§ 6-81-113 - Bonds, notes, etc. -- Liability. - Arkansas Statutes

6-81-113. Bonds, notes, etc. -- Liability.

(a) It shall be plainly stated on the face of each obligation that:

(1) It has been issued under the provisions of this subchapter;

(2) The obligations shall be obligations only of the Arkansas Student Loan Authority;

(3) In no event shall they constitute an indebtedness for which the faith and credit of the State of Arkansas or any of its revenues are pledged; and

(4) They are not secured by a mortgage or lien on any land or buildings belonging to the State of Arkansas.

(b) No member of the authority shall be personally liable on the obligations or for any damages sustained by anyone in connection with any contracts entered into in carrying out the purpose and intent of this subchapter unless he or she has acted with a corrupt intent.