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 3 - FACILITIES - CONSTRUCTION OR PURCHASE (§§ 6-62-301 — 6-62-314) › Section 6-62-309 - Bonds or notes - Liability

(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 the notes or bonds, or for any damages sustained by anyone in connection with contracts for loans or the construction of the buildings, unless it shall be made to appear that he or she has acted with a corrupt intent.
(c)
Upon a determination of the board that a reallocation of resources is necessary for the purposes of preventing a default on its indebtedness, the board has specific authority to transfer funds between and among campuses, divisions, and other budgetary units of its institution of higher education. Upon exercising the authority to reallocate resources as provided by this section, the board of trustees shall report the reasons for and the details of such reallocations to the Legislative Council or Joint Budget Committee immediately thereafter.
Acts 1947, No. 62, § 1; 1949, No. 320, § 1; 1951, No. 313, § 1; 1969, No. 183, § 1; A.S.A. 1947, § 80-3311; Acts 2007, No. 1229, § 17.
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 3 - FACILITIES - CONSTRUCTION OR PURCHASE (§§ 6-62-301 — 6-62-314) › Section 6-62-310 - Bonds or notes - Related agreements authorized

(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 connection therewith, including, but without limiting the generality of the foregoing, any agreement relating to:
(1)
The maintenance of a maximum percentage of occupancy of buildings;
(2)
The imposition of minimum rates for occupancy or use adequate to provide for the payment of the principal of and interest on any notes or bonds;
(3)
(A)
The priority of the lien of notes or bonds on the gross tolls, fees, rents, other charges, surplus not pledged of gross tolls, fees, rents, and other charges, activity fees and gate receipts of athletic contests, and other revenues of whatever nature authorized to be pledged to the payment of the principal of and interest on the notes or bonds.
(B)
It is the intention of this subdivision that the board, in any resolution authorizing the issuance of a particular series of notes or bonds, may provide that subsequent series of notes or bonds payable from the tolls, fees, rents, activity fees, and gate receipts pledged to the particular issue authorized by the resolution may not be issued, that subsequent series of notes or bonds shall be subordinate as to lien, or that subsequent series of notes or bonds shall enjoy parity of lien upon such conditions and restrictions as may be inserted by the board in the authorizing resolution; and
(4)
The deposits into banks and the manner of withdrawal of revenues for payment of the principal of and interest on the notes or bonds and the deposits into banks and the manner of withdrawal of the proceeds of the sale of notes or bonds.
(b)
(1)
Any agreement entered into by the board shall be binding in all respects upon the board and their successors from time to time in accordance with the terms and all of the provisions of the agreement.
(2)
The terms and provisions shall be enforceable by appropriate proceedings at law or in equity, or otherwise, provided no mortgage or other lien shall be executed on any of the lands or buildings belonging to the State of Arkansas.
Acts 1947, No. 62, § 2; 1957, No. 10, § 1; 1959, No. 242, § 1; 1968 (1st Ex. Sess.), No. 8, § 1; 1970 (Ex. Sess.), No. 30, § 1; 1975, No. 225, § 19; 1981, No. 425, § 19; A.S.A. 1947, § 80-3312.
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 3 - FACILITIES - CONSTRUCTION OR PURCHASE (§§ 6-62-301 — 6-62-314) › Section 6-62-311 - Rents, tolls, fees, etc. - Rules authorized

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 or structure authorized to be constructed, reconstructed, enlarged, repaired, or equipped and with reference to the use thereof as the board may deem desirable for the welfare of the institution or its student body.
Amended by Act 2019, No. 315,§ 374, eff. 7/24/2019.
Acts 1947, No. 62, § 2; 1957, No. 10, § 1; 1959, No. 242, § 1; 1968 (1st Ex. Sess.), No. 8, § 1; 1970 (Ex. Sess.), No. 30, § 1; 1975, No. 225, § 19; 1981, No. 425, § 19; A.S.A. 1947, § 80-3312.
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 3 - FACILITIES - CONSTRUCTION OR PURCHASE (§§ 6-62-301 — 6-62-314) › Section 6-62-313 - State agency for participation in federal grant programs

(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 implemented, which is herein referred to as the "federal act".
(b)
In addition to its presently existing authority, powers, and duties, the board is authorized, empowered, and directed to prepare and submit to the commissioner, who is referred to and identified in the federal act, a state plan for participation in the grant program under
20 U.S.C. § 1132a
et seq. and, upon the approval of the state plan by the commissioner, to administer the plan and otherwise to do, or cause to be done, all things and acts of every nature whatever necessary or desirable:
(1)
In meeting and complying with all requirements of the federal act, regulations under and pursuant to the federal act, and of the departments and agencies of the United States administering the federal act;
(2)
In administering the state plan; and
(3)
In obtaining and utilizing, or causing to be utilized, all grants, funds, and benefits to which the State of Arkansas is entitled under the federal act.
(c)
(1)
This section shall be liberally construed so that all institutions of higher education, as referred to and defined in the federal act, receive fully and promptly all benefits conferred and intended by the federal act and this section and that the intended public benefits and purposes be achieved and accomplished. To this end, the enumeration of any object, purpose, power, manner, method, and thing shall not be deemed to exclude like or similar objects, purposes, powers, manners, methods, or things.
(2)
This section shall be liberally construed as being supplemental to any existing purposes and powers of the board so as to accomplish in the most expeditious and efficient manner the purposes and intent of the federal act in this state.
Acts 1964 (Ex. Sess.), No. 16, §§ 1-3; A.S.A. 1947, §§ 80-3332 -- 80-3334.
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 3 - FACILITIES - CONSTRUCTION OR PURCHASE (§§ 6-62-301 — 6-62-314) › Section 6-62-314 - Construction project exemption

The following state-supported institutions of higher education shall be exempt as allowed by §
19-4-1415(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 awarding and oversight of the contracts for design and construction services:
(1)
Henderson State University;
(2)
Southern Arkansas University;
(3)
University of Central Arkansas;
(4)
National Park College;
(5)
Northwest Arkansas Community College; and
(6)
Arkansas Tech University.
Amended by Act 2021, No. 95,§ 1, eff. 7/28/2021.
Amended by Act 2017, No. 179,§ 6, eff. 7/1/2017.
Amended by Act 2016F, No. 141,§ 8, eff. 7/1/2016.
Amended by Act 2016F, No. 140,§ 8, eff. 7/1/2016.
Amended by Act 2013, No. 1397,§ 43, eff. 7/1/2013.
Acts 2011, No. 1065, § 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 4 - FACILITIES - USE (§ 6-62-401) › Section 6-62-401 - Use by employees to conduct work for private compensation

(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 after they have discharged fully their employment responsibilities to those institutions.
(b)
However, in each instance where permission is granted, the governing board shall have the nondelegable duty to make express findings of fact that:
(1)
The activity in question involves no conflict of interest with the mission and purpose of the institution itself;
(2)
The activity proposed would bring to the campus a significant number of persons who are potentially future students who might tend to enroll on that campus as a result of their exposure to its facilities and its personnel while engaged in this activity; and
(3)
The contemplated activity will, as a part thereof, generate funds to be paid to the state institution for housing, meals, and for the use of other institutional resources which will produce significant revenues in support of the auxiliary functions of the particular campus serving its enrolled students.
(c)
(1)
Each permission granted by a board of trustees pursuant to the findings of fact stated in subsection (b) of this section shall, with those findings of fact, be reduced to writing by the board and shall include a statement of charges to be paid to the state institution by the employee as the direct and indirect costs associated with operating and maintaining the facilities which will be temporarily devoted to the particular activity conducted by that employee.
(2)
The charges shall be paid promptly, by the employee or by the participants at the direction of the employee, to the state institution.
(d)
In conducting an activity permitted under this section, the employee shall make known in all advertising and other publicity involving the activity that participants are contracting with that employee and not with the institution and that the institution and the State of Arkansas do not assume any contractual obligations for the conduct of the employee's activity.
(e)
(1)
Each employee who is authorized under the provisions of this section to engage in outside work for private compensation on or in campus facilities shall, within a reasonable period of time after completion of the employment, submit a complete financial report relating to the employment to the chief financial officer of the institution.
(2)
On an annual basis, the chief financial officer of the institution shall submit to the governing board a summary of all such financial reports received by him or her.
Acts 1981, No. 707, §§ 1-4; A.S.A. 1947, §§ 80-3390 -- 80-3390.3.
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 5 - TRUST CONVEYANCES (§§ 6-62-501 — 6-62-507) › Section 6-62-501 - Definitions

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 University at Jonesboro, and Southern Arkansas University at Magnolia, together with their respective branches and departments wherever located in the State of Arkansas, and any other institution offering courses in education beyond the twelfth grade of the public school system and supported primarily by appropriations from state funds;
(2)
"Institution" refers to each of the tax-supported institutions of higher education; and
(3)
"Property" includes lands, buildings, and other property, real or personal, tangible or intangible.
Acts 1965, No. 565, § 1; A.S.A. 1947, § 80-3337.
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 5 - TRUST CONVEYANCES (§§ 6-62-501 — 6-62-507) › Section 6-62-502 - Trust conveyances authorized

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 conveyance shall have been made.
Acts 1965, No. 565, § 2; A.S.A. 1947, § 80-3338.
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 5 - TRUST CONVEYANCES (§§ 6-62-501 — 6-62-507) › Section 6-62-503 - Acceptance of conveyance - Administration

(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 acceptance of the conveyance, administration of the property shall be through the governing board of the particular institution for whose benefit the conveyance shall have been made.
Acts 1965, No. 565, § 3; A.S.A. 1947, § 80-3339.
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 5 - TRUST CONVEYANCES (§§ 6-62-501 — 6-62-507) › Section 6-62-504 - Title - Encumbrances

(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 administration of the property.
Acts 1965, No. 565, § 4; A.S.A. 1947, § 80-3340.
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 5 - TRUST CONVEYANCES (§§ 6-62-501 — 6-62-507) › Section 6-62-505 - Status of property as that of private person

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 dealt with generally by the appropriate governing board in the same manner as the property of any private person.
Acts 1965, No. 565, § 5; A.S.A. 1947, § 80-3341.
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 5 - TRUST CONVEYANCES (§§ 6-62-501 — 6-62-507) › Section 6-62-506 - Tax exemption

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.
Acts 1965, No. 565, § 7; A.S.A. 1947, § 80-3343.
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 5 - TRUST CONVEYANCES (§§ 6-62-501 — 6-62-507) › Section 6-62-507 - Income from property

(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 derived from any such property shall not be charged against any appropriation which, except for a conveyance to the State of Arkansas, would otherwise have been made for the institution for whose benefit the conveyance shall have been made.
Acts 1965, No. 565, §§ 6, 8; A.S.A. 1947, §§ 80-3342, 80-3344.
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 6 - TRANSFER OR LEASE OF PROPERTY (§§ 6-62-601 — 6-62-613) › Section 6-62-601 - Definitions

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 University of Arkansas, Arkansas State University system, the University of Central Arkansas, Henderson State University, Arkansas Tech University, or Southern Arkansas University;
(3)
"Lease agreement" means an agreement between an owner and a board pursuant to which the owner leases or subleases, or agrees to lease or sublease, property to the board;
(4)
(A)
"Owner" means a person or group of persons to whom a board makes a transfer of property in accordance with the provisions of this subchapter.
(B)
No member of the board shall have any interest, direct or indirect, in the owner;
(5)
"Person" means a natural person, a firm, a general partnership, a limited partnership, an association, a corporation, or a public body;
(6)
"Property" means any buildings or structures, utilities, on-site and off-site improvements, and other appurtenances and improvements, including the land upon which the building or structure is located, and undivided interests in any such property; and
(7)
"Transfer" means to sell or to lease, as lessor or lessee.
Acts 1983 (Ex. Sess.), No. 11, § 1; 1983 (Ex. Sess.), No. 12, § 1; A.S.A. 1947, § 80-3391; Acts 1999, No. 823, § 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 6 - TRANSFER OR LEASE OF PROPERTY (§§ 6-62-601 — 6-62-613) › Section 6-62-602 - Transfer and lease authorized

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.
Acts 1983 (Ex. Sess.), No. 11, § 2; 1983 (Ex. Sess.), No. 12, § 2; A.S.A. 1947, § 80-3391.1; Acts 1999, No. 823, § 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 6 - TRANSFER OR LEASE OF PROPERTY (§§ 6-62-601 — 6-62-613) › Section 6-62-605 - Execution of contracts

Boards are authorized to execute all contracts and legal instruments necessary and convenient to effectuate the transfers and the transactions herein authorized.
Acts 1983 (Ex. Sess.), No. 11, § 9; 1983 (Ex. Sess.), No. 12, § 9; A.S.A. 1947, § 80-3391.8.
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 6 - TRANSFER OR LEASE OF PROPERTY (§§ 6-62-601 — 6-62-613) › Section 6-62-606 - Exemption from compliance with certain state and local laws - Review by Building Authority Division

(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 shall not be necessary for the board to comply with any other laws relating to the procurement, disposal, or leasing of property, including without limitation laws concerning the appointment of appraisers in connection therewith, laws restricting the obligation of funds for construction, and laws dealing with the improvement of historic structures, except that the transfer and the lease agreement shall be subject to the review and approval of the Building Authority Division.
Amended by Act 2019, No. 910,§ 6056, eff. 7/1/2019.
Amended by Act 2015EX1, No. 8,§ 4, eff. 7/1/2015.
Amended by Act 2015EX1, No. 7,§ 4, eff. 7/1/2015.
Acts 1983 (Ex. Sess.), No. 11, §§ 10, 12; 1983 (Ex. Sess.), No. 12, §§ 10, 12; A.S.A. 1947, §§ 80-3391.9, 80-3391.11.
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 6 - TRANSFER OR LEASE OF PROPERTY (§§ 6-62-601 — 6-62-613) › Section 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.
Acts 1983 (Ex. Sess.), No. 11, § 11; 1983 (Ex. Sess.), No. 12, § 11; A.S.A. 1947, § 80-3391.10.
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 6 - TRANSFER OR LEASE OF PROPERTY (§§ 6-62-601 — 6-62-613) › Section 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.
Acts 1983 (Ex. Sess.), No. 11, § 3; 1983 (Ex. Sess.), No. 12, § 3; A.S.A. 1947, § 80-3391.2.
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 6 - TRANSFER OR LEASE OF PROPERTY (§§ 6-62-601 — 6-62-613) › Section 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.
Acts 1983 (Ex. Sess.), No. 11, § 4; 1983 (Ex. Sess.), No. 12, § 4; A.S.A. 1947, § 80-3391.3.
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 6 - TRANSFER OR LEASE OF PROPERTY (§§ 6-62-601 — 6-62-613) › Section 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.
Acts 1983 (Ex. Sess.), No. 11, § 5; 1983 (Ex. Sess.), No. 12, § 5; A.S.A. 1947, § 80-3391.4.
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 6 - TRANSFER OR LEASE OF PROPERTY (§§ 6-62-601 — 6-62-613) › Section 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.
Amended by Act 2019, No. 910,§ 6057, eff. 7/1/2019.
Amended by Act 2015EX1, No. 8,§ 5, eff. 7/1/2015.
Amended by Act 2015EX1, No. 7,§ 5, eff. 7/1/2015.
Acts 1983 (Ex. Sess.), No. 11, § 6; 1983 (Ex. Sess.), No. 12, § 6; A.S.A. 1947, § 80-3391.5.
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 6 - TRANSFER OR LEASE OF PROPERTY (§§ 6-62-601 — 6-62-613) › Section 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.
Acts 1983 (Ex. Sess.), No. 11, § 7; 1983 (Ex. Sess.), No. 12, § 7; A.S.A. 1947, § 80-3391.6.
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 6 - TRANSFER OR LEASE OF PROPERTY (§§ 6-62-601 — 6-62-613) › Section 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 into the State Treasury but shall be deposited into 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.
Acts 1983 (Ex. Sess.), No. 11, § 8; 1983 (Ex. Sess.), No. 12, § 8; A.S.A. 1947, § 80-3391.7.
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 6-62-701 - Title

This subchapter may be referred to and cited as the "Arkansas College Savings Bond Act of 1989".
Acts 1989, No. 683, § 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 7 - ARKANSAS COLLEGE SAVINGS BOND ACT (§§ 6-62-701 — 6-62-727) › Section 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.
Acts 1989, No. 683, § 4; 1991, No. 102, §§ 2, 3; 1993, No. 171, § 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 7 - ARKANSAS COLLEGE SAVINGS BOND ACT (§§ 6-62-701 — 6-62-727) › Section 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.
Acts 1989, No. 683, § 27.
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 6-62-705 - 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.
Amended by Act 2019, No. 315,§ 376, eff. 7/24/2019.
Acts 1989, No. 683, §§ 14, 25; 1993, No. 171, § 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 7 - ARKANSAS COLLEGE SAVINGS BOND ACT (§§ 6-62-701 — 6-62-727) › Section 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.
Acts 1989, No. 683, §§ 23, 24.
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 6-62-707 - 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.
Acts 1989, No. 683, §§ 3(a), 20; 1991, No. 102, § 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 7 - ARKANSAS COLLEGE SAVINGS BOND ACT (§§ 6-62-701 — 6-62-727) › Section 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.
Acts 1989, No. 683, § 3(b); 1991, No. 102, § 1; 1995, No. 1167, § 5; 1997, No. 342, § 43; 1997, No. 1211, § 32.
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 6-62-710 - 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
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 five-tenths 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.
Acts 1989, No. 683, § 19.
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 6-62-711 - 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
.
Acts 1989, No. 683, § 6.
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 6-62-712 - 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.
Acts 1989, No. 683, § 5.