It is found and declared by the General Assembly of the State of Arkansas that:
(1)
(A) This state's program for industrial and economic development and the financing thereof is inadequate; and
(B) As a result, there are inadequate opportunities for employment of its inhabitants in industry and industry is not able to adequately replace, retool, or modernize with new technology, existing facilities; and
(2) The securing and developing of industry upon terms and under conditions competitive with those available in other states is essential to the economic growth and development of this state; and
(3) The economic and other benefits to the state and its people resulting from economic development are essential to the public health, safety, and welfare of the people of Arkansas; and
(4) Preserving and maintaining economic activity and the securing and developing of industry are essential public purposes serving to benefit the people of Arkansas; and
(5) The issuance of bonds and other evidences of indebtedness under the provisions of this subchapter will promote the economic welfare of this state and its people and is for a public purpose.