Arkansas § 6-62-309 - Bonds or notes — Liability.
Full text of Arkansas Arkansas Code of 1987 Annotated § 6-62-309 — Bonds or notes — Liability., with citation guidance and answers to common questions.
§ 6-62-309. Bonds or notes — Liability.
The bonds or notes shall be general obligations only of the board of trustees, and in no event shall they be considered a debt for which the faith and credit of the State of Arkansas or any of its revenues are pledged. No member of any board shall be personally liable for the notes or bonds, or for any damages sustained by anyone in connection with contracts for loans or the construction of the buildings, unless it shall be made to appear that he or she has acted with a corrupt intent. Upon a determination of the board that a reallocation of resources is necessary for the purposes of preventing a default on its indebtedness, the board has specific authority to transfer funds between and among campuses, divisions, and other budgetary units of its institution of higher education. Upon exercising the authority to reallocate resources as provided by this section, the board of trustees shall report the reasons for and the details of such reallocations to the Legislative Council or Joint Budget Committee immediately thereafter.
Frequently Asked Questions About Arkansas § 6-62-309
What does Arkansas Code of 1987 Annotated § 6-62-309 cover?
Section 6-62-309 ("Bonds or notes — Liability.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 6-62-309?
A common citation format is "Arkansas Code of 1987 Annotated § 6-62-309" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 6-62-309 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.