reglab/housing_qa huggingface dataset:
AR Code § 6-20-815 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 8 - Revolving Loan Program — General Provisions|§ 6-20-815. Refunding obligations

 (a) In order that the Revolving Loan Program may be kept on a sound financial basis, school districts having heretofore issued revolving loan bonds or revolving loan certificates of indebtedness are authorized to issue refunding bonds, in the case of revolving loan bonds, and refunding certificates, in the case of revolving loan certificates of indebtedness, herein collectively referred to as refunding obligations.  (b) Refunding obligations may be issued pursuant to the prior approval of the State Board of Education and may bear a higher rate of interest than the bonds or certificates being refunded.  (c) The last maturity date of the refunding obligations must not be later than the last maturity date of the bonds or certificates being refunded.  (d) Refunding obligations shall enjoy the same security for their payment as was enjoyed by the bonds or certificates refunded thereby, including particularly and without limitation, any continuing annual debt service fund tax voted and pledged to their payment.  (e) Except as to particulars dealt with in this section, refunding obligations shall be governed, insofar as their authorization and security are concerned, by the provisions of this subchapter.
AR Code § 6-20-816 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 8 - Revolving Loan Program — General Provisions|§ 6-20-816. Fees prohibited

 (a) No fees of any nature, fiscal agent's, legal, or otherwise, shall be paid either directly or indirectly for any service performed with respect to any loan made under the provisions of this subchapter.  (b) Any person who shall give or receive any such fee, or any person who shall use or cause to be used the proceeds of any such loan for any school purpose other than that for which it is made, shall be guilty of a Class B misdemeanor.
AR Code § 6-20-817 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 8 - Revolving Loan Program — General Provisions|§ 6-20-817. Prior loans validated

 All outstanding loans evidenced by revolving loan bonds and certificates of indebtedness made under the provisions of the laws or parts of laws repealed by this subchapter are validated, ratified, and confirmed; such evidences of debt are, respectively, found and declared to be the valid and subsisting obligations of the makers in accordance with the terms thereof, and the pledges to secure the payment of such obligations shall continue to be pledged for such purpose.
AR Code § 6-20-818 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 8 - Revolving Loan Program — General Provisions|§ 6-20-818. Loans to education service cooperatives

 (a) Subject to the conditions and limitations of this section, any education service cooperative established under The Education Service Cooperative Act of 1985, § 6-13-1001 et seq., may borrow, and the State Board of Education may lend, moneys in the Revolving Loan Fund.  (b) The maximum amount of money an education service cooperative may owe the Revolving Loan Fund at any one time is that equal to a six-month's basic grant for the fiscal year in which a loan is sought.  (c)  (1) The board of directors of any education service cooperative desiring to borrow money from the Revolving Loan Fund, acting through its executive director, shall file a formal application with the state board.  (2) The application shall contain the following information:  (A) The name and location of the education service cooperative;  (B) The date and place of the meeting of the board of directors at which action was taken authorizing the executive director to make formal application for a loan;  (C) The estimated amount that it proposes to borrow, together with supporting evidence upon which the estimate is based;  (D) The purpose for which the proceeds of the loan would be used;  (E) The security for the loan and the method and schedule for repayment; and  (F) Such additional information as may be required by the state board.      (d) After considering the merits of each application, the state board may, in its discretion:  (1) Approve the application for the full amount of the proposed loan;  (2) Approve the application for a loan of a lesser amount than the amount requested; or  (3) Disapprove the application.    (e)  (1) Each such loan, which is to be paid in full as to both principal and interest within or at the end of ten (10) years from the date of its approval by the state board, shall be evidenced by a certificate executed by the Commissioner of Education.  (2) Thereafter, each such certificate shall be a negotiable instrument.
AR Code § 6-20-901 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 9 - Revolving Loan Program — State Board of Education Certificates|§ 6-20-901. Construction and implementation of subchapter

 (a) This subchapter shall be construed liberally.  (b) In this regard, it is determined and declared that this subchapter is the sole authority necessary for the performance of the acts authorized including, without limitation, the issuance of the certificates.  (c) There is conferred upon the State Board of Education and upon the Board of Trustees of the Arkansas Teacher Retirement System the authority to take all action and do or cause to be done such things as shall be necessary or desirable to accomplish and implement the purposes and intent of this subchapter according to the import hereof.
AR Code § 6-20-902 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 9 - Revolving Loan Program — State Board of Education Certificates|§ 6-20-902. Certificates generally

 (a) In order to obtain funds needed for the proper operation of its Revolving Loan Program, the State Board of Education is authorized to issue from time to time certificates of indebtedness.  (b) The aggregate principal amount of all certificates outstanding at one time may not exceed five million dollars ($5,000,000).  (c) The certificates may be in such form and denominations, may have such date, may mature at such time, may bear interest payable at such times and at such rates, may be payable at such place or places, may be subject to such terms of redemption before maturity at such prices, and may contain such other terms and provisions as the state board shall determine.  (d) The certificates shall be negotiable instruments under the laws of the State of Arkansas.
AR Code § 6-20-903 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 9 - Revolving Loan Program — State Board of Education Certificates|§ 6-20-903. Execution and validity of certificates

 (a) The certificates shall be executed by the manual signatures of the Chair of the State Board of Education and the Secretary of the State Board of Education.  (b) In case any of the officers whose signatures appear on the certificates shall cease to be that officer before the delivery of the certificates, his or her signature shall nevertheless be valid and sufficient for all purposes.
AR Code § 6-20-904 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 9 - Revolving Loan Program — State Board of Education Certificates|§ 6-20-904. Obligations — Security — Payment

 (a) The certificates shall be obligations of the State Board of Education only, secured by a pledge of the collateral and payable from the proceeds realized from the collateral, as specified in § 6-20-905.  (b) The certificates shall not be obligations of the State of Arkansas and shall not be secured by a pledge of any revenues belonging to the State of Arkansas.  (c) It shall be stated on the face of each certificate that it has been issued under this subchapter.
AR Code § 6-20-905 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 9 - Revolving Loan Program — State Board of Education Certificates|§ 6-20-905. Collateral

 (a) The State Board of Education shall purchase out of the Revolving Certificate Proceeds Account and shall set aside as collateral revolving loan bonds of school districts that bear the same or greater rates of interest and, in the aggregate, equal the principal amount of the certificates with the end in view of ensuring the availability at all times of collateral that will produce sufficient funds to meet interest and principal payments on the certificates as they become due.  (b) The collateral shall either be delivered to the holder of the certificate to which applicable or held as a separate fund for the benefit of the holder.  (c) The collateral must mature at such times as will permit the principal of the certificates to be paid as it becomes due.  (d) The interest and principal payments received on the collateral shall be applied to the payment of the interest on and principal of the certificate to which it is pledged.  (e) The delivery or setting aside of the collateral as provided in this subchapter shall constitute a valid and perfected pledge thereof without more, notwithstanding the provisions of any other law pertaining to pledges and their perfecting which, but for the provisions hereof, would be applicable.
AR Code § 6-20-906 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 9 - Revolving Loan Program — State Board of Education Certificates|§ 6-20-906. Authority to purchase certificates

 (a) The Board of Trustees of the Arkansas Teacher Retirement System, hereinafter called Teacher Retirement Board, is authorized to purchase certificates issued under this subchapter.  (b) Payment may be effected in the State Treasury by charging the Teacher Retirement Fund with the purchase price and crediting the Revolving Loan Fund of the State Board of Education.  (c) Any certificate so purchased by the Teacher Retirement Board shall be delivered to the custodian of the Arkansas Teacher Retirement System.
AR Code § 6-20-907 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 9 - Revolving Loan Program — State Board of Education Certificates|§ 6-20-907. Revolving Certificate Proceeds Account

 (a) The State Board of Education must receive no less than par and accrued interest for the certificates, which are called “proceeds”.  (b) The proceeds shall not be deposited into the Revolving Loan Fund and the certificates shall not be considered obligations owned by the state board for purposes of Acts 1963, No. 443 and the obligations of the state board thereunder.  (c) The state board shall deposit the proceeds into a special fund designated “State Board Certificate Revolving Loan Account”, herein sometimes called “Revolving Certificate Proceeds Account”.  (d) Any moneys in the Revolving Certificate Proceeds Account not immediately required for the Revolving Loan Program may be invested, pursuant to the direction of the Commissioner of Education, in direct obligations of the United States, and all earnings on investments shall remain in and be part of the Revolving Certificate Proceeds Account.
AR Code § 6-20-908 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 9 - Revolving Loan Program — State Board of Education Certificates|§ 6-20-908. Tax exemptions — Exception

 The principal of and interest on certificates issued under the authority of this subchapter shall be exempt from all state, county, and municipal taxes; this exemption shall include income, inheritance, and estate taxes.
AR Code § 6-20-1002 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 10 - Revolving Loan Program — Alternative State Financing|§ 6-20-1002. Construction

 (a) This subchapter shall be construed liberally. The enumeration of any object, purpose, power, manner, method, and thing shall not be deemed to exclude like or similar objects, purposes, powers, manners, methods, and things.  (b) The provisions of this subchapter are supplemental and shall not be construed to affect in any way the authority of the State Board of Education to issue certificates of indebtedness under the provisions of § 6-20-901 et seq. The certificates are also known as the “state board certificates”.
AR Code § 6-20-1003 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 10 - Revolving Loan Program — Alternative State Financing|§ 6-20-1003. Authority to engage and pay for professional help

 The State Board of Education is authorized to engage and pay professional, technical, and other help it shall determine to be necessary or desirable in assisting it to carry out effectively the authorities, functions, powers, and duties conferred and imposed upon it by this subchapter.
AR Code § 6-20-1004 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 10 - Revolving Loan Program — Alternative State Financing|§ 6-20-1004. Authority to issue bonds

 The State Board of Education is authorized to issue bonds from time to time, as described hereinafter, and to use the proceeds thereof, together with other available funds, for the purpose of financing the operation of the Revolving Loan Program, as administered by the state board pursuant to § 6-20-801 et seq. or any similar law, as set forth herein, paying expenses incidental to the sale and issuance of the bonds, providing for necessary reserves to secure the bonds, and providing for payments of debt service on the bonds until revenues are available.
AR Code § 6-20-1005 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 10 - Revolving Loan Program — Alternative State Financing|§ 6-20-1005. Maximum amount of bonds

 The total principal amount of the bonds outstanding at any time shall not exceed fifteen million dollars ($15,000,000).
AR Code § 6-20-1006 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 10 - Revolving Loan Program — Alternative State Financing|§ 6-20-1006. Authorizing resolution — Nature and contents of bonds

 (a) The bonds shall be authorized by resolution of the State Board of Education.  (b) The bonds may be coupon bonds, payable to bearer, or may be registered as to principal only or as to principal and interest, and may be made exchangeable for bonds of another denomination, may be in such form and denomination, may have such date or dates, may be stated to mature at such time or times, may bear interest payable at such times and at such rate or rates, may be made payable at such places within or without the State of Arkansas, may be made subject to such terms of redemption in advance of maturity at such prices, and may contain such terms and conditions, all as the state board shall determine.  (c) The bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to provisions as to registration, as set forth in subsection (b) of this section.  (d) The authorizing resolution may provide for the execution by the state board of a trust indenture with a bank or trust company within or without the State of Arkansas.  (e) The authorizing resolution or the indenture may contain any other terms, covenants, and conditions that are deemed desirable by the state board, including, without limitation, those pertaining to:  (1) The maintenance of various funds and reserves, the nature and extent of the security, the issuance of additional bonds, and the nature of the security and pledge, as set forth in § 6-20-1011, in that event;  (2) The custody and application of the proceeds of the bonds;  (3) The collection and disposition of revenues;  (4) The investing and reinvesting, in securities specified by the state board, of any moneys during the periods not needed for authorized purposes; and  (5) The rights, duties, and obligations of the state board and of the holders and registered owners of the bonds.
AR Code § 6-20-1007 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 10 - Revolving Loan Program — Alternative State Financing|§ 6-20-1007. Issuance and designation of bonds

 The bonds may be issued at one (1) time or from time to time, and each bond shall bear the designation “Arkansas State Board of Education Consolidated Revolving Loan Bond” and an appropriate designation of the issue or series of which it is a part.
AR Code § 6-20-1008 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 10 - Revolving Loan Program — Alternative State Financing|§ 6-20-1008. Sale and award of bonds

 (a) The bonds shall be sold at public sale on sealed bids.  (b)  (1) Notice of the sale shall be published one (1) time a week for at least two (2) consecutive weeks in a newspaper published in the City of Little Rock and having a general circulation throughout the State of Arkansas, with the first publication to be at least twenty (20) days before the date of sale.  (2) The notice may be published in such other publications as the State Board of Education may determine.    (c) The bonds may be sold at such price as the state board may accept, including sale at a discount.  (d) The award, if made, shall be to the bidder whose bid results in the lowest net interest cost, which shall be determined by computing the aggregate interest cost from date to maturity at the rate or rates bid and deducting the amount of any premium or adding the amount of any discount.
AR Code § 6-20-1009 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 10 - Revolving Loan Program — Alternative State Financing|§ 6-20-1009. Execution of bonds — Signatures

 (a) The bonds shall be executed by the Chair of the State Board of Education and the Secretary of the State Board of Education.  (b) The coupons attached to the bonds shall be executed by the facsimile signature of the chair of the state board.  (c) In case any of the officers whose signatures appear on the bonds or coupons shall cease to be officers before the delivery of those bonds or coupons, their signatures shall, nevertheless, be valid and sufficient for all purposes.
AR Code § 6-20-1010 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 10 - Revolving Loan Program — Alternative State Financing|§ 6-20-1010. Deposit of proceeds

 (a) The proceeds of the sale of the bonds of any issue or series shall be deposited into the State Board Certificate Revolving Loan Account created pursuant to § 6-20-907.  (b) The proceeds shall not be deposited into the Revolving Loan Fund, and none of the pledged obligations identified in § 6-20-1011 shall be held by the Treasurer of State or be considered to have been purchased or to be owned by the State Board of Education for any purpose of Acts 1963, No. 443, as amended.
AR Code § 6-20-1012 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 10 - Revolving Loan Program — Alternative State Financing|§ 6-20-1012. Validation of bonds and certificates

 (a) All outstanding revolving loan bonds and revolving loan certificates of indebtedness issued by school districts and acquired by the State Board of Education pursuant to § 6-20-801 et seq. are found and declared to be valid and to evidence obligations of the school districts by which they are issued, according to their terms, and are validated, ratified, and confirmed.  (b)  (1) There shall be delivered to the state board, in connection with the acquisition of all revolving loan bonds and certificates of indebtedness, a copy of the resolution of the board of directors of the issuing school district authorizing such obligations, together with a certificate, executed by the president and secretary of the board of directors of the issuing school district, certifying that the action necessary for the valid authorization and issuance of such obligations has been taken, setting forth a description of such action, and, in the case of such obligations secured in whole or in part by a pledge of collections of an ad valorem tax, accompanied by a certificate executed by the county clerk or county clerks of the county or counties in which the issuing school district is located certifying that such tax has been or will be extended for collection and setting out the year in which such collection commenced or will commence.  (2) Upon the delivery to the state board of such resolution and certificate, such obligations covered thereby shall be conclusively deemed to be valid, and the validity of such obligations shall not thereafter be subject to challenge on any ground.  (3) The state board may prescribe the form of the resolution and certificate provided for in this subsection (b).
AR Code § 6-20-1013 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 10 - Revolving Loan Program — Alternative State Financing|§ 6-20-1013. Tax exemptions

 Bonds issued under the provisions of this subchapter, and the interest thereon, shall be exempt from all state, county, and municipal taxes, and the exemption shall include income, inheritance, and estate taxes.
AR Code § 6-20-1014 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 10 - Revolving Loan Program — Alternative State Financing|§ 6-20-1014. Investment of retirement system funds

 The board of trustees of any retirement system now existing or hereafter created by the General Assembly may, in its discretion, invest its funds in bonds issued under this subchapter.
AR Code § 6-20-1015 (2020)
2020 Arkansas Code|Title 6 - Education|Subtitle 2 - Elementary and Secondary Education Generally|Chapter 20 - Finances|Subchapter 10 - Revolving Loan Program — Alternative State Financing|§ 6-20-1015. Refunding bonds

 (a) Bonds may be issued for the purpose of refunding any bonds issued under this subchapter and for the refunding of any state board certificates issued by the State Board of Education.  (b) Refunding bonds may either be sold or delivered in exchange for the bonds being refunded.  (c) If sold, the proceeds may be either applied to the payment of the bonds being refunded or deposited in trust and there maintained in cash or investments for the retirement of the bonds being refunded, as shall be specified by the state board in the resolution or indenture securing the refunding bonds.  (d) The resolution or indenture securing the refunding bonds may provide that the refunding bonds shall have the same priority of pledge as was enjoyed by the bonds refunded.  (e) Refunding bonds shall be sold and secured in accordance with the provisions of this subchapter pertaining to the sale and security of bonds.