(a) The board of trustees shall not issue any bonds under the provisions of this subchapter unless, prior to the issuance of such notes or bonds, the board shall have obtained the advice of the Arkansas Higher Education Coordinating Board as to the economic feasibility of the particular project to be financed, in whole or in part, by those bonds.

(b) The board of trustees shall submit to the Arkansas Higher Education Coordinating Board information pertaining to the proposed project and other information deemed pertinent to, and requested by, the Arkansas Higher Education Coordinating Board.

(c) The Arkansas Higher Education Coordinating Board shall notify the board of trustees within thirty (30) days from the date the information is submitted to the Arkansas Higher Education Coordinating Board of its advice with respect to the economic feasibility of the particular project.

(d) The advice of the Arkansas Higher Education Coordinating Board under this section shall not be binding on the board of trustees.

(e) The authority conferred upon the Arkansas Higher Education Coordinating Board by this section shall not extend to the feasibility of the bonds proposed to be issued by the board of trustees or to any of the terms, conditions, and provisions thereof, and this section shall not be construed to impair in any way the validity of any bonds issued by the board of trustees under this subchapter or to impair or affect in any way the obligations of the board of trustees or the rights of any holder or registered owner of the bonds.