Arkansas Code
Subchapter 7 - Arkansas College Savings Bond Act
§ 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.

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