The Board of Trustees of the University of Arkansas is authorized and empowered to issue revenue bonds from time to time in sufficient principal amounts and to use the proceeds of the bonds, together with any other available funds, for defraying the costs of accomplishing the purposes set forth in § 6-64-606(a)(1), paying all incidental expenses in connection therewith, paying the expenses of authorizing and issuing bonds, creating debt service reserves to secure the payment of the bonds, if the board deems that desirable, and making provision for the payment of interest on the bonds during construction, if the board deems that desirable.