(a) The Student Loan Guarantee Foundation of Arkansas shall designate a disbursing officer who shall administer the trust funds made available to the foundation under the provisions of this subchapter.(b)(1) The disbursing officer shall file a surety bond of a corporate surety authorized to do business in this state with the Secretary of State and an executed counterpart thereof with the Auditor of State in such amount and form as may be provided by the Auditor of State and the Chief Fiscal Officer of the State conditioned upon the faithful administration and accounting of all funds received by the foundation in accordance with the provisions of this subchapter.(2) The bond shall be renewed annually and proof of the renewal furnished to the Secretary of State and Auditor of State.Acts 1968 (1st Ex. Sess.), No. 27, § 3; A.S.A. 1947, § 80-4015.
Arkansas Legal Code