Arkansas Code
Subchapter 7 - Arkansas College Savings Bond Act
§ 6-62-724. Bonds — Investment and disbursement of funds

(a) Any moneys held in any fund created under this subchapter shall be invested by the State Board of Finance to the full extent practicable pending disbursement for the purposes intended. Notwithstanding any other provision of law, such investments shall be in accordance with the terms of the resolution or trust indenture as applicable.
(b) Moneys on deposit in the Higher Education Projects Development Fund shall only be disbursed for a project when requisitioned by the chair of the Arkansas Higher Education Coordinating Board, or duly authorized designee, and approved by the Chief Fiscal Officer of the State, or duly authorized designee, which requisition shall certify that the funds disbursed thereby are for the payment of project costs of a higher education project duly approved by the Arkansas Higher Education Coordinating Board.

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