(1) Whenever moneys made available to the Student Loan Guarantee Foundation of Arkansas under the provisions of this subchapter are insufficient to meet cash obligations of the foundation pursuant to applicable federal laws, the foundation is authorized to sell for cash any securities transferred to the foundation under the provisions of this subchapter, except the notes or other obligations received by the foundation as evidence of loans made by the Arkansas Student Loan Board.
(2) Before selling any such securities, the foundation shall notify the Chief Fiscal Officer of the State of its intent to sell the securities.
(3) The Chief Fiscal Officer of the State shall establish the procedures which the foundation shall follow with respect to the sale of any securities.
(4) The Chief Fiscal Officer of the State, before any sale is final, shall give his or her written approval thereof.