Arkansas Code
Subchapter 7 - Arkansas College Savings Bond Act
§ 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(2) 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 one-half 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.

Structure Arkansas Code

Arkansas Code

Title 6 - Education

Subtitle 5 - Postsecondary and Higher Education Generally

Chapter 62 - Property and Finances of State Institutions

Subchapter 7 - Arkansas College Savings Bond Act

§ 6-62-701. Title

§ 6-62-702. Legislative findings and declaration of public necessity

§ 6-62-703. Definitions

§ 6-62-704. Construction

§ 6-62-705. Power and duties of Arkansas Development Finance Authority and Arkansas Higher Education Coordinating Board

§ 6-62-706. Financial resources or financial aid or assistance

§ 6-62-707. Bonds — Authorization — Amount outstanding

§ 6-62-708. Bonds — Principal amount

§ 6-62-709. Bonds — Issuance — Duties of Arkansas Higher Education Coordinating Board and Arkansas Development Finance Authority

§ 6-62-710. Bonds — Financial incentives

§ 6-62-711. Bonds — Purposes

§ 6-62-712. Bonds — Terms and conditions generally

§ 6-62-713. Bonds — Terms and conditions — Series bonds

§ 6-62-714. Bonds — Resolution or trust indenture — Selection of projects

§ 6-62-715. Refunding bonds

§ 6-62-716. Bonds — Execution

§ 6-62-717. Bonds — Sale — Employment of administrative agents, fiscal agents, and legal counsel

§ 6-62-718. Bonds — General obligations — Pledge of revenues

§ 6-62-719. Bonds — Payment — Bond fund — Debt Service Reserve Fund

§ 6-62-720. Bond — Tax exemption — Legal investments

§ 6-62-721. Bonds — Rights and liabilities — Enforcement

§ 6-62-722. Bonds — Rights and liabilities — Commencement

§ 6-62-723. Bonds — Deposit of proceeds

§ 6-62-724. Bonds — Investment and disbursement of funds

§ 6-62-725. Judicial review — Priority

§ 6-62-726. Rules