§ 6-64-612 - Bonds -- Pledge of costs levied by subchapter. - Arkansas Statutes

6-64-612. Bonds -- Pledge of costs levied by subchapter.

(a) The bonds, principal and interest, shall be special obligations of the board secured by and payable from a pledge of all or a portion of the collections of the costs levied by this subchapter.

(b) The pledge of bonds shall constitute a prior pledge of, and claim on, such costs over any other claim arising out of, or pertaining to, any other authorized use of collections of such costs as specified in 6-64-606.

(c) The bonds, principal and interest, shall not be secured by a pledge of any other appropriated funds or cash funds of the board or the university.