(a) The boards of trustees for the University of Arkansas, Arkansas State University, the University of Central Arkansas, Henderson State University, Arkansas Tech University, and Southern Arkansas University are exempt from the provisions of this subchapter if those institutions develop policies and procedures to meet the:
(1) Specific performance criteria and goals for a major facility or major renovation; and
(2) Requirements of § 22-3-2006(d)(1).
(b)
(1) The board of trustees of any institution of higher education that is not included under subsection (a) of this section may be exempted from the provisions of this subchapter by the Division of Higher Education.
(2) Before granting an exemption to a board of trustees of an institution of higher education under subdivision (b)(1) of this section, the Division of Higher Education shall review and approve the policies and procedures to meet the:
(A) Specific performance criteria and goals for a major facility or major renovation; and
(B) Requirements of § 22-3-2006(d)(1).
(c) This subchapter does not:
(1) Preclude an institution of higher education from adopting the policies and technical guidelines for a major facility or a major renovation that are established by the Arkansas Energy Office of the Division of Environmental Quality under § 22-3-2003(b)(1); or
(2) Affect the processes or exemptions under § 22-6-601.