Ark. Code Ann. § 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.