Arkansas Code
Subchapter 2 - Establishment and Administration Generally
§ 6-51-216. State board authority to acquire and maintain facilities — Bonded indebtedness

(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