This bill amends various sections of the Arkansas Code related to higher education, specifically focusing on the authority and financial management of state institutions. It updates the powers of the boards of trustees for several universities, allowing them to acquire and improve a broader range of facilities and properties. Notably, the bill adds the ability for these boards to "acquire, improve, install, license, lease, or equip other facilities, improvements, leaseholds, infrastructure, technologies, or any other tangible or intangible properties" deemed suitable for their institutions. Additionally, it removes references to Henderson State University from the list of institutions under the board's authority.

Furthermore, the bill expands the financial capabilities of the boards by allowing them to issue negotiable interest-bearing notes or bonds based on "any other revenues derived from the operation of the board," excluding tax-derived funds. It also grants the boards the authority to set rents, tolls, fees, and other charges related to athletic contests and to enforce rules regarding the use of various facilities and properties. This comprehensive update aims to enhance the operational flexibility and financial management of state higher education institutions in Arkansas.

Statutes affected:
SB 545: 6-62-302(a), 6-62-305(a)
Act 564: 6-62-302(a), 6-62-305(a)