reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 7 - ARKANSAS COLLEGE SAVINGS BOND ACT (§§ 6-62-701 — 6-62-727) › Section 6-62-713 - Bonds - Terms and conditions - Series bonds

(a)
The bonds shall be issued whether or not the interest is subject to federal income taxation, in series, as set forth herein, in amounts sufficient to finance all or any part of project costs with the respective series to be designated in alphabetical order or by the year in which issued.
(b)
The bonds of each series shall:
(1)
Have such date as the Arkansas Development Finance Authority shall determine and shall mature semiannually or annually, or be subject to mandatory sinking fund redemption, over a period ending not later than thirty (30) years after the date of the bonds of each series so as to provide annual debt service of approximately equal amounts insofar as practicable each year throughout the term of the bonds, as determined by the authority. Pending the issuance of bonds hereunder, the authority may issue temporary notes, to be exchanged for or paid from the proceeds of bonds at such times as bonds may be issued;
(2)
Bear interest at the rate or rates accepted by the authority at the sale of the bonds. Interest shall be payable at such times and in such manner as the authority shall determine, including the utilization of zero coupon or capital appreciation bonds; and
(3)
Have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to the provisions regarding registration of ownership set forth above.
Acts 1989, No. 683, § 5.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 7 - ARKANSAS COLLEGE SAVINGS BOND ACT (§§ 6-62-701 — 6-62-727) › Section 6-62-714 - Bonds - Resolution or trust indenture - Selection of projects

(a)
All bonds issued hereunder shall be authorized by resolution of the Arkansas Development Finance Authority. Each such resolution shall contain such terms, covenants, and conditions as are deemed desirable, including, without limitation, those pertaining to the establishment and maintenance of funds and accounts, to the deposit and investment of revenues and of bond proceeds, and to the rights and obligations of the state, its officers and officials, the authority, and the holders and registered owners of the bonds. All bonds issued under this subchapter shall be on a parity as to security. The resolution of the authority may provide for the execution and delivery by the authority of a trust indenture or trust indentures, with a bank or banks located within or without the state, containing any of the terms, covenants, and conditions referred to above, which trust indenture or trust indentures shall be binding upon the state and its officers and officials to the extent set forth in this subchapter.
(b)
Any resolution or trust indenture adopted or executed under this section shall provide that power is reserved to apply to the payment of debt service on the bonds issued or secured thereunder all or any part of the revenues derived from any program or project financed by such bonds, and, to the extent of such revenues, to release from any requirement of such resolution or trust indenture other revenues and resources of the state, including, without limitation, the net general revenue required to be transferred under §
6-62-719
.
(c)
Any resolution of trust indenture adopted or executed under this section may provide for the retirement and defeasance of the bonds by the depositing in trust of cash or investments maintained for that purpose, and, when the provisions of such resolution or trust indenture are complied with, such bonds being refunded shall not be deemed to be bonds outstanding for the purposes of this subchapter.
(d)
The Arkansas Higher Education Coordinating Board may select projects for financing and development under this subchapter which offer reasonable and realistic prospects for the production of revenues, whether by direct user fees, sales, royalties, program or gate receipts, or otherwise.
Acts 1989, No. 683, § 7; 1991, No. 102, § 4.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 7 - ARKANSAS COLLEGE SAVINGS BOND ACT (§§ 6-62-701 — 6-62-727) › Section 6-62-715 - Refunding bonds

(a)
Bonds may also be issued for the purpose of refunding, either at maturity or in advance of maturity, any bonds issued under this subchapter.
(b)
(1)
Such refunding bonds may either be sold or delivered in exchange for the bonds being refunded.
(2)
If sold, the proceeds may either be applied to the payment of the bonds being refunded or deposited in trust and there maintained in cash or investments for the retirement of the bonds refunded, as shall be specified by the Arkansas Development Finance Authority and the authorizing resolution or trust indenture securing such refunding bonds.
(c)
The authorizing resolution or trust indenture securing the refunding bonds may provide that the refunding bonds shall have the same security for their payment as provided for the bonds being refunded. Refunding bonds shall be sold and secured in accordance with provisions of this subchapter pertaining to the sale and security of the bonds.
Acts 1989, No. 683, § 20.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 7 - ARKANSAS COLLEGE SAVINGS BOND ACT (§§ 6-62-701 — 6-62-727) › Section 6-62-716 - Bonds - Execution

(a)
Each bond shall be signed with the facsimile signatures of the Governor, the Secretary of State, and the Chair of the Arkansas Development Finance Authority and by the manual or facsimile signature of the Treasurer of State or by a deputy of the Treasurer of State, and shall have affixed or imprinted thereon the Great Seal of the State of Arkansas.
(b)
Interest coupons attached to the bonds, if any, shall be signed with the facsimile signature of the Treasurer of State.
(c)
Delivery of bonds and coupons so executed shall be valid, notwithstanding any change in persons holding such offices occurring after the bonds have been executed.
Acts 1989, No. 683, § 8.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 7 - ARKANSAS COLLEGE SAVINGS BOND ACT (§§ 6-62-701 — 6-62-727) › Section 6-62-717 - Bonds - Sale - Employment of administrative agents, fiscal agents, and legal counsel

(a)
The bonds may be sold in such manner, either at public or private sale, and upon such terms as the Arkansas Development Finance Authority shall determine to be reasonable and expedient for effectuating the purposes of this subchapter. The bonds may be sold at such prices as the authority may accept, including, but not limited to, sale at discount or a premium.
(b)
(1)
If the bonds are sold at public sale, such public sale shall be on sealed bids, after notice published by the chair of the authority for at least one (1) insertion not less than twenty (20) days before the date of sale in a newspaper published in Little Rock, Arkansas, and in a financial newspaper or journal published in the Borough of Manhattan, City and State of New York, which notice shall contain such other terms and provisions as the authority determines to be desirable.
(2)
The authority shall award the sale to the bidder offering to purchase the bonds at a price which results in the lowest net interest cost or true interest to the State of Arkansas determined by computing the total interest cost from date of the issue to maturity, and deducting therefrom any premium bid and adding thereto the amount of any discount bid.
(3)
Provided, however, the authority shall reserve the right to reject all bids tendered at such public sale.
(c)
If the bonds are sold at a private or negotiated sale, within ninety (90) days following the close of such bond issue, the authority shall file with the Legislative Council a written report of the details of the bond sale, which report shall include a listing of the firms to whom the sale was made, the rate or rates of interest paid for the bonds, the underwriting fee or discount, and other details of the underwriting of the bonds.
(d)
The costs of publication of notices, bond printing, official statements, other documents, and other costs associated with the sale, issuance, and delivery of the bonds shall be paid from the proceeds of the bonds.
(e)
The authority may employ administrative agents, fiscal agents, and legal counsel and may pay them reasonable compensation out of the proceeds of the bonds.
Acts 1989, No. 683, § 9.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 7 - ARKANSAS COLLEGE SAVINGS BOND ACT (§§ 6-62-701 — 6-62-727) › Section 6-62-718 - Bonds - General obligations - Pledge of revenues

(a)
The bonds shall be direct general obligations of the State of Arkansas, for the payment of the debt service on which the full faith and credit of the State of Arkansas are hereby irrevocably pledged so long as any such bonds are outstanding.
(b)
The bonds shall be payable from the general revenues of the state as such term is defined in the Revenue Stabilization Law, §
19-5-101
et seq., and such amount of general revenues as is necessary is hereby pledged to the payment of debt service on the bonds and shall be and remain pledged for such purposes.
Acts 1989, No. 683, § 11.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 7 - ARKANSAS COLLEGE SAVINGS BOND ACT (§§ 6-62-701 — 6-62-727) › Section 6-62-720 - Bond - Tax exemption - Legal investments

(a)
All bonds issued under this subchapter, and interest thereon, shall be exempt from all taxes of the State of Arkansas, including income, inheritance, and property taxes.
(b)
The bonds shall be eligible to secure deposits of all public funds and shall be legal for investment of municipal, county, bank, fiduciary, insurance company, and trust funds.
Acts 1989, No. 683, § 13.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 7 - ARKANSAS COLLEGE SAVINGS BOND ACT (§§ 6-62-701 — 6-62-727) › Section 6-62-721 - Bonds - Rights and liabilities - Enforcement

(a)
This subchapter shall constitute a contract between the State of Arkansas and the holders and registered owners of all bonds issued hereunder which shall never be impaired, and any violation of its terms, whether under purported legislative authority or otherwise, shall be enjoined by the courts at the suit of any bondholder or of any taxpayer.
(b)
The courts, in like suit against the Arkansas Development Finance Authority or the state board, the Treasurer of State, or other appropriate officer or official of the state, shall prevent a diversion of any revenues pledged hereunder and shall compel the restoration of diverted revenues, by injunction or mandamus.
(c)
Also and without limitation as to any other appropriate remedy at law or in equity, any bondholder, by an appropriate action, including without limitation, injunction or mandamus, may compel the performance of all covenants and obligations of the state, its officers and officials, hereunder.
Acts 1989, No. 683, § 15.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 7 - ARKANSAS COLLEGE SAVINGS BOND ACT (§§ 6-62-701 — 6-62-727) › Section 6-62-722 - Bonds - Rights and liabilities - Commencement

This subchapter shall not create any right of any character, and no right of any character shall arise under or pursuant to it unless and until the first series of bonds authorized by this subchapter shall have been sold and delivered.
Acts 1989, No. 683, § 16.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 7 - ARKANSAS COLLEGE SAVINGS BOND ACT (§§ 6-62-701 — 6-62-727) › Section 6-62-723 - Bonds - Deposit of proceeds

(a)
The proceeds from the sale of the bonds, together with all revenues derived from any project financed under this subchapter shall be deposited by the Arkansas Development Finance Authority, as received, into trust funds in the State Treasury, to accomplish the purposes of this subchapter, specifically, in amounts or portions as may be set forth in the resolution or trust indenture authorizing or securing the bonds issued to finance the development of such project, into trust funds created hereby and designated as follows:
(1)
Into the Higher Education Projects Development Fund, to provide for the development of projects at state institutions of higher education and the payment of project costs and expenses of the issuance of the bonds;
(2)
Into the College Savings Bond Fund, to provide for payment of all or a part of debt service on bonds issued under this subchapter; and
(3)
Into the College Savings Bond Debt Service Reserve Fund, to provide a reserve or reserves for payment of debt service on the bonds.
(b)
The Treasurer of State is authorized and directed to establish separate accounts within such funds to correspond to the applicable series of bonds. In addition, there may be created in the State Treasury such other funds or accounts as the authority may determine in said resolution or trust indenture to be necessary to accomplish the purposes of this subchapter.
Acts 1989, No. 683, § 10.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 7 - ARKANSAS COLLEGE SAVINGS BOND ACT (§§ 6-62-701 — 6-62-727) › Section 6-62-724 - Bonds - Investment and disbursement of funds

(a)
Any moneys held in any fund created under this subchapter shall be invested by the State Board of Finance to the full extent practicable pending disbursement for the purposes intended. Notwithstanding any other provision of law, such investments shall be in accordance with the terms of the resolution or trust indenture as applicable.
(b)
Moneys on deposit in the Higher Education Projects Development Fund shall only be disbursed for a project when requisitioned by the chair of the Arkansas Higher Education Coordinating Board, or duly authorized designee, and approved by the Chief Fiscal Officer of the State, or duly authorized designee, which requisition shall certify that the funds disbursed thereby are for the payment of project costs of a higher education project duly approved by the Arkansas Higher Education Coordinating Board.
Acts 1989, No. 683, §§ 21, 22; 1991, No. 102, §§ 5, 7.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 7 - ARKANSAS COLLEGE SAVINGS BOND ACT (§§ 6-62-701 — 6-62-727) › Section 6-62-725 - Judicial review - Priority

All cases involving the validity of this subchapter or any portion thereof, or in any way arising under this subchapter or involving the bonds issued hereunder, shall be deemed of public interest and shall be advanced by all courts and heard as a preferred cause, and all appeals from judgments or decrees rendered in such cases must be taken within thirty (30) days after the rendition of such judgment or decree.
Acts 1989, No. 683, § 26.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 7 - ARKANSAS COLLEGE SAVINGS BOND ACT (§§ 6-62-701 — 6-62-727) › Section 6-62-726 - Rules

(a)
The Division of Higher Education or other agency to which the appropriation for college savings bonds is provided shall adopt rules for the allocation of the funds reappropriated for the development of projects at state institutions of higher education and the payment of project costs and expenses of the issuance of the bonds under this subchapter in order to ensure that funds are allocated and expended in a manner consistent with the applicable provisions of the Internal Revenue Code,
26 U.S.C. § 1
et seq.
(b)
The funds reappropriated for the development of projects at state institutions of higher education and the payment of project costs and expenses of the issuance of the bonds under this subchapter shall be allocated and expended pursuant to the provisions of this subchapter and other laws of this state.
(c)
The expenditure and allocation of funds shall be exempt from any other provisions of state law that conflict with any provision of the rules which are required to ensure the compliance of the program with the applicable provisions of the Internal Revenue Code.
Amended by Act 2019, No. 315,§ 377, eff. 7/24/2019.
Amended by Act 2019, No. 910,§ 2000, eff. 7/1/2019.
Acts 1997, No. 342Acts 1997, No. 342, § 42.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 7 - ARKANSAS COLLEGE SAVINGS BOND ACT (§§ 6-62-701 — 6-62-727) › Section 6-62-727 - [Repealed]

Repealed by Act 2013, No. 1155,§ 20, eff. 8/16/2013.
Acts 1997, No. 1211Acts 1997, No. 1211, § 31.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 8 - ATHLETIC PROGRAMS (§§ 6-62-801 — 6-62-807) › Section 6-62-801 - Purpose

The Arkansas Higher Education Coordinating Board is authorized and directed to limit unrestricted educational and general funds used to support intercollegiate athletic programs and to provide fair and equitable treatment in the amount of state subsidy of athletic program expenditures at state-supported institutions of higher education.
Acts 1991, No. 366, § 1.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 8 - ATHLETIC PROGRAMS (§§ 6-62-801 — 6-62-807) › Section 6-62-802 - Definitions

As used in this subchapter:
(1)
"Athletic deficit" means the amount of athletic expenditures offset by the amount of athletic revenues, including:
(A)
Athletic-generated income;
(B)
Profits from other auxiliary enterprises;
(C)
The federally funded portion of college work-study students in the intercollegiate athletic program;
(D)
Transfers from funds other than the unrestricted educational and general fund; and
(E)
The allowable unrestricted educational and general transfer for four-year institutions, for two-year branches of four-year institutions, and for other two-year institutions of higher education;
(2)
"Athletic expenditures" means:
(A)
All direct and indirect expenses, prorated if necessary, including salaries;
(B)
All fringe benefits such as medical and dental insurance, workers' compensation, pension plans, tuition waivers, and any other cost associated with recruitment and retention of staff;
(C)
Travel;
(D)
Equipment;
(E)
Scholarships;
(F)
Meals;
(G)
Housing and dormitory supplies;
(H)
Supplies;
(I)
Property and medical insurance;
(J)
Medical expenses;
(K)
Utilities; and
(L)
Maintenance of facilities related to all intercollegiate teams and spirit groups, excluding bands; and
(3)
"Athletic program" means intercollegiate athletics.
Acts 1991, No. 366, § 2; 1997, No. 954, § 1; 2005, No. 2288, § 1.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 8 - ATHLETIC PROGRAMS (§§ 6-62-801 — 6-62-807) › Section 6-62-803 - Limits on funding

(a)
For the certification required under §
6-62-805
, the amount allowed to be budgeted of unrestricted educational and general funds for intercollegiate athletic programs at state-supported institutions of higher education shall be limited to an amount established by the Division of Higher Education for the fiscal year 2012-2013 or an amount of not more than two percent (2%) of the actual total unrestricted educational and general revenues of the previous fiscal year at institutions of higher education.
(b)
The division shall annually adjust the allowable transfer based upon the Consumer Price Index.
(c)
This section shall not apply to expenditures related to compliance with §
6-60-111
or increased compliance under
20 U.S.C. § 1092(f)
, nor the transfer of funds necessary to support women's athletic programs.
Amended by Act 2023, No. 870,§ 49, eff. 4/13/2023.
Amended by Act 2019, No. 910,§ 2001, eff. 7/1/2019.
Amended by Act 2017, No. 563,§ 3, eff. 8/1/2017.
Amended by Act 2013, No. 1397,§ 42, eff. 7/1/2013.
Acts 1991, No. 366, § 3; 1997, No. 954, § 2; 2005, No. 2288, § 2.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 8 - ATHLETIC PROGRAMS (§§ 6-62-801 — 6-62-807) › Section 6-62-804 - Deficits - Assessment of student athletic fee

(a)
Any athletic deficit of an institution shall be funded by a student athletic fee authorized by the board of trustees of each institution.
(b)
The student athletic fee shall be assessed on the basis of student semester credit hour and shall be clearly defined in all publications and institutional board minutes as being for the support of intercollegiate athletics, separate and distinct from other tuition or student activity fees.
Acts 1991, No. 366, § 4.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 8 - ATHLETIC PROGRAMS (§§ 6-62-801 — 6-62-807) › Section 6-62-805 - Certification by board of trustees

The board of trustees of each institution shall certify annually by June 15 of each year to the Arkansas Higher Education Coordinating Board:
(1)
That the intercollegiate athletic program will generate sufficient revenue through athletic-generated revenue, other auxiliary profits, other coordinating board-approved revenue sources, and the allowable state support as set out in §
6-62-803
; or
(2)
That any athletic deficit will be met by separate institutional board-sanctioned student athletic fees within the limitations established in this subchapter.
Acts 1991, No. 366, § 5.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 8 - ATHLETIC PROGRAMS (§§ 6-62-801 — 6-62-807) › Section 6-62-806 - Rules - Nondiscriminatory application

(a)
The Arkansas Higher Education Coordinating Board is authorized to promulgate any rules necessary for the implementation of this subchapter.
(b)
The provisions of this subchapter shall not be implemented in such a way as to discriminate against women's athletic programs.
Amended by Act 2019, No. 315,§ 378, eff. 7/24/2019.
Acts 1991, No. 366, §§ 6, 7.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 8 - ATHLETIC PROGRAMS (§§ 6-62-801 — 6-62-807) › Section 6-62-807 - Reporting expenditures

In accordance with the uniform reporting and auditing of intercollegiate athletic expenditures of state-supported institutions of higher education, maintenance of facilities expenditures related to all intercollegiate teams and spirit groups, excluding bands, shall be reported as actual costs of operating such athletic facilities or a proration of actual costs based on athletic usage.
Acts 1999, No. 1180, § 37.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 10 - WORKERS' COMPENSATION INSURANCE (§§ 6-62-1001 — 6-62-1004) › Section 6-62-1001 - Coverage required

(a)
All two-year and four-year public institutions of higher education shall be required to provide workers' compensation coverage for their employees.
(b)
Coverage shall be provided for losses incurred while performing work for the two-year or four-year public institution of higher education.
Acts 1997, No. 1202, § 1.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 10 - WORKERS' COMPENSATION INSURANCE (§§ 6-62-1001 — 6-62-1004) › Section 6-62-1002 - Election to provide self-funded coverage

(a)
Claims incurred on and after the effective date that a public institution of higher education elects to provide self-funded coverage under this subchapter shall be the responsibility of the two-year or four-year public institution of higher education.
(b)
Claims incurred prior to the effective date that a public institution of higher education elects to provide self-funded coverage under this subchapter shall become the responsibility of the two-year or four-year public institution of higher education, and the workers' compensation trust fund maintained for each institution by the Department of Finance and Administration shall be paid to the institution by the Public Employee Claims Division on the effective date of the election.
(c)
The division shall assist and provide necessary records to institutions making an election under this subchapter or to their designees.
Acts 1997, No. 1202, § 2.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 10 - WORKERS' COMPENSATION INSURANCE (§§ 6-62-1001 — 6-62-1004) › Section 6-62-1003 - Private, municipal, or self-funded coverage

(a)
Two-year and four-year public institutions of higher education may provide workers' compensation coverage through private carriers, municipal self-funding groups, or one (1) or more self-funded entities or groups.
(b)
Self-funding groups established for this purpose shall meet the following requirements:
(1)
Any group established to provide coverage to public institutions of higher education only shall offer coverage to any two-year or four-year public institution of higher education in the state that applies for coverage;
(2)
(A)
Any group established to provide workers' compensation coverage to public institutions of higher education shall offer coverage at rates promulgated by the Workers' Compensation Commission.
(B)
Premiums for public institutions of higher education participating in any group shall be revised annually based on the loss experience of the particular institution of higher education or group of public institutions of higher education.
(C)
Each board governing a self-funding group shall be permitted to declare dividends or to give credits against renewal premiums based on annual loss experience and subject to commission approval;
(3)
Any self-funding group of participating public institutions of higher education shall be subject to the rules of the commission applicable to self-insured groups or providers;
(4)
(A)
All self-funded groups shall obtain excess reinsurance from an admitted or approved insurance company doing business in Arkansas.
(B)
In lieu of the reinsurance requirements in subdivision (b)(4)(A) of this section, any self-funded group under this section with one million five hundred thousand dollars ($1,500,000) or more in annually collected premiums may provide excess reserves of twenty percent (20%) of annual premiums by any one (1) of the following ways:
(i)
Cash or certificates of deposit in Arkansas banks; or
(ii)
Letters of credit from an Arkansas bank; and
(5)
Two-year and four-year public institutions of higher education shall not be required to enter into an indemnity agreement binding them jointly and severally.
Amended by Act 2019, No. 315,§ 379, eff. 7/24/2019.
Acts 1997, No. 1202, § 3.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 10 - WORKERS' COMPENSATION INSURANCE (§§ 6-62-1001 — 6-62-1004) › Section 6-62-1004 - Election to provide coverage through Public Employee Claims Division

Nothing in this subchapter shall require two-year or four-year public institutions of higher education to provide workers' compensation coverage through one (1) or more self-funded entities or groups, and an institution may elect to provide coverage through the Public Employee Claims Division in the same manner as do other state agencies.
Acts 1997, No. 1202, § 4.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 11 - HIGHER EDUCATION TECHNOLOGY AND FACILITY IMPROVEMENT (§§ 6-62-1101 — 6-62-1122) › Section 6-62-1101 - Title

This subchapter may be referred to and cited as the "Arkansas Higher Education Technology and Facility Improvement Act of 2005".
Acts 2005, No. 1282, § 1.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 11 - HIGHER EDUCATION TECHNOLOGY AND FACILITY IMPROVEMENT (§§ 6-62-1101 — 6-62-1122) › Section 6-62-1102 - Legislative findings

The General Assembly finds that:
(1)
Expanded availability of higher educational opportunities for families in this state with school-age children has become increasingly necessary in order to preserve and protect the health, welfare, and prosperity of this state and its citizens;
(2)
The increasing competitiveness and technological sophistication of today's products, services, and markets and the growing importance of our dynamic economy require a highly educated and well-trained work force in order for this state to preserve, protect, and promote employment opportunities;
(3)
A strong system of higher education has been and will continue to be not only a wellspring for the enhancement of this state's cultural well-being but also a substantial contributing factor to the growth of this state's economy by stimulating the development of new products and services;
(4)
There is a growing need for this state to undertake projects to upgrade and expand this state's higher education technology equipment and to improve this state's higher education and physical plant; and
(5)
The public policies and responsibilities of this state as described in this section cannot be fully obtained without the use of public financing and that the public financing can only be provided by the adoption of this subchapter by the General Assembly and its approval by the electors of the State of Arkansas.
Acts 2005, No. 1282, § 1.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 11 - HIGHER EDUCATION TECHNOLOGY AND FACILITY IMPROVEMENT (§§ 6-62-1101 — 6-62-1122) › Section 6-62-1105 - Authorization - Purposes

The Arkansas Development Finance Authority, on behalf of the State of Arkansas, is authorized, subject to the approval of the voters in a statewide election, to issue bonds to be known as "State of Arkansas Higher Education General Obligation Bonds", in a total principal amount not to exceed two hundred fifty million dollars ($250,000,000) for the purpose of financing the development of technology projects and facility improvement projects for state institutions of higher education and for the purpose of refunding bonds issued under the Arkansas College Savings Bond Act of 1989, §
6-62-701
et seq.
Acts 2005, No. 1282, § 1.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 11 - HIGHER EDUCATION TECHNOLOGY AND FACILITY IMPROVEMENT (§§ 6-62-1101 — 6-62-1122) › Section 6-62-1106 - Bonds - Debt service limitation

The total principal amount of bonds outstanding under this subchapter and under the Arkansas College Savings Bond Act of 1989, §
6-62-701
et seq., shall not have combined scheduled debt service payments in excess of twenty-four million dollars ($24,000,000) in any one (1) fiscal year.
Acts 2005, No. 1282, § 1.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 11 - HIGHER EDUCATION TECHNOLOGY AND FACILITY IMPROVEMENT (§§ 6-62-1101 — 6-62-1122) › Section 6-62-1107 - Projects to be financed

The proceeds of bonds issued under this subchapter for nonrefunding purposes shall be used to finance the development of technology projects and facility improvement projects. However, none of the projects shall be primarily for athletic facilities.
Acts 2005, No. 1282, § 1.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 11 - HIGHER EDUCATION TECHNOLOGY AND FACILITY IMPROVEMENT (§§ 6-62-1101 — 6-62-1122) › Section 6-62-1109 - Procedure for issuing bonds

(a)
(1)
Prior to the issuance of any series of bonds, the Arkansas Development Finance Authority shall adopt a resolution or trust indenture, which may be a general resolution, series resolution, master trust indenture, series indenture, supplemental indenture, or other form of resolution or indenture, as deemed necessary by the authority authorizing the issuance of the series of State of Arkansas Higher Education General Obligation Bonds.
(2)
Each resolution or trust indenture shall contain the terms, covenants, and conditions as are deemed desirable and consistent with this subchapter, including, without limitation, those pertaining to the establishment and maintenance of funds and accounts, the deposit and investment of the bond proceeds and any pledged revenues, and the rights and obligations of the State of Arkansas, its officers and officials, the authority, and the registered owners of the bonds.
(3)
All bonds issued under this subchapter shall be on a parity as to security. The resolutions or trust indentures of the authority may provide for the execution and delivery by the authority of a trust indenture or trust indentures with one (1) or more banks or trust companies located within or without this state containing any of the terms, covenants, and conditions described in this section and any other terms and conditions deemed necessary by the authority, which trust indenture or trust indentures shall be binding upon the authority and the State of Arkansas, and their respective officers and officials.
(b)
Any resolution or trust indenture adopted or executed under this section may provide for the retirement and defeasance of the bonds by the depositing of cash or investments in trust to be maintained for that purpose. When the provisions of the resolution or trust indenture are complied with, the bonds being refunded shall not be deemed to be bonds outstanding for the purposes of this subchapter.
Acts 2005, No. 1282, § 1.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 11 - HIGHER EDUCATION TECHNOLOGY AND FACILITY IMPROVEMENT (§§ 6-62-1101 — 6-62-1122) › Section 6-62-1110 - Terms of bonds

The State of Arkansas Higher Education General Obligation Bonds shall be subject to the following terms and conditions:
(1)
Whether or not the interest is subject to federal taxation, the bonds shall be issued in series, as set forth in this section, in amounts sufficient to finance all or part of project costs or to refund bonds, with the respective series to be designated by the year in which issued and by alphabetical designation if more than one (1) series is to be issued in a particular year;
(2)
The bonds of each series shall have such date or dates as the Arkansas Development Finance Authority shall determine and shall mature or be subject to mandatory sinking fund redemption over a period ending not later than thirty (30) years after the date of issue of each series;
(3)
The bonds of each series shall bear interest at the rate or rates determined by the authority at the time of the sale of the bonds. The bonds may bear interest at either a fixed or a variable rate, or may be convertible from one (1) interest rate mode to another, and the interest shall be payable at such times as the authority shall determine;
(4)
As determined by the authority, the bonds:
(A)
Shall be issued in the form of bonds registered as to both principal and interest without coupons;
(B)
May be in any denominations and made exchangeable for bonds of another form or denomination bearing the same rate of interest;
(C)
May be made payable at designated places within or without the State of Arkansas;
(D)
May be made subject to redemption prior to maturity in any manner and for any redemption prices; and
(E)
May contain other terms and conditions;
(5)
Each bond shall be executed with the original or facsimile signatures of the Governor, the Secretary of State, and the Chair of the Arkansas Development Finance Authority and shall have affixed or imprinted on the bond the Great Seal of the State of Arkansas. Delivery of the bonds so executed shall be valid, notwithstanding any change in the persons holding the offices occurring after the bonds have been executed; and
(6)
The bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to the provisions regarding registration of ownership set forth in this section or in the resolution or trust indenture authorizing the bonds.
Acts 2005, No. 1282, § 1.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 11 - HIGHER EDUCATION TECHNOLOGY AND FACILITY IMPROVEMENT (§§ 6-62-1101 — 6-62-1122) › Section 6-62-1111 - Sale of bonds

(a)
The State of Arkansas Higher Education General Obligation Bonds may be sold in the manner, either at private or public sale, and upon terms as the Arkansas Development Finance Authority shall determine to be reasonable and expedient for effectuating the purposes of this subchapter. The bonds may be sold at a price acceptable to the authority, which may include a discount or a premium.
(b)
If the bonds are to be sold at public sale, the authority shall give notice of the offering of the bonds in a manner reasonably designed to notify participants in the public finance industry that the offering is being made. The authority shall set the terms and conditions of bidding, including the basis on which the winning bid will be selected.
(c)
The authority may:
(1)
Structure the sale of bonds utilizing financing techniques recommended by its professional advisors in order to take advantage of market conditions and may obtain the most favorable interest rates consistent with the purposes of this subchapter;
(2)
Enter into ancillary agreements in connection with the sale of the bonds that are necessary and advisable, including, without limitation, bond purchase agreements, remarketing agreements, letters of credit, or reimbursement agreements; and
(3)
Enter into an interest rate exchange agreement or similar agreement or contract with any person on a competitive or negotiated basis under the terms and conditions as the authority shall determine in compliance with §
15-5-317
.
Acts 2005, No. 1282, § 1.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 11 - HIGHER EDUCATION TECHNOLOGY AND FACILITY IMPROVEMENT (§§ 6-62-1101 — 6-62-1122) › Section 6-62-1112 - Transfer of funds for debt service

(a)
(1)
On or before the commencement of each fiscal year, the Chief Fiscal Officer of the State shall:
(A)
Determine the estimated amount required for payment of all or a part of debt service on the State of Arkansas Higher Education General Obligation Bonds issued under this subchapter during the fiscal year less the amount available for the payment of debt service from estimated moneys to be available to the Arkansas Development Finance Authority from other sources, if any; and
(B)
Certify the amount computed under subdivision (a)(1)(A) of this section to the Treasurer of State, who shall transfer the certified amount from the General Revenue Fund Account of the State Apportionment Fund to a trust fund established by the resolution or trust indenture authorizing the bonds as a bond or sinking fund in order to provide for payment of all or part of the debt service on the bonds issued under this subchapter.
(2)
Payments shall be made into the bond or sinking fund not later than one (1) day prior to the due date for the payment of the debt service.
(b)
The obligation to make periodic transfers from the General Revenue Fund Account of the State Apportionment Fund to the bond or sinking fund shall constitute a first charge against the General Revenue Fund Account prior to all other uses to which general revenues are devoted, either under present law or under any laws that may be enacted in the future. However, to the extent that other general obligation bonds of the State of Arkansas may subsequently be incurred, all general obligation bonds shall rank on a parity of security with respect to payment from the General Revenue Fund Account.
(c)
The resolution or trust indenture authorizing or securing the bonds issued shall identify the funds to which moneys shall be credited and used for the purposes identified in this subchapter. For those purposes, the holder of the trust funds is designated as the disbursing officer to administer those funds in accordance with this subchapter.
(d)
Moneys in the bond or sinking fund over and above the amount necessary to ensure the prompt payment of debt service on the bonds may be used for the redemption of bonds prior to maturity in the manner and in accordance with the provisions pertaining to redemption prior to maturity, as set forth in the resolution or trust indenture authorizing or securing the bonds.
Acts 2005, No. 1282, § 1.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 11 - HIGHER EDUCATION TECHNOLOGY AND FACILITY IMPROVEMENT (§§ 6-62-1101 — 6-62-1122) › Section 6-62-1113 - Sources of repayment

(a)
The State of Arkansas Higher Education General Obligation Bonds shall be direct general obligations of the State of Arkansas for the payment of the debt service on which the full faith and credit of the state are irrevocably pledged so long as any of the bonds are outstanding.
(b)
(1)
The bonds shall be payable from the general revenues of the state, and the amount of general revenues necessary is pledged to the payment of debt service on the bonds and shall remain pledged for those purposes.
(2)
Each authorizing resolution or trust indenture may provide for a reserve, credit enhancement, bond insurance, surety bond, or liquidity facility for the bonds.
Acts 2005, No. 1282, § 1.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 5 - POSTSECONDARY AND HIGHER EDUCATION GENERALLY (§§ 6-60-101 — 6-71-142) › Chapter 62 - PROPERTY AND FINANCES OF STATE INSTITUTIONS (§§ 6-62-101 — 6-62-1204) › Subchapter 11 - HIGHER EDUCATION TECHNOLOGY AND FACILITY IMPROVEMENT (§§ 6-62-1101 — 6-62-1122) › Section 6-62-1115 - Use of bond proceeds

(a)
The proceeds of the State of Arkansas Higher Education General Obligation Bonds issued under this subchapter for nonrefunding purposes, after the funding of any necessary reserve and the costs associated with the issuance of and security for the bonds, shall only be disbursed for project costs when requisitioned by the Chair of the Arkansas Higher Education Coordinating Board or his or her designee and approved by the Chief Fiscal Officer of the State or his or her designee.
(b)
The requisition under subsection (a) of this section shall certify that the funds disbursed are for the payment of project costs that are authorized to be financed under this subchapter and that have been duly approved by the board.
(c)
The proceeds of the bonds issued pursuant to this subchapter for refunding purposes, after the funding of any necessary reserve and costs associated with the issuance of and security for the bonds and the defeasance of the bonds to be refunded, shall be used by the Arkansas Development Finance Authority to directly pay or establish a trust fund to serve as an escrow account for the purpose of payment or defeasance of bonds issued under this subchapter or under the Arkansas College Savings Bond Act of 1989, §
6-62-701
et seq.
Acts 2005, No. 1282, § 1.