As used in this subchapter, unless the context otherwise requires: (1) “Any tax-supported institution of higher learning” includes the University of Arkansas, University of Central Arkansas, Henderson State University at Arkadelphia, Arkansas Tech University, Arkansas State University at Jonesboro, and Southern Arkansas University at Magnolia, together with their respective branches and departments wherever located in […]
Property may be conveyed to the State of Arkansas in trust for any tax-supported institution of higher learning within the state, which property shall be held by the state, subject to the terms of the conveyance, for and on behalf of the institution for whose benefit the conveyance shall have been made.
(a) Acceptance of the conveyance by the State of Arkansas shall be evidenced by proclamation of the Governor. (b) A copy of the proclamation certified by the Secretary of State shall be filed for record in the county or counties in which the real property is located. (c) Upon acceptance of the conveyance, administration of […]
(a) The State of Arkansas shall take and hold title to any such lands, buildings, and other real property in fee simple or subject to existing encumbrances. (b) However, the state shall not be required to discharge any encumbrance from funds other than those received from the administration of the property.
Subject to any restrictions which may be provided in the instrument of conveyance, property so conveyed to the State of Arkansas in trust for any tax-supported institution of higher learning within the state may be sold, leased, rented, subjected to mortgage indebtedness, and dealt with generally by the appropriate governing board in the same manner […]
All property so conveyed to the State of Arkansas shall be deemed property owned by the state exclusively for a public purpose and shall be exempt from taxation.
(a) All income derived from the administration of any such property shall be deposited in a separate account appropriately designated and shall inure to the benefit of and be used solely for the institution for whose benefit the conveyance shall have been made. (b) Income derived from any such property shall not be charged against […]
