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6-62-710. Bonds — Financial incentives.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-62-710. Bonds — Financial incentives.
(a) The proceedings of the Arkansas Higher Education Coordinating Board, the Arkansas Development Finance Authority and the Governor authorizing the issuance of bonds may also provide for additional financial incentives to be provided to holders of such bonds to encourage the enrollment of students at institutions of higher education located within the state.
(b)(1) Such financial incentives shall be in the form as recommended by the state board and approved by the Governor and Chief Fiscal Officer of the State at the time of the authorization of such bonds and may include, among others, supplemental payments to the holders of such bonds at maturity when such proceeds are to be applied to the cost of higher education as defined in § 6-62-703(2) at an institution of higher education located within the state.
(2) Such financial incentives shall be provided only if, in the sole judgment of the Governor and the Chief Fiscal Officer of the State that the cost of such incentives shall not cause the cost to the state of the proceeds of the bonds being sold to be increased by more than one-half of one percent (0.5%).
(c) No such financial incentives shall be paid to assist in the financing of an education of a student:
(1) In a school or department of divinity for any religious denomination; or
(2) Pursuing a course of study consisting of training to become a minister, priest, rabbi, or professional person in the field of religion.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-62-710
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:6-62-710
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 95e51f99a31088b81e02be4e2d377796098b6f65fdce53c5692bf94633225ca5
Source location: content.xml paragraph 37906
Stored source content
6-62-710. Bonds — Financial incentives.
(a) The proceedings of the Arkansas Higher Education Coordinating Board, the Arkansas Development Finance Authority and the Governor authorizing the issuance of bonds may also provide for additional financial incentives to be provided to holders of such bonds to encourage the enrollment of students at institutions of higher education located within the state.
(b)(1) Such financial incentives shall be in the form as recommended by the state board and approved by the Governor and Chief Fiscal Officer of the State at the time of the authorization of such bonds and may include, among others, supplemental payments to the holders of such bonds at maturity when such proceeds are to be applied to the cost of higher education as defined in § 6-62-703(2) at an institution of higher education located within the state.
(2) Such financial incentives shall be provided only if, in the sole judgment of the Governor and the Chief Fiscal Officer of the State that the cost of such incentives shall not cause the cost to the state of the proceeds of the bonds being sold to be increased by more than one-half of one percent (0.5%).
(c) No such financial incentives shall be paid to assist in the financing of an education of a student:
(1) In a school or department of divinity for any religious denomination; or
(2) Pursuing a course of study consisting of training to become a minister, priest, rabbi, or professional person in the field of religion.
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Arkansas Code — all titles (historical 2020) · legal_authorities
6-62-703. Definitions.
In this subchapter, unless the context otherwise requires:
(1) “Authority” means the Arkansas Development Finance Authority;
(2) “Cost of higher education” shall include, but not be limited to, the cost of tuition, room and board related to instruction, books, laboratory materials, tools, and other supplies necessary and related to a course of instruction at an institution of higher education;
(3) “Debt service” means principal, interest, and redemption premiums, if any, and trustees' and paying agents' and like servicing fees relative to the bonds;
(4) “Develop” means to construct, acquire by purchase or, as set forth herein, by eminent domain, install or equip any lands, buildings, improvements, machinery, equipment, or other properties of whatever nature, real, personal, or mixed;
(5) “Institution of higher education” means any public university, college, technical college, and community college now or hereafter established or authorized by the General Assembly or any nonpublicly supported not-for-profit college or university;
(6) “Person” means any individual, partnership, or corporation, or any county, municipality, or school district of the State of Arkansas, or agency thereof, or any agency of the State of Arkansas;
(7) “Project” means any lands, buildings, improvements, machinery, equipment, or other property, real, personal, or mixed, or any combination thereof, developed in pursuance of all or any of the purposes of this subchapter;
(8) “Project costs” means all or any part of the costs of developing any project hereunder, costs incidental or appropriate thereto, and costs incidental or appropriate to the financing thereof, including, without limitation, capitalized interest, appropriate reserves and fees and costs for e
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-62-703
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 6-62-703. This identifies an authority to review, not proof of applicability.