Title 6, Education

All State of Arkansas Higher Education General Obligation Bonds issued under this subchapter and interest on the bond proceeds shall be exempt from all state taxes, including income, inheritance, and property taxes. The bonds shall be eligible to secure deposits of all public fun…

The Arkansas Development Finance Authority is authorized to retain those professionals as it deems necessary to accomplish the issuance and sale of the State of Arkansas Higher Education General Obligation Bonds, including, without limitation, legal counsel, financial advisors, u…

(a) This subchapter shall be liberally construed to accomplish its purposes. This subchapter shall constitute the sole authority necessary to accomplish the purposes of this subchapter, and the provisions of other laws pertaining to the development of technology projects and faci…

(a) This subchapter shall constitute a contract between the State of Arkansas and the registered owners of all State of Arkansas Higher Education General Obligation Bonds issued under this subchapter that shall never be impaired. Any violation of terms of this subchapter, whether…

(a) This subchapter shall not create any right of any character and no right of any character shall arise under or pursuant to this subchapter until the first series of State of Arkansas Higher Education General Obligation Bonds authorized by this subchapter shall have been sold …

All cases involving the validity of this subchapter or any portion of this subchapter or in any way arising under this subchapter or involving the State of Arkansas Higher Education General Obligation Bonds issued under this subchapter shall be deemed of public interest and shall…

(a) There is created the Sustainable Building Maintenance Program for State-Supported Institutions of Higher Education. (b) The program shall be administered by the Division of Higher Education.

(a) Under the Sustainable Building Maintenance Program for State-Supported Institutions of Higher Education, the Division of Higher Education may authorize money to be loaned from the Sustainable Building Maintenance Program for State-Supported Institutions of Higher Education Re…

(a) (1) An applicant for a loan from the Sustainable Building Maintenance Program for State-Supported Institutions of Higher Education Revolving Loan Fund under § 6-62-1202 shall apply for the loan on a form approved by the Division of Higher Education.(2) The division shall revi…

(a) The Division of Higher Education shall promulgate rules for the implementation of this subchapter. (b) The rules promulgated under subsection (a) of this section shall include without limitation:(1) Application forms for applicants applying for a loan from the Sustainable Bui…

(a) (1) The right and power of eminent domain is granted to the Board of Trustees of the University of Arkansas and to the respective boards of trustees of Arkansas Tech University and University of Central Arkansas, hereinafter referred to as “state colleges,” to condemn propert…

This subchapter shall be liberally construed to effectuate the purposes thereof.

(a) Subject to and in accordance with the terms of this subchapter, the boards of trustees of the University of Arkansas, Arkansas State University system, University of Central Arkansas, Arkansas Tech University, and Southern Arkansas University, respectively, are authorized and…

The board is authorized and empowered to enter into the necessary contracts for the borrowing of all or any part of the funds that the board may determine will be required in connection with the financing of the projects.

The board is authorized to utilize any funds available to temporarily finance all or part of the projects and to make reimbursement of the funds from the proceeds of the sale of any notes or bonds issued to permanently finance the projects.

(a) In evidence of any loan of funds, the board of trustees is authorized and empowered to issue its negotiable interest-bearing notes or bonds with a specific pledge, for the payment of the principal and interest thereof, and the payment of agents' fees only, all or any part of …

(a) The boards of trustees of the University of Arkansas, University of Central Arkansas, Henderson State University, Arkansas State University system, Arkansas Tech University, and Southern Arkansas University, hereinafter referred to as the “board of the institution involved”, …

(a) The notes or bonds shall be executed by the president or chair and secretary of the board. (b) The coupon attached to the bonds may be executed by the facsimile signature of the president or chair. (c) In case any of the officers whose signatures appear on the bonds or coupon…

(a) The notes or bonds shall be payable at such time or times and at such place or places, shall be in such form and denominations, may be subject to such terms of redemption, with or without a premium, shall bear such rate or rates of interest, shall be payable annually or semia…

(a) The bonds or notes shall be general obligations only of the board of trustees, and in no event shall they be considered a debt for which the faith and credit of the State of Arkansas or any of its revenues are pledged. (b) No member of any board shall be personally liable for…

(a) For the purpose of obtaining any loan or carrying out any condition imposed by the original purchaser of the notes or bonds in connection with any loan, the board of trustees may execute such documents and enter into such agreements as it may deem necessary or proper in conne…

A board of trustees is further authorized and empowered to fix the rents, tolls, fees, other charges, activity fees, and gate receipts of athletic contests and to make and to enforce the rules with reference to or in connection with any building, structure, facility, improvement,…

(a) A board of trustees of a state-supported institution of higher education may refinance, in whole or in part, from time to time, its valid outstanding obligations issued under Acts 1933, No. 47 [repealed], or Acts 1939, No. 14 [repealed], or issued under this subchapter or any…

(a) The Arkansas Higher Education Coordinating Board is designated as the state agency of the State of Arkansas for the purpose of participating in the grant program under 20 U.S.C. § 1132a et seq., as enacted and now existing or as subsequently amended, supplemented, or implemen…

(1) The following state-supported institutions of higher education shall be exempt as allowed by § 19-4-1413(b)(5) for construction projects exceeding five million dollars ($5,000,000) if they have adopted policies and procedures in compliance with state law involving the awardin…

(a) The boards of trustees of the state institutions of higher education are authorized to grant permission to employees of those institutions to conduct, on and in campus facilities, certain outside work for private compensation as described below which are to be engaged in only…

(1) As used in this subchapter, unless the context otherwise requires:(1) “Any tax-supported institution of higher education” includes the University of Arkansas, University of Central Arkansas, Henderson State University at Arkadelphia, Arkansas Tech University, Arkansas State U…

Property may be conveyed to the State of Arkansas in trust for any tax-supported institution of higher education within the state, which property shall be held by the state, subject to the terms of the conveyance, for and on behalf of the institution for whose benefit the conveya…

(a) Acceptance of the conveyance by the State of Arkansas shall be evidenced by proclamation of the Governor. (b) A copy of the proclamation certified by the Secretary of State shall be filed for record in the county or counties in which the real property is located. (c) Upon acc…

(a) The State of Arkansas shall take and hold title to any such lands, buildings, and other real property in fee simple or subject to existing encumbrances. (b) However, the state shall not be required to discharge any encumbrance from funds other than those received from the adm…

Subject to any restrictions which may be provided in the instrument of conveyance, property so conveyed to the State of Arkansas in trust for any tax-supported institution of higher education within the state may be sold, leased, rented, subjected to mortgage indebtedness, and de…

All property so conveyed to the State of Arkansas shall be deemed property owned by the state exclusively for a public purpose and shall be exempt from taxation.

(a) All income derived from the administration of any such property shall be deposited into a separate account appropriately designated and shall inure to the benefit of and be used solely for the institution for whose benefit the conveyance shall have been made. (b) Income deriv…

(1) As used in this subchapter, unless the context otherwise requires:(1) “Bank funds” means any funds of a board that are neither appropriated from the State Treasury nor required to be deposited into the State Treasury;(2) “Board” means the board of trustees of either the Unive…

Subject to and in accordance with the provisions of this subchapter and in addition to any other statutory or inherent authority of a board, any board is authorized to transfer and simultaneously enter into a lease agreement concerning any property.

Boards are authorized to execute all contracts and legal instruments necessary and convenient to effectuate the transfers and the transactions herein authorized.

(a) A board and an owner proceeding under this subchapter shall be exempt from compliance with all municipal and county land use restrictions, including without limitation zoning laws and requirements for obtaining building permits. (b) In proceeding under this subchapter, it sha…

(a) The transfer of any property shall authorize the owner to mortgage or otherwise encumber the property. (b) However, the board shall retain the right to cure any default of the owner that could result in loss of possession by the owner, including a default in the payment of pr…

(a) Before proceeding with any transfer, the board shall first determine, by resolution adopted at a legal meeting of the board:(1) That the property proposed for transfer continues to be needed in the operation of the university; and(2) That it is in the best interest of the uni…

(a) Subject to any requirements or limitations specified in the resolution, the persons so designated by the board shall proceed to negotiate with one (1) or more potential owners the transfer and lease agreement concerning the property described in the resolution. (b) The transf…

(a) The fair market value and fair market rental of the property shall be determined by a board of qualified professional appraisers, consisting of one (1) appraiser appointed by the board, one (1) appraiser appointed by the owner, and one (1) appraiser appointed by the Governor.…

(a) (1) Upon completion of the determination of the fair market value and the fair market rental of the property, the board may enter into an agreement with the owner for the transfer of, which may be by lease from the board, as lessor, to the owner, as lessee, and lease agreemen…

(a) Except as otherwise provided in this subchapter, the lease agreement may be for such term and may contain such covenants and provisions to which the parties agree. (b) (1) The board's obligations under the lease agreement and under any other contract entered into pursuant to …

(a) All moneys received by a board as consideration for the transfer of property, whether in the form of payment of the principal of or interest on the purchase price for property sold, rent for property leased or in any other form, and all investment earnings thereon, are specif…

This subchapter may be referred to and cited as the “Arkansas College Savings Bond Act of 1989”.

(1) The General Assembly hereby finds:(1) The availability of higher educational opportunities for families in the state with school-age children has become increasingly necessary in order to preserve and protect the health, welfare, and prosperity of the state and its citizens a…