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