(1) For the purpose of and in connection with the issuance of bonds, the board of trustees may execute such documents and enter into such agreements as it may deem necessary or proper in connection therewith.
(2) Any agreement entered into by the board of trustees shall be binding in all respects upon the board of trustees and their successors from time to time in accordance with the terms and all of the provisions of the agreement.
(3) The terms and provisions shall be enforceable by appropriate proceedings at law or in equity, or otherwise, provided no mortgage or other lien shall be executed on any of the lands or buildings belonging to the State of Arkansas.