(1) The Board of Trustees of the Arkansas Teacher Retirement System, hereinafter called Teacher Retirement Board, is authorized to purchase certificates issued under this subchapter.
(2) Payment may be effected in the State Treasury by charging the Teacher Retirement Fund with the purchase price and crediting the Revolving Loan Fund of the State Board of Education.
(3) Any certificate so purchased by the Teacher Retirement Board shall be delivered to the custodian of the Arkansas Teacher Retirement System.