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(a) Unless exempted under the provisions of § 19-4-522, any expenditure of State Treasury funds for capital outlay expenses or construction costs, as set forth in § 19-4-524, of an institution within the system shall be subject to the prior approval of the General Assembly upon the recommendation of the Arkansas Higher Education Coordinating Board.
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(b) Except those funds allocated under the College Savings Bond Act of 1989, § 6-62-701 et seq., or provided during the 1991-1993 biennium, prior to the withdrawal of state funds from the State Treasury for use in approved capital outlays, the board shall obtain and transmit to the Chief Fiscal Officer of the State a certificate from the chair of the local board of the technical or community college stating that a minimum of fifty percent (50%) of each project cost has been provided by local funds.
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(c) No state moneys appropriated for general operating expenses of an institution shall be used for capital outlay expenses.
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(d) Capital outlay expenses shall be paid from gifts, grants, profits from auxiliary enterprises, tuition, fees, local millages, and other local funds and may be paid from state funds appropriated for such purposes.
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(e) Revenues derived from any local sales and use tax levied under § 26-74-201 et seq., § 26-74-301 et seq., § 26-75-201 et seq., or § 26-75-301 et seq., may be used to finance capital outlay expenses for institutions of higher education.
