(a) The Arkansas Economic Development Council is authorized and directed to conduct such investigation as it may determine necessary for the promulgation of rules to govern the operation of the guaranty program authorized by this subchapter.(b) These rules shall include the restrictions and conditions imposed by this subchapter, including particularly those set forth in §§ 15-4-604 and 15-4-608. The rules may include such other additional provisions, restrictions, and conditions as the council, after the investigation referred to in subsection (a) of this section, shall determine to be proper to achieve the most effective utilization of the guaranty program authorized by this subchapter. This may include, without limitation, a detailing of the remedies that must be exhausted by the bondholders or a trustee acting in their behalf prior to calling upon the council to perform under its guaranty agreement and the subrogation or other rights of the council with reference to the industrial project and its operation in the event the council makes payment pursuant to the applicable guaranty agreement.(c) In this regard, the council is expressly authorized to enter into such agreements and otherwise take such action as may be necessary to exercise the authority conferred by this subchapter or to evidence the exercise thereof.(d) The rules promulgated by the council to govern the operation of the guaranty program shall contain specific provisions with respect to the rights of the council to enter, take over, and manage the industrial development properties upon default. These rules shall set forth the respective rights of the council and the bondholders in regard thereto.(e) Such rules shall be in conformity with §§ 14-164-201 - 14-164-206, 14-164-208 - 14-164-224, 15-5-101 - 15-5-105, 15-5-201 - 15-5-211, and 15-5-301 - 15-5-316.Amended by Act 2019, No. 315,§ 1058, eff. 7/24/2019.Acts 1967, No. 173, § 8; A.S.A. 1947, § 9-566; Acts 1987 (1st Ex. Sess.), No. 39, § 5.