reglab/housing_qa huggingface dataset:
AR Code § 6-62-607 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 5 - Postsecondary and Higher Education Generally|Chapter 62 - Property and Finances of State Institutions|Subchapter 6 - Transfer or Lease of Property|§ 6-62-607. Right to mortgage or encumber property — Right to cure default

 (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 property taxes owed by such owner.
AR Code § 6-62-608 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 5 - Postsecondary and Higher Education Generally|Chapter 62 - Property and Finances of State Institutions|Subchapter 6 - Transfer or Lease of Property|§ 6-62-608. Resolution authorizing transfer and lease

 (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 university to transfer the property and use it as lessee under a lease agreement as provided in this subchapter.    (b) The resolution shall designate one (1) or more persons to act on behalf of the board to negotiate with potential owners concerning the terms of the transfer and lease agreement for the property described in the resolution.
AR Code § 6-62-609 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 5 - Postsecondary and Higher Education Generally|Chapter 62 - Property and Finances of State Institutions|Subchapter 6 - Transfer or Lease of Property|§ 6-62-609. Negotiations — Terms of transfer

 (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 transfer may be either for cash or on credit upon such terms and conditions and with such security as shall be approved by the board.  (c) The transfer price shall be an amount equal to not less than the fair market value of the property, determined as provided in § 6-62-610.  (d) The rent to be paid by the board under the lease agreement shall be not more than the fair market rental of the property, determined as provided in § 6-62-610.  (e) All terms of the transfer and lease agreement shall be subject to the approval of the board.
AR Code § 6-62-610 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 5 - Postsecondary and Higher Education Generally|Chapter 62 - Property and Finances of State Institutions|Subchapter 6 - Transfer or Lease of Property|§ 6-62-610. Boards of appraisers — Determination of fair market value and fair market rental

 (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.  (b) In determining fair market rental, the board of appraisers shall give consideration to any improvements or additions to the property which the owner is obligated to make.  (c)  (1) If any two (2) of the appraisers agree on the fair market value or the fair market rental, this appraisal shall be taken as conclusive.  (2) If two (2) of the appraisers are unable to agree on either the fair market value or the fair market rental, the fair market value or fair market rental shall be determined by adding the fair market value or the fair market rental as determined by each of the three (3) appraisers and dividing the total by three (3).    (d) Each member of the board of appraisers shall, before entering upon his or her duties, make and subscribe, in duplicate, an affidavit that he or she is not in any manner interested either directly or indirectly in either the transfer of or lease agreement concerning said property and that he or she will well and truly, according to the best of his or her ability, appraise the fair market value or the fair market rental of the property in accordance with the provisions of his or her appointment.  (e) Copies of each instrument appointing an appraiser, copies of each affidavit of an appraiser, and copies of each appraisal made shall be filed with the board and with the owner.  (f) Each appraiser shall be entitled to reasonable compensation for his or her services and to reimbursement of his or her reasonable and necessary expenses incurred in connection with his or her services.  (g)  (1) The board shall have the responsibility of paying the appraiser appointed by it.  (2) The owner shall have the responsibility of paying the appraiser appointed by it.  (3) The charges of the appraiser appointed by the Governor shall be shared equally by the board and the owner.
AR Code § 6-62-611 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 5 - Postsecondary and Higher Education Generally|Chapter 62 - Property and Finances of State Institutions|Subchapter 6 - Transfer or Lease of Property|§ 6-62-611. Agreement for transfer and lease of property — Instruments of conveyance — Title insurance

 (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 agreement concerning the property.  (2) The agreement may provide that the owner will make improvements or additions to the property subject to the inspection and approval of all improvements and additions to the property by the Building Authority Division.    (b) Thereafter, as part of a simultaneous transaction, the board shall cause to be delivered to the owner appropriate instruments of conveyance to transfer the property to the owner, and the owner and the board shall enter into a lease agreement concerning the property.  (c) The instruments of conveyance shall contain such warranties and covenants of title as the parties shall have agreed to, and the board may furnish the owner title insurance or a commitment for title insurance.
AR Code § 6-62-612 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 5 - Postsecondary and Higher Education Generally|Chapter 62 - Property and Finances of State Institutions|Subchapter 6 - Transfer or Lease of Property|§ 6-62-612. Lease agreement — Repurchase of property

 (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 this subchapter shall be obligations only of the board, and in no event shall they constitute obligations for which the faith and credit of the State of Arkansas or any of its revenues are pledged.  (2) No member of the board shall be personally liable to perform any obligations under the lease agreement or under any other contract entered into pursuant to this subchapter or for any damages sustained by any person in connection with the lease agreement, any other contract entered into, or any actions taken pursuant to this subchapter unless he or she shall have acted with a corrupt intent.    (c) The lease agreement or any other contract entered into pursuant to this subchapter may provide that the obligations of the board are limited obligations payable solely from bank funds, or it may provide that the board's obligations are general obligations payable from any funds, including appropriated funds, available to the board.  (d) The lease agreement shall not pledge to the payment of rent any funds appropriated or to be appropriated from the State Treasury.  (e) To the extent that the obligations of the board are general obligations, the lease agreement or any other contract shall expressly provide that these obligations are subject to appropriations and that these obligations either terminate, or are subject to termination at the option of the board, not later than the end of each biennial period of the state.  (f)  (1) The lease agreement may give the board an option, a right of first refusal, to repurchase the property covered by the lease agreement, or a portion thereof, for a purchase price equal to not less than its fair market value at the time the option is exercised, determined as provided in § 6-62-610, and upon such other terms and conditions as provided therein.  (2) If the lease agreement provides for a purchase option, the board is authorized, upon determination of the repurchase price, to repurchase the property or to contract for the repurchase of the property.
AR Code § 6-62-613 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 5 - Postsecondary and Higher Education Generally|Chapter 62 - Property and Finances of State Institutions|Subchapter 6 - Transfer or Lease of Property|§ 6-62-613. Bank funds

 (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 specifically declared to be bank funds.  (b) Such moneys shall not be deposited in the State Treasury but shall be deposited in accounts of the board in one (1) or more banks selected by the board.  (c)  (1) Such moneys may be used for any lawful purpose specified by the board without the necessity of legislative authorization or voucher examination and approval under § 19-4-801 et seq.  (2) However, no part of the moneys shall ever be used to pay current operating expenses of the university other than in connection with the property for which such moneys were received.    (d) The board may invest and reinvest all or part of such moneys. Such investments and expenditures shall be subject to audit as provided by law.
AR Code § 6-62-701 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 5 - Postsecondary and Higher Education Generally|Chapter 62 - Property and Finances of State Institutions|Subchapter 7 - Arkansas College Savings Bond Act|§ 6-62-701. Title

 This subchapter may be referred to and cited as the “Arkansas College Savings Bond Act of 1989”.
AR Code § 6-62-703 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 5 - Postsecondary and Higher Education Generally|Chapter 62 - Property and Finances of State Institutions|Subchapter 7 - Arkansas College Savings Bond Act|§ 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 engineering, legal, and other administrative and consultant services;  (9) “State” means the State of Arkansas;  (10) “State board” means the Arkansas Higher Education Coordinating Board; and  (11) “State institution of higher education” means any public university, college, technical college, and community college now or hereafter established or authorized by the General Assembly.
AR Code § 6-62-704 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 5 - Postsecondary and Higher Education Generally|Chapter 62 - Property and Finances of State Institutions|Subchapter 7 - Arkansas College Savings Bond Act|§ 6-62-704. Construction

 (a) This subchapter shall be liberally construed to accomplish the purposes hereof. This subchapter shall constitute the sole authority necessary to accomplish the purposes hereof, and to this end it shall not be necessary that the provisions of other laws pertaining to the development of public facilities and properties and the financing thereof be complied with.  (b) This subchapter shall be interpreted to supplement existing laws conferring rights and powers upon the Arkansas Development Finance Authority and the Arkansas Higher Education Coordinating Board, and the rights and powers set forth herein shall be regarded as alternative methods for the accomplishment of the purposes of this subchapter.
AR Code § 6-62-705 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 5 - Postsecondary and Higher Education Generally|Chapter 62 - Property and Finances of State Institutions|Subchapter 7 - Arkansas College Savings Bond Act|§ 6-62-705. Power and duties of Arkansas Development Finance Authority and Arkansas Higher Education Coordinating Board

 (a) The Arkansas Development Finance Authority and the Arkansas Higher Education Coordinating Board, jointly, in addition to powers conferred under other laws, shall have the power under this subchapter to:  (1) Provide loans from bond proceeds to state institutions of higher education, including technical colleges, community colleges, or agencies and instrumentalities of the state for payment of project costs;  (2) Construct or cause to be constructed with proceeds of the bonds or loans by the authority and the board, lease as lessee, and in any manner acquire, own, hold, maintain, operate, sell, dispose of, lease as lessor, exchange, mortgage, or lend with respect to all or any part of any project;  (3) Acquire, own, hold, use, exercise, sell, mortgage, pledge, hypothecate, and in any manner to dispose of franchises, rights, privileges, licenses, rights-of-way, and easements necessary, useful, or appropriate for the exercise of the powers or implementation or the purposes set forth in this subchapter;  (4) Sell and convey, mortgage, pledge, lease as lessor, and otherwise dispose of all or any part of any project or other properties, tangible or intangible, including, without limitation, franchises, rights, privileges, licenses, rights-of-way, and easements;  (5) Have and exercise the right of eminent domain for the purpose of acquiring lands, the fee title thereto or any easement, right-of-way, or other interest or estate therein, for projects or portions thereof, by the procedure now provided for condemnation by railroads by §§ 18-15-1201 — 18-15-1207;  (6) Make or accept gifts or grants of moneys, services, franchises, rights, privileges, licenses, rights-of-way, easements, or other property, real or personal or mixed;  (7) Make any and all contracts necessary or convenient for the exercise of the powers or implementation of the purposes set forth in this subchapter;  (8) Fix, regulate, and collect rates, fees, rents, or other charges for the use of any properties or services furnished by the authority or the board;  (9) Require audits of any or all accounts related to construction, operation, or maintenance of any project funded by this subchapter;  (10) Take reasonable actions necessary to ensure that debt service requirements are met; and  (11) Take such other action as may be appropriate to accomplish the purposes of this subchapter.    (b) The board and the authority are authorized to promulgate rules with respect to their powers and duties pursuant to this subchapter.
AR Code § 6-62-706 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 5 - Postsecondary and Higher Education Generally|Chapter 62 - Property and Finances of State Institutions|Subchapter 7 - Arkansas College Savings Bond Act|§ 6-62-706. Financial resources or financial aid or assistance

 (a) The Arkansas Development Finance Authority, with the assistance of the Arkansas Higher Education Coordinating Board, shall develop and implement an educational program with marketing strategies designed to inform parents of the options available for financing a college education and the need to accumulate financial resources necessary to pay for a college education.  (b) In evaluating the financial situation of a student, proceeds of bonds or accumulated bonds and interest in an amount not in excess of five thousand dollars ($5,000) annually for undergraduate students, and not in excess of seven thousand five hundred dollars ($7,500) for postgraduate students shall not be deemed a financial resource of or a form of financial aid or assistance to such student, for the purposes of determining the eligibility of such student for any scholarship, grant, or monetary assistance awarded by the state or any agency thereof, nor shall such annual amounts of proceeds of any bond or accumulated bonds and interest provided for a qualified student under this subchapter reduce the amount of any scholarship, grant, or monetary assistance that such student is entitled to be awarded by the state or any agency thereof in accordance with the provisions of any other section of this subchapter or any other law of this state.
AR Code § 6-62-707 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 5 - Postsecondary and Higher Education Generally|Chapter 62 - Property and Finances of State Institutions|Subchapter 7 - Arkansas College Savings Bond Act|§ 6-62-707. Bonds — Authorization — Amount outstanding

 The Arkansas Development Finance Authority, the “authority”, on behalf of the State of Arkansas is hereby authorized to issue bonds and to have bonds outstanding which shall be general obligations of the State of Arkansas, to be known as Arkansas college savings general obligation bonds, the “bonds”, in the total principal amount of not exceeding three hundred million dollars ($300,000,000), for the purposes set forth herein.
AR Code § 6-62-708 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 5 - Postsecondary and Higher Education Generally|Chapter 62 - Property and Finances of State Institutions|Subchapter 7 - Arkansas College Savings Bond Act|§ 6-62-708. Bonds — Principal amount

 The total principal amount of bonds to be issued during any fiscal biennium shall not exceed three hundred million dollars ($300,000,000), nor shall the principal amount of bonds outstanding at any time have debt service requirements in excess of twenty-four million dollars ($24,000,000) in any one (1) fiscal year from all sources.
AR Code § 6-62-710 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 5 - Postsecondary and Higher Education Generally|Chapter 62 - Property and Finances of State Institutions|Subchapter 7 - Arkansas College Savings Bond Act|§ 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.
AR Code § 6-62-711 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 5 - Postsecondary and Higher Education Generally|Chapter 62 - Property and Finances of State Institutions|Subchapter 7 - Arkansas College Savings Bond Act|§ 6-62-711. Bonds — Purposes

 Bonds issued under this subchapter shall be issued for the purpose of financing the development of higher education projects at state institutions of higher education, and the proceeds of any bonds issued under this subchapter shall be applied for the payment of project costs or the refunding of bonds outstanding as authorized in §§ 6-62-709(b) and (c) and 6-62-715.
AR Code § 6-62-712 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 5 - Postsecondary and Higher Education Generally|Chapter 62 - Property and Finances of State Institutions|Subchapter 7 - Arkansas College Savings Bond Act|§ 6-62-712. Bonds — Terms and conditions generally

 The bonds:   (1) May be issued in the form of coupon bonds, payable to bearer, or as bonds registered as to principal only with interest coupons, or as bonds registered as to both principal and interest without coupons;  (2) May be in such denominations;  (3) May be made exchangeable for bonds of another form or denomination, bearing the same rate of interest and date of maturity;  (4) May be made payable as to principal and interest at such places within or without the state;  (5) May be made subject to redemption prior to maturity in such manner and for such redemption prices; and  (6) May contain such other terms and conditions all as the Arkansas Development Finance Authority shall determine.