(a) The bonds, principal and interest, shall be special obligations of the Board of Trustees of the University of Arkansas secured by and payable from a pledge of all or a portion of the collections of the costs levied by this subchapter.
(b) The pledge of bonds shall constitute a prior pledge of, and claim on, such costs over any other claim arising out of, or pertaining to, any other authorized use of collections of such costs as specified in § 6-64-606.
(c) The bonds, principal and interest, shall not be secured by a pledge of any other appropriated funds or cash funds of the board or the university.
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