§ 6-62-1101. Title

This subchapter may be referred to and cited as the “Arkansas Higher Education Technology and Facility Improvement Act of 2005”.

§ 6-62-1102. Legislative findings

The General Assembly finds that: (1) Expanded availability of higher educational opportunities for families in this state with school-age children has become increasingly necessary in order to preserve and protect the health, welfare, and prosperity of this state and its citizens; (2) The increasing competitiveness and technological sophistication of today’s products, services, and markets and […]

§ 6-62-1103. Definitions

As used in this subchapter: (1) “Athletic facilities” means facilities used primarily for intercollegiate or intramural sports; (2) “Bonds” means the State of Arkansas Higher Education General Obligation Bonds as authorized in this subchapter; (3) “Debt service” means all amounts required for the payment of principal, interest, and premium, if any, due with respect to […]

§ 6-62-1104. Power and duties

(a) Before any bonds may be issued during a fiscal biennium, except for refunding purposes, the Arkansas Higher Education Coordinating Board shall submit to the Governor a written plan for technology and facility improvement projects to be funded with the proceeds derived from the sale of the State of Arkansas Higher Education General Obligation Bonds, […]

§ 6-62-1105. Authorization — Purposes

The Arkansas Development Finance Authority, on behalf of the State of Arkansas, is authorized, subject to the approval of the voters in a statewide election, to issue bonds to be known as “State of Arkansas Higher Education General Obligation Bonds”, in a total principal amount not to exceed two hundred fifty million dollars ($250,000,000) for […]

§ 6-62-1106. Bonds — Debt service limitation

The total principal amount of bonds outstanding under this subchapter and under the Arkansas College Savings Bond Act of 1989, § 6-62-701 et seq., shall not have combined scheduled debt service payments in excess of twenty-four million dollars ($24,000,000) in any one (1) fiscal year.

§ 6-62-1107. Projects to be financed

The proceeds of bonds issued under this subchapter for nonrefunding purposes shall be used to finance the development of technology projects and facility improvement projects. However, none of the projects shall be primarily for athletic facilities.

§ 6-62-1108. Election

(a) (1) No bonds shall be issued under this subchapter, except as otherwise provided in this subchapter, unless the issuance of bonds and the pledge of the full faith and credit of the State of Arkansas have been approved by a majority of the qualified electors of this state voting on the question at a […]

§ 6-62-1109. Procedure for issuing bonds

(a) (1) Prior to the issuance of any series of bonds, the Arkansas Development Finance Authority shall adopt a resolution or trust indenture, which may be a general resolution, series resolution, master trust indenture, series indenture, supplemental indenture, or other form of resolution or indenture, as deemed necessary by the authority authorizing the issuance of […]

§ 6-62-1110. Terms of bonds

The State of Arkansas Higher Education General Obligation Bonds shall be subject to the following terms and conditions: (1) Whether or not the interest is subject to federal taxation, the bonds shall be issued in series, as set forth in this section, in amounts sufficient to finance all or part of project costs or to […]

§ 6-62-1111. Sale of bonds

(a) The State of Arkansas Higher Education General Obligation Bonds may be sold in the manner, either at private or public sale, and upon terms as the Arkansas Development Finance Authority shall determine to be reasonable and expedient for effectuating the purposes of this subchapter. The bonds may be sold at a price acceptable to […]

§ 6-62-1112. Transfer of funds for debt service

(a) (1) On or before the commencement of each fiscal year, the Chief Fiscal Officer of the State shall: (A) Determine the estimated amount required for payment of all or a part of debt service on the State of Arkansas Higher Education General Obligation Bonds issued under this subchapter during the fiscal year less the […]

§ 6-62-1113. Sources of repayment

(a) The State of Arkansas Higher Education General Obligation Bonds shall be direct general obligations of the State of Arkansas for the payment of the debt service on which the full faith and credit of the state are irrevocably pledged so long as any of the bonds are outstanding. (b) (1) The bonds shall be […]

§ 6-62-1114. Deposit and investment of proceeds

(a) The proceeds from the sale of the State of Arkansas Higher Education General Obligation Bonds shall be deposited by the recipient, as received, into trust funds or accounts in the name of the Arkansas Development Finance Authority established pursuant to the resolution or trust indenture authorizing or securing the bonds to accomplish the purposes […]

§ 6-62-1115. Use of bond proceeds

(a) The proceeds of the State of Arkansas Higher Education General Obligation Bonds issued under this subchapter for nonrefunding purposes, after the funding of any necessary reserve and the costs associated with the issuance of and security for the bonds, shall only be disbursed for project costs when requisitioned by the Chair of the Arkansas […]

§ 6-62-1116. Refunding bonds

(a) (1) The Arkansas Development Finance Authority may issue bonds for the purpose of refunding bonds previously issued pursuant to this subchapter or the Arkansas College Savings Bond Act of 1989, § 6-62-701 et seq. (2) To the extent that the refunding bonds are issued to refund State of Arkansas Higher Education General Obligation Bonds […]

§ 6-62-1117. Tax exemption

All State of Arkansas Higher Education General Obligation Bonds issued under this subchapter and interest on the bond proceeds shall be exempt from all state taxes, including income, inheritance, and property taxes. The bonds shall be eligible to secure deposits of all public funds and shall be legal for investment of municipal, county, bank, fiduciary, […]

§ 6-62-1118. Employment of professionals

The Arkansas Development Finance Authority is authorized to retain those professionals as it deems necessary to accomplish the issuance and sale of the State of Arkansas Higher Education General Obligation Bonds, including, without limitation, legal counsel, financial advisors, underwriters, trustees, paying agents, and remarketing agents.

§ 6-62-1119. Construction

(a) This subchapter shall be liberally construed to accomplish its purposes. This subchapter shall constitute the sole authority necessary to accomplish the purposes of this subchapter, and the provisions of other laws pertaining to the development of technology projects and facility improvement projects and the financing shall not apply, except as specifically set forth in […]

§ 6-62-1120. Rights and liabilities — Enforcement

(a) This subchapter shall constitute a contract between the State of Arkansas and the registered owners of all State of Arkansas Higher Education General Obligation Bonds issued under this subchapter that shall never be impaired. Any violation of terms of this subchapter, whether under purported legislative authority or otherwise, shall be enjoined by the courts […]