Browse Arkansas Code titles and sections
6-51-216. State board authority to acquire and maintain facilities — Bonded indebtedness.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-51-216. State board authority to acquire and maintain facilities — Bonded indebtedness.
(a)(1) The State Board of Career Education is authorized to purchase, construct, improve, equip, and maintain buildings, structures, parking facilities, dormitory facilities, or other facilities and the lands on which they are located at any state-supported technical institute or vocational-technical school.
(2) In order to obtain funds therefor, the board is authorized to issue revenue bonds secured by a pledge of income from those facilities and a pledge of other fees, rents, charges, tolls, and receipts of the school where the facilities are to be purchased, constructed, improved, equipped, or maintained as shall be determined by the board.
(b) All provisions of §§ 6-62-301 — 6-62-305 and 6-62-307 — 6-62-312 regarding the execution of, the terms and conditions, maximum interest rates, conversion privileges, refunding rights, and other limitations, conditions, privileges, and rights with respect to bonds issued by boards of trustees of institutions of higher learning shall, so far as they are appropriate, be equally applicable to bonds issued by the board under the authority granted in this section.
(c) Any indebtedness incurred by the board pursuant to the authority granted in this section shall be an obligation of the board and of the state-supported vocational-technical schools involved in such transaction, and under no circumstances shall the indebtedness be considered a debt for which the faith and credit of the State of Arkansas or any of its revenues are pledged.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-51-216
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:6-51-216
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 73d3b346498fc2ffab1a06f5657e410d10dbe7e5c4e337b6deef9e5c72763dfe
Source location: content.xml paragraph 30883
Stored source content
6-51-216. State board authority to acquire and maintain facilities — Bonded indebtedness.
(a)(1) The State Board of Career Education is authorized to purchase, construct, improve, equip, and maintain buildings, structures, parking facilities, dormitory facilities, or other facilities and the lands on which they are located at any state-supported technical institute or vocational-technical school.
(2) In order to obtain funds therefor, the board is authorized to issue revenue bonds secured by a pledge of income from those facilities and a pledge of other fees, rents, charges, tolls, and receipts of the school where the facilities are to be purchased, constructed, improved, equipped, or maintained as shall be determined by the board.
(b) All provisions of §§ 6-62-301 — 6-62-305 and 6-62-307 — 6-62-312 regarding the execution of, the terms and conditions, maximum interest rates, conversion privileges, refunding rights, and other limitations, conditions, privileges, and rights with respect to bonds issued by boards of trustees of institutions of higher learning shall, so far as they are appropriate, be equally applicable to bonds issued by the board under the authority granted in this section.
(c) Any indebtedness incurred by the board pursuant to the authority granted in this section shall be an obligation of the board and of the state-supported vocational-technical schools involved in such transaction, and under no circumstances shall the indebtedness be considered a debt for which the faith and credit of the State of Arkansas or any of its revenues are pledged.
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Arkansas Code — all titles (historical 2020) · legal_authorities
6-62-301. Construction of subchapter.
This subchapter shall be liberally construed to effectuate the purposes thereof.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-62-301
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 6-62-301. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-62-305. Bonds or notes — Authorization to issue — Pledge of revenues, funds, etc.
(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 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 or notes issued by the board;
(3) Tuition and fees collected from its students;
(4) The gate receipts of athletic contests participated in by its teams; and
(5) Any funds received from the United States, or any department or agency thereof, pursuant to any act of Congress, providing for grants or payments to educational institutions in connection with, or in anywise pertaining to, the financing of the accomplishing of the authorities and powers set forth in § 6-62-302.
(b) In regard to the funds referred to in subdivision (a)(5) of this section, the board 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 above specified or any other lawful purpose.
(c) One (1) series of bonds may be issued for more than one (1) project and the revenues therefrom pledged for the payment of the bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-62-305
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 6-62-305. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-62-307. Bonds or notes — Execution.
(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 coupons shall cease to be officers before delivery, the signatures shall nevertheless be valid and sufficient for all purposes, the same as if they had remained in office until the delivery.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-62-307
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 6-62-307. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-62-312. Valid outstanding obligations — Refinancing or refunding — Cancellation.
(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 other law for the purpose of financing and refinancing improvements for a state-supported institution of higher education.
(b)(1) To that end, the board may issue negotiable refunding notes or refunding bonds.
(2) This power may be exercised successively, and any obligations which have once been refunded may thereafter from time to time be refunded.
(3) They shall be issued upon the same terms and conditions as provided in this subchapter for original obligations.
(4) They shall be secured in the same manner and to the same extent as provided in this subchapter for original obligations.
(5) They shall be obligations only of that board, 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.
(6) They may be exchanged for the outstanding obligations to be refunded, or they may be sold for cash and the proceeds used to pay them, or part may be exchanged and part may be sold.
(c) The outstanding obligations refunded shall be cancelled and destroyed contemporaneously with the delivery of the refunding obligations, except as follows:
(1) If required by any agreement with the parties to whom the refunding obligations are to be delivered, the obligations refunded may be kept intact uncancelled until the refunding obligations and interest have been paid in full, whereupon they shall forthwith be cancelled and destroyed; e
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-62-312
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 6-62-312. This identifies an authority to review, not proof of applicability.