Arkansas Code Title 6, Subtitle 5, Chapter 62, Subchapter 7 - Arkansas College Savings Bond Act
- § 6-62-701 - Title.
This subchapter may be referred to and cited as the "Arkansas College Savings Bond Act of 1989".
- § 6-62-702 - Legislative Findings and Declaration of Public Necessity.
The General Assembly hereby finds: (1) The availability of higher educational opportunities for families in the state with school-age children has become increasingly necessary...
- § 6-62-703 - Definitions.
In this subchapter, unless the context otherwise requires: (1) "Authority" means the Arkansas Development Finance Authority; (2) "Cost of higher education" shall include, but...
- § 6-62-704 - Construction.
(a) This subchapter shall be liberally construed to accomplish the purposes hereof. This subchapter shall constitute the sole authority necessary to accomplish the purposes...
- § 6-62-705 - Power and Duties of Arkansas Development Finance Authority and Arkansas Higher Education Coordinating Board.
(a) The Arkansas Development Finance Authority and the Arkansas Higher Education Coordinating Board, jointly, in addition to powers conferred under other laws, shall have...
- § 6-62-706 - Financial Resources or Financial Aid or Assistance.
(a) The Arkansas Development Finance Authority, with the assistance of the Arkansas Higher Education Coordinating Board, shall develop and implement an educational program with...
- § 6-62-707 - Bonds -- Authorization -- Amount Outstanding.
The Arkansas Development Finance Authority, the "authority", on behalf of the State of Arkansas is hereby authorized to issue bonds and to have bonds...
- § 6-62-708 - Bonds -- Principal Amount.
The total principal amount of bonds to be issued during any fiscal biennium shall not exceed three hundred million dollars ($300,000,000), nor shall the...
- § 6-62-709 - Bonds -- Issuance -- Duties of Arkansas Higher Education Coordinating Board and Arkansas Development Finance Authority.
(a) Provided further that, before any bonds may be issued during any fiscal biennium, the Arkansas Higher Education Coordinating Board shall submit to the...
- § 6-62-710 - Bonds -- Financial Incentives.
(a) The proceedings of the Arkansas Higher Education Coordinating Board, the Arkansas Development Finance Authority and the Governor authorizing the issuance of bonds may...
- § 6-62-711 - Bonds -- Purposes.
Bonds issued under this subchapter shall be issued for the purpose of financing the development of higher education projects at state institutions of higher...
- § 6-62-712 - Bonds -- Terms and Conditions Generally.
The bonds: (1) May be issued in the form of coupon bonds, payable to bearer, or as bonds registered as to principal only with...
- § 6-62-713 - Bonds -- Terms and Conditions -- Series Bonds.
(a) The bonds shall be issued whether or not the interest is subject to federal income taxation, in series, as set forth herein, in...
- § 6-62-714 - Bonds -- Resolution or Trust Indenture -- Selection of Projects.
(a) All bonds issued hereunder shall be authorized by resolution of the Arkansas Development Finance Authority. Each such resolution shall contain such terms, covenants,...
- § 6-62-715 - Refunding Bonds.
(a) Bonds may also be issued for the purpose of refunding, either at maturity or in advance of maturity, any bonds issued under this...
- § 6-62-716 - Bonds -- Execution.
(a) Each bond shall be signed with the facsimile signatures of the Governor, the Secretary of State, and the Chair of the Arkansas Development...
- § 6-62-717 - Bonds -- Sale -- Employment of Administrative Agents, Fiscal Agents, and Legal Counsel.
(a) The bonds may be sold in such manner, either at public or private sale, and upon such terms as the Arkansas Deveopment Finance...
- § 6-62-718 - Bonds -- General Obligations -- Pledge of Revenues.
(a) The bonds shall be direct general obligations of the State of Arkansas, for the payment of the debt service on which the full...
- § 6-62-719 - Bonds -- Payment -- Bond Fund -- Debt Service Reserve Fund.
(a) On or before the commencement of each fiscal year, the Chief Fiscal Officer of the State shall determine the estimated amount required for...
- § 6-62-720 - Bond -- Tax Exemption -- Legal Investments.
(a) All bonds issued under this subchapter, and interest thereon, shall be exempt from all taxes of the State of Arkansas, including income, inheritance,...
- § 6-62-721 - Bonds -- Rights and Liabilities -- Enforcement.
(a) This subchapter shall constitute a contract between the State of Arkansas and the holders and registered owners of all bonds issued hereunder which...
- § 6-62-722 - Bonds -- Rights and Liabilities -- Commencement.
This subchapter shall not create any right of any character, and no right of any character shall arise under or pursuant to it unless...
- § 6-62-723 - Bonds -- Deposit of Proceeds.
(a) The proceeds from the sale of the bonds, together with all revenues derived from any project financed under this subchapter shall be deposited...
- § 6-62-724 - Bonds -- Investment and Disbursement of Funds.
(a) Any moneys held in any fund created under this subchapter shall be invested by the State Board of Finance to the full extent...
- § 6-62-725 - Judicial Review -- Priority.
All cases involving the validity of this subchapter or any portion thereof, or in any way arising under this subchapter or involving the bonds...
- § 6-62-726 - Rules and Regulations.
(a) The Department of Higher Education or other agency to which the appropriation for college savings bonds is provided shall adopt rules and regulations...
- § 6-62-727 - [Repealed.]
Last modified: November 15, 2016