(a) On July 1, 2003, all property and other rights, claims, and assets of the Arkansas Valley Technical Institute are transferred to Arkansas Tech University.
(b) On July 1, 2003, all obligations of the Arkansas Valley Technical Institute become obligations of Arkansas Tech University.
(c) On July 1, 2003, all records, personnel, property, unexpended balances, and all legal authority transfer from the Arkansas Valley Technical Institute to Arkansas Tech University.
(d) All cash fund balances of Arkansas Valley Technical Institute transferred to Arkansas Tech University shall be used for the operation, support, and improvement of occupational, vocational, technical, and workforce development programs of Arkansas Tech University.