Ark. Code Ann. § 6-20-902: Certificates generally

(a) In order to obtain funds needed for the proper operation of its Revolving Loan Program, the State Board of Education is authorized to issue from time to time certificates of indebtedness.

(b) The aggregate principal amount of all certificates outstanding at one time may not exceed five million dollars ($5,000,000).

(c) The certificates may be in such form and denominations, may have such date, may mature at such time, may bear interest payable at such times and at such rates, may be payable at such place or places, may be subject to such terms of redemption before maturity at such prices, and may contain such other terms and provisions as the state board shall determine.

(d) The certificates shall be negotiable instruments under the laws of the State of Arkansas.