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Arkansas Code Title 6. Education § 6-61-1003. Bonds

Current as of March 28, 2024 | Updated by Findlaw Staff

The board of trustees is authorized and empowered to issue its bonds with a specific pledge for the payment of debt service and costs of issuance thereof from all or any part of the following:

(1) The gross tolls, fees, rents, and other charges to be derived as income from the project;

(2) Any surplus not pledged of the gross tolls, fees, rents, and other charges to be derived from other projects financed in whole or in part by bonds issued by the board of trustees;

(3) All or any part of revenues derived from any auxiliary enterprise authorized by law;

(4) Tuition and fees collected from students;

(5) All or any part of the proceeds of any tax or special millage now or hereafter approved by the General Assembly for the accomplishment of the purposes of this subchapter;

(6) All or any part of the revenues described in § 6-53-207(d) and (e) and § 6-61-603(b); and

(7)(A) Any funds received from the United States, or any department or agency thereof, pursuant to any act of the United States Congress, providing for grants or payments to educational institutions in connection with, or in any way pertaining to, the financing of acquiring lands and constructing and equipping buildings and improvements thereon.

(B) In regard to the funds referred to in subdivision (7)(A) of this section, the board of trustees is authorized to take such action, comply with such terms and conditions, and execute such agreements as may be necessary to apply for, receive, pledge, or use such funds for the purposes specified in this subchapter or any other lawful purpose.

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Cite this article: FindLaw.com - Arkansas Code Title 6. Education § 6-61-1003. Bonds - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-6-education/ar-code-sect-6-61-1003/

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