Arkansas Code Title 22. Public Property § 22-3-1207. Certificates of indebtedness--Issuance

(a)(1) For the purpose of providing funds for the construction of buildings as authorized in this subchapter, the Director of the Building Authority Division, with the approval of the Governor and the Secretary of the Department of Transformation and Shared Services, is authorized and empowered to issue, and the State Board of Finance is authorized and empowered to purchase, Building Authority Division certificates of indebtedness of a total principal amount not to exceed twenty-five million dollars ($25,000,000).

(2) However, this authority shall be continuing, solely for the purposes as authorized in § 22-3-1205(a)(1) and (2), so long as the total outstanding principal amount of the Building Authority Division certificates of indebtedness shall not exceed, at any one time, more than twenty-five million dollars ($25,000,000).