The State Board of Finance is authorized to:
(1) Take such action as may be provided by law for the issuance of refunding bonds for outstanding obligations to the State of Arkansas;
(2) Issue replacement bonds, either typewritten, printed, or lithographed, for lost, mislaid, destroyed, or stolen bonds of the State of Arkansas in the manner and within the limitations provided by § 19-9-102;
(3) Take such action as may appear necessary or desirable to collect any funds which may have been in the hands of paying agents for a period of three (3) years or longer and to invest any funds so collected in the manner provided by §§ 19-9-103 — 19-9-105; and
(4) Take such other action, not inconsistent with law, as may appear necessary or desirable to:
(A) Retire the direct bonded debt of the State of Arkansas in an orderly manner;
(B) Safeguard state funds pledged for the payment of such obligations; and
(C) Maintain and improve the credit standing of the State of Arkansas.