Ark. Code Ann. § 6-62-1121: Rights and liabilities - Commencement

(a) This subchapter shall not create any right of any character and no right of any character shall arise under or pursuant to this subchapter until the first series of State of Arkansas Higher Education General Obligation Bonds authorized by this subchapter shall have been sold and delivered.

(b) The issuance of bonds authorized by this subchapter shall not impair or affect any outstanding bonds of the Arkansas Development Finance Authority issued under the Arkansas College Savings Bond Act of 1989, § 6-62-701 et seq.