I’m now settled in after three weeks on the job. It is already apparent that my predecessor, Rush Deacon, has left me with a smart, dedicated staff. That, of course, makes my job much easier. I give special thanks to Rush for working with me to create a smooth transition. It’s also been a pleasure meeting and working with our board. They, along with our professionals, are an integral part of ADFA’s success.

We are facing many challenges in 2002. As our economy sputters, our programs are needed more than ever. We are constantly stretching our resources while concurrently looking for new and unique opportunities. In fact, one of those new opportunities will be introduced to the state next month in the form of a new venture capital project.

Stepping into this position and seeing the staff, board and professionals work on complex financial transactions reminds me of a story about a famous sculptor who was asked by a gawking admirer, "Is it difficult to sculpt?"

"No," the great man replied. "Not at all. You simply buy a block of marble and chip away what you don’t want."

It is the staff’s job at ADFA to chip away at the complexities of the resources offered here and to make them seem effortless to use in order to give the people of Arkansas the best service and financial products possible.

I am looking forward to working with you, as our State’s representatives, as well as ADFA’s many other constituents. My door is always open, so please feel free to contact me any time you think ADFA can be of assistance.

• Approved the issuance of ADFA guaranteed Economic Development Revenue Bonds for the purpose of providing permanent financing for the following four projects:

• Approved a conduit bond issue for Community Water System, Inc. for the purpose of renovating and expanding its office facility and building a new water storage tank. CWS provides potable water throughout many communities located on or around Greers Fairy Lake.

• Approved $3,750,000 in tax-exempt Multifamily Housing Revenue Bonds for Emerald Properties I, L.P. to construct a 96 unit apartment complex for families of low and moderate income in Saline County, Arkansas.

• Approved $6,675,000 in tax-exempt Multifamily Housing Revenue Bonds for ChapelRidge of Cabot to construct a 144 unit apartment complex for families of low and moderate income in Cabot, Arkansas.

• Gave contingent approval for a tax-exempt bond issue with an ADFA guarantee in the amount of $2,587,500 to JMS Processing, Inc. located in Blytheville, AR. The funds will be used to purchase land, a building, machinery, equipment and to make renovations.

• Gave contingent approval to the Russellville Economic Development Partnership, Inc. to receive a $354,080 loan through ADFA’s Speculative Building Loan Program. The funds will be used to construct a 40,000 square foot speculative industrial building in the East End Industrial Park in the city limits of Russellville, Arkansas.