Bonds issued under this subchapter shall be issued for the purpose of financing the development of higher education projects at state institutions of higher education, and the proceeds of any bonds issued under this subchapter shall be applied for the payment of project costs or the refunding of bonds outstanding as authorized in § 6-62-709(b) and (c) and § 6-62-715.Acts 1989, No. 683, § 6.
Arkansas Legal Code