Statutes > Arkansas Statutes > Title 6 - Education > Subtitle 2 - Elementary And Secondary Education Generally > Chapter 20 - Finances > Subchapter 9 - Revolving Loan Program -- State Board of Education Certificates > § 6-20-904 - Obligations -- Security -- Payment.

§ 6-20-904 - Obligations -- Security -- Payment.

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.