Section 6-20-904 - Obligations - Security - Payment

(a) The certificates shall be obligations of the State Board of Education only, secured by a pledge of the collateral and payable from the proceeds realized from the collateral, as specified in § 6-20-905.(b) The certificates shall not be obligations of the State of Arkansas and shall not be secured by a pledge of any revenues belonging to the State of Arkansas.(c) It shall be stated on the face of each certificate that it has been issued under this subchapter.Acts 1967, No. 479, § 4; A.S.A. 1947, § 80-961.