(a) The Board of Trustees of the University of Arkansas or the President of the University of Arkansas may cause a bond to be executed to the United States, or to any person designated by the United States Department of Defense, for the purpose of securing the use of arms and accoutrements for the military department of the University of Arkansas and for the return of the arms and accoutrements.
(b) The bond may be executed by any guaranty or surety company acceptable to the United States for such amount and on such conditions as may be required, and the costs of executing the bond shall be paid from any funds of the university not otherwise appropriated.
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