§ 22-3-1207 - Certificates of indebtedness -- Issuance and purchase authorized. - Arkansas Statutes

22-3-1207. Certificates of indebtedness -- Issuance and purchase authorized.

(a) (1) For the purpose of providing funds for the construction of buildings as authorized in this subchapter, the Arkansas Building Authority, with the approval of the Governor, is authorized and empowered to issue, and the State Board of Finance is authorized and empowered to purchase, authority certificates of indebtedness of a total principal amount not to exceed twenty-five million dollars ($25,000,000).

(2) However, this authority shall be continuing, solely for the purposes as authorized in 22-3-1205(a)(1) and (2), so long as the total outstanding principal amount of the authority certificates of indebtedness shall not exceed, at any one time, more than twenty-five million dollars ($25,000,000).

(b) The sale and purchase price of the certificates shall be at their par value.