(a)
(1) The State Board of Career Education is authorized to purchase, construct, improve, equip, and maintain buildings, structures, parking facilities, dormitory facilities, or other facilities and the lands on which they are located at any state-supported technical institute or vocational-technical school.
(2) In order to obtain funds therefor, the board is authorized to issue revenue bonds secured by a pledge of income from those facilities and a pledge of other fees, rents, charges, tolls, and receipts of the school where the facilities are to be purchased, constructed, improved, equipped, or maintained as shall be determined by the board.
(b) All provisions of §§ 6-62-301 — 6-62-305 and 6-62-307 — 6-62-312 regarding the execution of, the terms and conditions, maximum interest rates, conversion privileges, refunding rights, and other limitations, conditions, privileges, and rights with respect to bonds issued by boards of trustees of institutions of higher learning shall, so far as they are appropriate, be equally applicable to bonds issued by the board under the authority granted in this section.
(c) Any indebtedness incurred by the board pursuant to the authority granted in this section shall be an obligation of the board and of the state-supported vocational-technical schools involved in such transaction, and under no circumstances shall the indebtedness be considered a debt for which the faith and credit of the State of Arkansas or any of its revenues are pledged.
Structure Arkansas Code
Subtitle 4 - Vocational and Technical Education
Chapter 51 - Vocational and Technical Schools
Subchapter 2 - Establishment and Administration Generally
§ 6-51-201. Receipt and administration of federal funds
§ 6-51-202. Authority to establish schools
§ 6-51-203. Determining school location and establishing courses of instruction
§ 6-51-204. Public school or community branches — Special instruction
§ 6-51-205. Responsibility for school operation — Personnel and equipment
§ 6-51-206. Local board's authority to sell, convey, or lease unneeded lands
§ 6-51-207. Authority to accept gifts and donations
§ 6-51-209. Accident insurance for students
§ 6-51-210. Disposition of funds generally
§ 6-51-211. Acceptance of certain federal benefits promoting vocational education
§ 6-51-212. Custodian of certain funds — Disbursement
§ 6-51-213. Administration of certain federal and state vocational education laws
§ 6-51-214. Annual report and statement of finances
§ 6-51-215. Cooperation of various boards in establishing vocational programs — Use of tax moneys
§ 6-51-216. State board authority to acquire and maintain facilities — Bonded indebtedness