(1) On July 1, 2003, all property and other rights, claims, and assets of Foothills Technical Institute are transferred to Arkansas State University-Beebe.
(2) On July 1, 2003, all obligations of Foothills Technical Institute become obligations of Arkansas State University-Beebe.
(3) On July 1, 2003, all records, personnel, property, unexpended balances, and all legal authority are transferred from Foothills Technical Institute to Arkansas State University-Beebe.
(4) All cash fund balances of Foothills Technical Institute on July 1, 2003, shall be used for the operation, support, and improvement of occupational, vocational, technical, and workforce development programs of Arkansas State University-Searcy.