reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 5 - FUNDS FOR CHILDREN WITH DISABILITIES AND FOSTER CHILDREN (§§ 6-20-501 — 6-20-510) › Section 6-20-508 - Children with disabilities - Hearing and ruling by State Board of Education

(a)
(1)
If a hearing by the State Board of Education is requested in writing by either or both of the affected school districts or any party to the action, at least ten (10) days before the next regular state board meeting, the state board shall schedule a hearing in regard thereto and shall give each of the affected districts and the affected parties at least five (5) days' notice of the date, time, and place of the hearing.
(2)
On the day and at the time scheduled for the hearing, the state board may hear all interested parties and, upon conclusion thereof, may issue its ruling in regard to the application for payment of funds in behalf of the child with disabilities, and, unless an appeal is filed therefrom with a court of competent jurisdiction within twenty (20) days after the date of such ruling, the ruling shall be final and shall be binding on the school districts and the parties affected.
(b)
If no hearing is requested within the time provided in subsection (a) of this section, the state board shall, at its next meeting scheduled after receipt of the hearing officer's report and recommendations, either approve, reject, or modify the ruling and give notice thereof in writing to the school districts involved within five (5) days, and the ruling shall be binding upon the school districts and parties affected unless an appeal is filed with a court of competent jurisdiction within twenty (20) days of the date of the ruling.
Acts 1981, No. 815, § 3; A.S.A. 1947, § 80-740; Acts 1993, No. 294, § 13.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 5 - FUNDS FOR CHILDREN WITH DISABILITIES AND FOSTER CHILDREN (§§ 6-20-501 — 6-20-510) › Section 6-20-509 - Children with disabilities - Sending district's refusal to pay

If the ruling of the State Board of Education provides for payment to be made by the sending district in behalf of the education of the child in the receiving district and if the sending district refuses to make payments in the amount approved by the state board, then, upon certification thereof by the receiving district, the state board shall cause the amount of any state, federal, local, or other funds not remitted to the receiving district to be withheld from the next state equalization aid to the district that has failed to make payments and shall remit the funds to the receiving district in compensation for payments not made by the sending district.
Acts 1981, No. 815, § 3; A.S.A. 1947, § 80-740; Acts 1993, No. 294, § 13; 1999, No. 391, § 19.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 5 - FUNDS FOR CHILDREN WITH DISABILITIES AND FOSTER CHILDREN (§§ 6-20-501 — 6-20-510) › Section 6-20-510 - Confidentiality of records

All files and records that are required by the laws of this state or under the provisions of applicable federal laws or regulations to be kept confidential and all court orders pertaining to the confidentiality of records or prohibiting or limiting the disclosure thereof pertaining to a child living in a foster home or a child with disabilities under the provisions of this subchapter shall be strictly complied with by the respective school districts and by the Division of Elementary and Secondary Education in all correspondence and transactions pertaining to the administration of the provisions of this subchapter.
Amended by Act 2019, No. 910,§ 1609, eff. 7/1/2019.
Acts 1981, No. 815, § 5; A.S.A. 1947, § 80-742; Acts 1993, No. 294, § 13.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 6 - LOCAL SCHOOL DISTRICT ISOLATED FUNDING (§§ 6-20-601 — 6-20-606) › Section 6-20-606 - [Repealed]

Repealed by Act 2015, No. 846,§ 16, eff. 7/22/2015.
Added by Act 2013, No. 1005,§ 1, eff. 1/1/2014.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 7 - SCHOOL LUNCH PROGRAM (§§ 6-20-701 — 6-20-709) › Section 6-20-701 - Definitions

As used in this subchapter:
(1)
"School" means public tax-supported elementary or high school;
(2)
"School district" means:
(A)
A geographic area with an elected board of directors that qualifies as a taxing unit for purposes of school district taxes under §
26-80-101
et seq., which board of directors conducts the daily affairs of public schools pursuant to the supervisory authority vested in it by the General Assembly and this title; and
(B)
An open-enrollment public charter school; and
(3)
"School lunch program" means a program under which lunches are served by any school in this state on a nonprofit basis to children in attendance, including any such program under which a school receives assistance out of funds appropriated by the United States Congress.
Amended by Act 2013, No. 1073,§ 34, eff. 8/16/2013.
Acts 1947, No. 157, § 1; A.S.A. 1947, § 80-125.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 7 - SCHOOL LUNCH PROGRAM (§§ 6-20-701 — 6-20-709) › Section 6-20-702 - Administration generally

(a)
The State Board of Education may enter into such agreements with any agency of the United States Government, with any school district, or with any other agency or person and may prescribe such rules, employ such personnel, and take such other action as it may deem necessary to provide for the establishment, maintenance, operation, and expansion of any school lunch program and to direct the disbursement of federal and state funds, in accordance with any applicable provisions of federal or state law.
(b)
The state board may give technical advice and assistance to any school district in connection with the establishment and operation of any school lunch program and may assist in training personnel engaged in the operation of such program.
Amended by Act 2019, No. 315,§ 281, eff. 7/24/2019.
Acts 1947, No. 157, § 3; A.S.A. 1947, § 80-127.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 7 - SCHOOL LUNCH PROGRAM (§§ 6-20-701 — 6-20-709) › Section 6-20-703 - Disposition of federal funds

(a)
The State Board of Education is authorized to accept and direct the disbursement of funds appropriated by any act of the United States Congress and apportioned to the state for use in connection with school lunch programs.
(b)
The state board shall deposit all such funds received from the United States Government into a special account and shall make disbursements directly to school districts upon receipt of proper claims prescribed by the state board.
Acts 1947, No. 157, § 2; A.S.A. 1947, § 80-126.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 7 - SCHOOL LUNCH PROGRAM (§§ 6-20-701 — 6-20-709) › Section 6-20-704 - Regulation and supervision of accounts, records, and operations

(a)
The State Board of Education shall prescribe rules for the keeping of accounts and records and the making of reports by or under the supervision of school districts.
(b)
These accounts and records shall at all times be available for inspection and audit by authorized officials and shall be preserved for such period of time, not in excess of five (5) years, as the state board may lawfully prescribe.
(c)
The state board shall conduct or cause to be conducted such audits, inspections, and administrative reviews of accounts, records, and operations with respect to school lunch programs as may be necessary to determine whether its agreements with the school district regulations made pursuant to this subchapter are being complied with and to ensure that school lunch programs are effectively administered.
Amended by Act 2019, No. 315,§ 282, eff. 7/24/2019.
Acts 1947, No. 157, § 5; A.S.A. 1947, § 80-129.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 7 - SCHOOL LUNCH PROGRAM (§§ 6-20-701 — 6-20-709) › Section 6-20-705 - Studies and appraisals - Reports

The State Board of Education is authorized, to the extent that funds are available for that purpose, and in cooperation with other appropriate agencies and organizations, to:
(1)
Conduct studies of methods for improving and expanding school lunch programs and promoting nutritional education in the schools;
(2)
Conduct appraisals of the nutritive benefits of school lunch programs; and
(3)
Report its findings and recommendations to the Governor and to the General Assembly.
Acts 1947, No. 157, § 6; A.S.A. 1947, § 80-130.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 7 - SCHOOL LUNCH PROGRAM (§§ 6-20-701 — 6-20-709) › Section 6-20-706 - Acceptance of gifts

The State Board of Education and any school district may accept any gift for use in connection with any school lunch program.
Acts 1947, No. 157, § 3; A.S.A. 1947, § 80-127.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 7 - SCHOOL LUNCH PROGRAM (§§ 6-20-701 — 6-20-709) › Section 6-20-707 - Use of funds by school districts

Pursuant to any power of school districts to operate or provide for the operation of school lunch programs in schools under their jurisdiction, school districts may use the funds disbursed to them under the provisions of this subchapter, gifts, and other funds received from sale of school lunches for establishment, expansion, and improvement of school lunch programs.
Acts 1947, No. 157, § 4; A.S.A. 1947, § 80-128.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 7 - SCHOOL LUNCH PROGRAM (§§ 6-20-701 — 6-20-709) › Section 6-20-708 - Appropriation of state funds authorized

There is authorized to be appropriated from time to time out of money in the State Treasury not otherwise appropriated such sums as may be necessary to enable the State Board of Education to provide for the establishment, maintenance, operation, and expansion of school lunch programs, including, but not limited to, the payment of administrative expenses and the matching or supplementing of federal funds.
Acts 1947, No. 157, § 7; A.S.A. 1947, § 80-131.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 7 - SCHOOL LUNCH PROGRAM (§§ 6-20-701 — 6-20-709) › Section 6-20-709 - School lunch menus

(a)
In addition to following the dietary guidelines of the National School Lunch Program, each school district shall provide to the school district's school nutrition and physical activity advisory committee:
(1)
Information on the requirements and standards of the National School Lunch Program; and
(2)
Menus for the National School Lunch Program and other food sold in the school cafeteria on a quarterly basis.
(b)
The school nutrition and physical activity advisory committee shall provide recommendations to the school district concerning menus and other foods sold in the school cafeteria.
(c)
The Child Health Advisory Committee, the Child Nutrition Unit, and the Department of Health shall provide technical assistance as necessary.
Amended by Act 2019, No. 910,§ 1613, eff. 7/1/2019.
Acts 2005, No. 2285, § 1.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 8 - REVOLVING LOAN PROGRAM - GENERAL PROVISIONS (§§ 6-20-801 — 6-20-818) › Section 6-20-801 - Continuance of Revolving Loan Fund

(a)
The fund in the State Treasury known as the "Revolving Loan Fund" shall continue, under the exclusive jurisdiction of the State Board of Education, as the lending fund for the Public School Fund.
(b)
All unencumbered assets, both cash and securities, in the Revolving Loan Fund shall remain inviolate and intact as though in the Public School Fund and shall be held by the Treasurer of State, as custodian, subject, however, to its administration by the state board for the purposes provided in this subchapter.
(c)
All earnings received on the investment of assets held in the Revolving Loan Fund shall be used for the following purposes, and in the following order of priority:
(1)
To pay expenses of the operation of the revolving loan program administered by the state board and the Division of Elementary and Secondary Education; and
(2)
To fund revolving loans made pursuant to §
6-20-802
or any like or successor law.
Amended by Act 2019, No. 910,§ 1614, eff. 7/1/2019.
Acts 1953, No. 384, § 1; A.S.A. 1947, § 80-941; Acts 1993, No. 501, § 1.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 8 - REVOLVING LOAN PROGRAM - GENERAL PROVISIONS (§§ 6-20-801 — 6-20-818) › Section 6-20-802 - Purposes of loan

Subject to the conditions and limitations contained in this subchapter, any school district may borrow and the State Board of Education may lend moneys in the Revolving Loan Fund for any of the following purposes:
(1)
The funding of its legally issued and outstanding postdated warrants;
(2)
The purchase of new or used school buses or the refurbishing of school buses;
(3)
The payment of premiums on insurance policies covering its school buildings, facilities, and equipment in instances in which the insurance coverage extends three (3) years or longer;
(4)
The replacement of or payment of the school district's pro rata part of the expense of employing professional appraisers as authorized by §
26-26-601
et seq. [repealed] or other laws providing for the appraisal or reappraisal and assessment of property for ad valorem tax purposes;
(5)
The making of major repairs and the construction of additions to existing school buildings and facilities;
(6)
The purchase of surplus buildings and equipment;
(7)
The purchase of sites for and the cost of construction thereon of school buildings and facilities and the purchase of equipment for the buildings;
(8)
The purchase of its legally issued and outstanding commercial bonds at a discount provided that a substantial savings in gross interest charges can be thus effected;
(9)
The refunding of all or any part of its legally issued and outstanding debt, both funded and unfunded;
(10)
The purchase of equipment;
(11)
The payment on loans secured for settlement resulting from litigation against a school district;
(12)
The purchase of energy conservation measures as defined in §
6-20-401
;
(13)
The maintenance and operation of the school district in an amount equal to delinquent property taxes resulting from bankruptcies or receiverships of taxpayers; and
(14)
(A)
Loans to school districts in an amount equal to insured facility loss or damage when the insurance claim is being litigated or arbitrated.
(B)
For purposes of this subdivision (14), the loans become payable and due when the final settlement is made, and the loan limits prescribed by §
6-20-803
shall not apply.
Acts 1953, No. 384, § 2; 1957, No. 80, § 1; 1965, No. 27, § 1; A.S.A. 1947, § 80-942; Acts 1989, No. 403, § 1; 1992 (1st Ex. Sess.), No. 53, § 1; 1994 (2nd Ex. Sess.), No. 49, § 1; 1997, No. 1265, § 2; 2001, No. 1220, § 12.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 8 - REVOLVING LOAN PROGRAM - GENERAL PROVISIONS (§§ 6-20-801 — 6-20-818) › Section 6-20-803 - Loans to local school districts

(a)
The maximum amount of money a local school district may borrow from the Revolving Loan Fund shall be five hundred thousand dollars ($500,000).
(b)
Notwithstanding subsection (a) of this section, a school district participating in the Compressed Natural Gas School Bus Pilot Program under §
6-19-128
[repealed] additionally may borrow up to one million five hundred thousand dollars ($1,500,000) for the purchase of new compressed natural gas school buses.
Amended by Act 2013, No. 1195,§ 2, eff. 8/16/2013.
Acts 1987, No. 552, § 1; 1995, No. 913, § 1; 2006 (1st Ex. Sess.), No. 22, § 4; 2006 (1st Ex. Sess.), No. 23, § 4.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 8 - REVOLVING LOAN PROGRAM - GENERAL PROVISIONS (§§ 6-20-801 — 6-20-818) › Section 6-20-804 - Application for loan

(a)
(1)
The board of directors of any school district desiring to borrow money from the Revolving Loan Fund, acting through its chair or president, and secretary, shall file a formal application with the State Board of Education.
(2)
The application shall contain the following information:
(A)
The name, number, and location of the school district;
(B)
The date and place of the meeting of the board of directors at which action was taken authorizing its chair or president, and secretary to make formal application for a loan;
(C)
The purpose for which the proceeds of the loan would be used;
(D)
The amount of the assessed valuation of both real and personal property within its boundaries for the then-current year;
(E)
The estimated amount that it proposes to borrow, together with supporting evidence upon which the estimate is based;
(F)
A detailed description of its valid outstanding debt, both funded and unfunded, itemizing the respective amounts thereof, and a statement setting forth the security, if any, pledged to the payment of each classification of the debt;
(G)
The method that it proposes to adopt to secure, and to amortize, any proposed borrowing from the fund; and
(H)
Such additional information as may be required by the state board.
(b)
Each application shall be executed in duplicate, the original to be filed with the state board and one (1) copy to be retained in the files of the school district.
Acts 1953, No. 384, § 4; A.S.A. 1947, § 80-944; Acts 2005, No. 2121, § 13.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 8 - REVOLVING LOAN PROGRAM - GENERAL PROVISIONS (§§ 6-20-801 — 6-20-818) › Section 6-20-805 - Approval, partial approval, or disapproval of loans

(a)
(1)
Within a reasonable time after its receipt, each application shall be examined by the Commissioner of Elementary and Secondary Education as to accuracy with respect to answers contained therein relating to fiscal matters.
(2)
A statement of the commissioner's findings, together with the commissioner's recommendations, shall be submitted with the application to the State Board of Education for consideration.
(b)
(1)
After considering the merits of each application, the state board may, in its discretion, approve the application for the full amount of the proposed loan, approve the application for a loan of a lesser amount than the amount requested, or disapprove the application.
(2)
The applicant shall forthwith be notified by the commissioner of the action taken by the state board.
(c)
The state board may, by resolution, delegate to the commissioner any of the powers or duties vested in or imposed upon it by this subchapter with respect to the approval of loans made from the Revolving Loan Fund in instances in which such loans are to be evidenced by revolving loan certificates of indebtedness.
(d)
Such delegated powers and duties may be exercised by the commissioner in the name of the state board.
Amended by Act 2021, No. 544,§ 37, eff. 7/28/2021.
Acts 1953, No. 384, § 5; A.S.A. 1947, § 80-945.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 8 - REVOLVING LOAN PROGRAM - GENERAL PROVISIONS (§§ 6-20-801 — 6-20-818) › Section 6-20-806 - Revolving loan bonds and certificates of indebtedness

(a)
(1)
Each such loan that is to be amortized or paid in full, both principal and interest, within or at the end of ten (10) years from the date of its approval by the State Board of Education shall be evidenced by the school district's obligations that shall be designated and known as "revolving loan certificates of indebtedness".
(2)
Each such loan whose date of final principal and interest maturity extends beyond the ten-year period shall be evidenced by the school district's obligations, which shall be designated and known as "revolving loan bonds".
(b)
(1)
Revolving loan bonds and revolving loan certificates of indebtedness shall be in such form and denomination, shall have such dates and maturities, shall bear interest payable at such times, and at such rates, shall be payable at such place or places, shall contain such provisions as to registration of ownership, if in its opinion registration is desirable, and shall contain such provisions as to redemption before maturity at such prices, including such premiums, all as the state board shall determine.
(2)
The bonds and certificates shall have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to the provisions as to registration of ownership set forth in subdivision (b)(1) of this section.
(c)
(1)
The state board shall continually endeavor to keep the interest rates on revolving loan bonds and revolving loan certificates of indebtedness as low as possible, consistent with the continued and assured funding of the revolving loan program.
(2)
To this end, the state board will obtain and consider relevant information regarding economic conditions and interest rates on comparable obligations and shall fix and alter interest rates of revolving loan bonds and revolving loan certificates of indebtedness as feasible and appropriate.
Amended by Act 2015, No. 846,§ 17, eff. 7/22/2015.
Acts 1953, No. 384, § 6; 1967, No. 480, § 1; 1979, No. 541, § 1; 1981, No. 549, § 1; 1983, No. 880, § 2; A.S.A. 1947, § 80-946; Acts 1995, No. 913, § 2; 2001, No. 1220, § 13; 2003, No. 210, § 1.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 8 - REVOLVING LOAN PROGRAM - GENERAL PROVISIONS (§§ 6-20-801 — 6-20-818) › Section 6-20-807 - Pledge to secure payment of obligation

(a)
For the purpose of fully securing revolving loan bonds or revolving loan certificates of indebtedness, the issuing school district may pledge any one (1) or more of the following, as shall be determined by the State Board of Education, as a condition precedent to the making of any such loans:
(1)
The proceeds of taxes to be collected from a continuing ad valorem tax levy on all of the taxable real and personal property within the bounds of the school district, such levy having been proposed by the board of directors of the issuing school district and approved by a majority of the qualified electors of the school district voting on the proposition at an election called and held according to law;
(2)
The per capita apportionment, or any part thereof, allocable to the school district from the Public School Fund;
(3)
Any other moneys allocable to the school district by the State of Arkansas, the use of which is not otherwise specifically provided by law;
(4)
Any surplus revenues arising each year from taxes voted to meet annual debt service requirements of any other issues of the school district's obligations; and
(5)
Any other revenues or resources of the school district that may be legally pledged to secure obligations of the school district.
(b)
In the event the proceeds of any such loan are to be used for the retirement of any of its legally issued and outstanding commercial bonds, the school district may, in lieu of the pledge requirements provided in subsection (a) of this section and subject to the approval of the state board, secure the payment of any such loan by the deposit with the state board of all commercial bonds so purchased.
(c)
In all instances, the pledge to secure the payment of the revolving loan bonds or revolving loan certificates of indebtedness, both principal and interest, shall be contained in a resolution adopted by the board of directors of the school district.
Acts 1953, No. 384, § 7; 1973, No. 59, § 6; A.S.A. 1947, § 80-947.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 8 - REVOLVING LOAN PROGRAM - GENERAL PROVISIONS (§§ 6-20-801 — 6-20-818) › Section 6-20-808 - Pledge of ad valorem tax levy - Duty of county officers

(a)
(1)
In each instance in which a loan from the Revolving Loan Fund is to be secured in whole or in part from the proceeds of taxes to be collected from a continuing ad valorem tax levy to be approved by a majority of the qualified electors of the district voting on the proposition at an election, the form of ballot, and all such other things and matters required to be done and passed upon, shall be the same in all respects as though commercial bonds were to be issued.
(2)
Each such ballot shall reflect:
(A)
The total amount of funds which the school district proposes to borrow, and the purposes for which the proposed loan is to be used; and
(B)
The number of mills on each dollar of the assessed valuation of taxable property within the bounds of the school district to be levied annually to meet the debt service requirements of the obligations.
(b)
(1)
Whenever at any such election the electors approve the annual levy of taxes for the purposes under subdivision (a)(2) of this section, it shall be the duty of the clerk of the county court of the county in which the school district is located to present the proposition each year to the levying court of the county on the first day when it is in session for the levy of taxes, and it shall be the duty of the levying court to levy the rate as so presented by the county clerk.
(2)
In the event that the county clerk shall fail to present the proposition to the levying court or in the event that the levying court shall fail to take affirmative action in respect to the making of such levy, it shall, nevertheless, be the duty of the official required by law to make the extension of taxes on the tax rolls to extend the taxes at the rate so approved by the electors on all taxable real and personal property within the bounds of the school district.
(c)
All taxes collected under the levy shall be, by the county treasurer or school district treasurer, set aside and apart from all other funds of the school district for use only for the purpose of meeting the annual debt service requirements of the obligations secured by the pledge of such ad valorem tax levy, provided that any surplus accruing annually from the collection of taxes under any such levy may be, by resolution adopted by the board of directors of the school district, transferred by the county treasurer or school district treasurer to the school district's general operating fund.
Acts 1953, No. 384, § 8; A.S.A. 1947, § 80-948; Acts 1995, No. 233, § 15.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 8 - REVOLVING LOAN PROGRAM - GENERAL PROVISIONS (§§ 6-20-801 — 6-20-818) › Section 6-20-809 - Loans secured by district sources other than ad valorem tax levy

(a)
In each instance in which a loan from the Revolving Loan Fund is to be secured in whole by funds derived from sources other than from a specifically voted continuing ad valorem tax levy on the taxable real and personal property within the bounds of the school district, the board of directors of the school district, acting through its chair or president, and secretary, shall cause to be published by one (1) insertion in a newspaper having a general circulation within the school district a notice of its intention to borrow funds, setting forth therein the amount of funds that it proposes to borrow, the purposes for which the funds are to be used, and the particular funds of the school district that it proposes to pledge to secure the payment of the loan.
(b)
In no such instance may a loan be made from the Revolving Loan Fund without the approval of a majority of the qualified electors voting on the proposition at a legally held school election whenever, on or before the fourteenth day next following the publication of any such notice as provided in subsection (a) of this section, petitions objecting to such proposed loan containing the signatures of not less than twenty percent (20%) of the qualified electors residing within the school district shall be filed with, and certified as sufficient by, the clerk of the county court of the county in which the school district is located.
(c)
In the event, however, that no such petitions shall be filed within the fourteen-day period, or in the event any such petitions that may be filed within the period shall fail to contain the requisite number of valid signatures as certified by the county court clerk, the school district board of directors shall proceed with the making of the loan.
Acts 1953, No. 384, § 9; A.S.A. 1947, § 80-949.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 8 - REVOLVING LOAN PROGRAM - GENERAL PROVISIONS (§§ 6-20-801 — 6-20-818) › Section 6-20-810 - Certificate of approval - Instrument negotiable

(a)
Whenever all of the conditions required by this law have been met, the Commissioner of Elementary and Secondary Education shall execute a certificate on each revolving loan bond or revolving loan certificate of indebtedness to the effect that the bond or certificate, and the issue of which it is a part, has been approved by the State Board of Education.
(b)
Thereafter, each such revolving loan bond or revolving loan certificate of indebtedness shall be a negotiable instrument.
Amended by Act 2021, No. 544,§ 38, eff. 7/28/2021.
Acts 1953, No. 384, § 10; 1959, No. 64, § 1; A.S.A. 1947, § 80-950.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 8 - REVOLVING LOAN PROGRAM - GENERAL PROVISIONS (§§ 6-20-801 — 6-20-818) › Section 6-20-811 - Delivery of obligations - Drawing and receipt of warrant - Use of funds

(a)
All such obligations shall be delivered to the State Board of Education, and coincident therewith the Commissioner of Elementary and Secondary Education shall cause a state warrant to be drawn upon the Revolving Loan Fund or the Revolving Certificate Proceeds Account, payable to the treasurer of the issuing school district if the school district has a treasurer or to the county treasurer of the county in which the school district is located if the school district does not have a treasurer, in an amount equal to the principal amount of the revolving loan bonds or revolving loan certificates of indebtedness.
(b)
Upon receipt of the state warrant, the school district treasurer or the county treasurer, as the case may be, shall deposit the proceeds thereof to the credit of the school district, and such funds shall thereafter be used by the school district only for the purposes for which the loan is granted.
(c)
All revolving loan bonds or revolving loan certificates of indebtedness shall be negotiable instruments, as set forth in §
6-20-806
, and any or all such obligations may be assigned and sold by the commissioner.
(d)
Any sale pursuant to subsection (c) of this section shall be in the open market upon not fewer than four (4) invitations for bids and, in consummation of any such sale, the commissioner, or such other person as may be designated by the state board, may execute and deliver such assignments, notices, servicing agreements, and other agreements and writings as may be appropriate.
(e)
The proceeds of any sale pursuant to this section shall be deposited into the Revolving Certificate Proceeds Account, subject to payment of the costs of sale and servicing of such revolving loan bonds or revolving loan certificates of indebtedness, as set forth in written instructions executed by the commissioner or such other person as may be designated by the state board.
(f)
The state board shall have authority to adopt rules necessary to implement this section.
Amended by Act 2019, No. 315,§ 283, eff. 7/24/2019.
Acts 1953, No. 384, § 11; 1973, No. 59, § 7; 1979, No. 541, § 2; A.S.A. 1947, § 80-951; Acts 1991, No. 1185, § 1; 1993, No. 977, § 1.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 8 - REVOLVING LOAN PROGRAM - GENERAL PROVISIONS (§§ 6-20-801 — 6-20-818) › Section 6-20-812 - Interest and payments of principal deposited into State Treasury

(a)
Subject to the provisions of subsection (b) of this section, all interest received on securities held in the Revolving Loan Fund shall be deposited into the State Treasury and credited to the Permanent School Revolving Loan Fund.
(b)
In the event of the sale of any school district obligations pursuant to §
6-20-811
, all principal and interest payments on such school district obligations shall be regarded and treated as cash funds and shall not be deposited into the State Treasury, but shall be deposited into a bank or banks approved by the Commissioner of Elementary and Secondary Education.
Amended by Act 2021, No. 544,§ 39, eff. 7/28/2021.
Acts 1953, No. 384, § 13; 1967, No. 480, § 2; A.S.A. 1947, § 80-953; Acts 1991, No. 1185, § 2.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 8 - REVOLVING LOAN PROGRAM - GENERAL PROVISIONS (§§ 6-20-801 — 6-20-818) › Section 6-20-813 - Principal and interest charge against revenues of school district

Principal and interest maturities of obligations issued under the provisions of this subchapter shall be a charge against the revenues of the school district for the fiscal year in which the maturities are respectively due.
Acts 1953, No. 384, § 14; A.S.A. 1947, § 80-954.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 8 - REVOLVING LOAN PROGRAM - GENERAL PROVISIONS (§§ 6-20-801 — 6-20-818) › Section 6-20-814 - Default or threatened default

(a)
In the event of a default or threatened default in the payment of the principal of or interest on any revolving loan bonds or revolving loan certificates of indebtedness, the Commissioner of Elementary and Secondary Education is authorized and directed to withhold from the apportionment otherwise due any borrowing school district, moneys in amounts sufficient to obviate or avoid any default or threatened default.
(b)
The Chief Fiscal Officer of the State shall prescribe the method of procedure to be followed in any such event to obviate or avoid any default or threatened default.
(c)
Under such rules as shall be established by the Chief Fiscal Officer of the State, all maturities of principal and interest, as and when due, may be withheld from any such apportionments when mutually agreeable to the commissioner and the board of directors of the debtor school district.
Amended by Act 2019, No. 315,§ 284, eff. 7/24/2019.
Acts 1953, No. 384, § 15; 1973, No. 59, § 8; A.S.A. 1947, § 80-955.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 8 - REVOLVING LOAN PROGRAM - GENERAL PROVISIONS (§§ 6-20-801 — 6-20-818) › Section 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.
Acts 1953, No. 384, § 16, as added by Acts 1967, No. 480, § 3; A.S.A. 1947, § 80-957; Acts 2011, No. 989, § 63.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 8 - REVOLVING LOAN PROGRAM - GENERAL PROVISIONS (§§ 6-20-801 — 6-20-818) › Section 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.
Acts 1953, No. 384, § 12; A.S.A. 1947, § 80-952; Acts 2005, No. 1994, § 385.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 8 - REVOLVING LOAN PROGRAM - GENERAL PROVISIONS (§§ 6-20-801 — 6-20-818) › Section 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.
Acts 1953, No. 384, § 17, as renumbered by Acts 1967, No. 480, § 3; A.S.A. 1947, § 80-956.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 8 - REVOLVING LOAN PROGRAM - GENERAL PROVISIONS (§§ 6-20-801 — 6-20-818) › Section 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 Elementary and Secondary Education.
(2)
Thereafter, each such certificate shall be a negotiable instrument.
Amended by Act 2021, No. 544,§ 40, eff. 7/28/2021.
Acts 1995, No. 756, § 1; 2001, No. 1220, § 14; 2007, No. 617, § 14.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 9 - REVOLVING LOAN PROGRAM - STATE BOARD OF EDUCATION CERTIFICATES (§§ 6-20-901 — 6-20-908) › Section 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 of this subchapter.
Acts 1967, No. 479, § 8; A.S.A. 1947, § 80-965.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 9 - REVOLVING LOAN PROGRAM - STATE BOARD OF EDUCATION CERTIFICATES (§§ 6-20-901 — 6-20-908) › Section 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.
Acts 1967, No. 479, § 1; A.S.A. 1947, § 80-958.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 9 - REVOLVING LOAN PROGRAM - STATE BOARD OF EDUCATION CERTIFICATES (§§ 6-20-901 — 6-20-908) › Section 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.
Acts 1967, No. 479, § 2; A.S.A. 1947, § 80-959.
Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 2 - ELEMENTARY AND SECONDARY EDUCATION GENERALLY (§§ 6-10-101 — 6-28-206) › Chapter 20 - FINANCES (§§ 6-20-101 — 6-20-2704) › Subchapter 9 - REVOLVING LOAN PROGRAM - STATE BOARD OF EDUCATION CERTIFICATES (§§ 6-20-901 — 6-20-908) › Section 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.
Acts 1967, No. 479, § 4; A.S.A. 1947, § 80-961.