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Arkansas Development Finance Authority (view source)
Revision as of 00:11, October 19, 2016
, 00:11, October 19, 2016no edit summary
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 '''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.
Seth Ward, Webbster Hubbell's father-in-law and owner of Park-On-Meter (POM), an Arkansas manufacturer of parking meters, recieved the first loan from ADFA for $2.85 million.
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 Arkansas state bonds in just two yeaes.<ref>Davis, L. J., "The Name of the Rose," The New Republic, April 4, 1994. </ref> 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 Arkansas state bonds in just two yeaes.<ref>Davis, L. J., "The Name of the Rose," The New Republic, April 4, 1994. </ref> In just two years Lasater & Co. underwote $664 million in Arkansas bonds.