(a) The bonds, principal and interest, shall be special obligations of the Board of Trustees of the University of Arkansas secured by and payable from a pledge of all or a portion of the collections of the costs levied by this subchapter.
(b) The pledge of bonds shall constitute a prior pledge of, and claim on, such costs over any other claim arising out of, or pertaining to, any other authorized use of collections of such costs as specified in § 6-64-606.
(c) The bonds, principal and interest, shall not be secured by a pledge of any other appropriated funds or cash funds of the board or the university.
Structure Arkansas Code
Subtitle 5 - Postsecondary and Higher Education Generally
Chapter 64 - University of Arkansas
§ 6-64-601. Construction — Subchapter exclusive authority
§ 6-64-602. Establishment — Name
§ 6-64-604. State Legal Education Fund generally
§ 6-64-605. Levy of costs — Cash funds
§ 6-64-606. Levy of costs — Use and priorities of funds collected
§ 6-64-607. Financing authority
§ 6-64-608. Bonds — Authorizing resolution — Trust indenture
§ 6-64-609. Bonds — Terms and conditions
§ 6-64-610. Bonds — Execution and seal
§ 6-64-612. Bonds — Pledge of costs levied by subchapter
§ 6-64-613. Bonds — Contract with holders and owner
§ 6-64-614. Bonds — Tax exemption
§ 6-64-615. Bonds — Investment of funds of retirement or pension systems
§ 6-64-616. Bonds — Construction fund
§ 6-64-617. Bonds — Use of excess costs
§ 6-64-618. Outstanding bonds — Change in costs for payments
§ 6-64-620. Construction of legal education facilities — Employment of professionals