(a) It shall be plainly stated on the face of each bond that:
(1) It has been issued under the provisions of this subchapter;
(2) The bonds shall be obligations only of the Board of Trustees of the University of Arkansas;
(3) In no event shall they constitute an indebtedness for which the faith and credit of the State of Arkansas or any of its revenues are pledged; and
(4) The bonds are not secured by a mortgage or lien on any land or buildings belonging to the board or the State of Arkansas.
(b) No member of the board shall be personally liable on the bonds or for any damages sustained by anyone in connection with any contracts entered into in carrying out the purposes and intent of this subchapter unless he or she shall have acted with a corrupt intent.
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