(a) The Board of Trustees of the University of Arkansas shall include necessary provisions in the authorizing resolution or trust indenture to require the deposit of the proceeds of each bond issue, except the accrued interest, which shall be deposited into the bond fund, into a special construction fund which shall be a trust fund in such depository as the board shall designate.
(b) The depository shall be a member of the Federal Deposit Insurance Corporation, and all moneys in excess of the amount insured by the Federal Deposit Insurance Corporation must be secured by direct obligations of the United States unless invested in securities specified by the board.
(c) The moneys in the construction fund shall be used solely for the purposes set forth in § 6-64-606.
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