwrote $664 million in municipal bond issues after the creation of the ADFA.<ref>Davis, L. J., "The Name of the Rose," The New Republic, April 4, 1994. </ref>