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 9 - REVOLVING LOAN PROGRAM - STATE BOARD OF EDUCATION CERTIFICATES (§§ 6-20-901 — 6-20-908) › Section 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 of this subchapter, would be applicable.
Acts 1967, No. 479, § 5; A.S.A. 1947, § 80-962.
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 6-20-906 - Authority to purchase certificates

(a)
The Board of Trustees of the Arkansas Teacher Retirement System, hereinafter called the "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.
Acts 1967, No. 479, § 6; A.S.A. 1947, § 80-963.
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 6-20-907 - 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 Elementary and Secondary 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.
Amended by Act 2021, No. 544,§ 41, eff. 7/28/2021.
Acts 1967, No. 479, § 3; A.S.A. 1947, § 80-960.
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 6-20-908 - 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.
Acts 1967, No. 479, § 7; A.S.A. 1947, § 80-964.
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 10 - REVOLVING LOAN PROGRAM - ALTERNATIVE STATE FINANCING (§§ 6-20-1001 — 6-20-1017) › Section 6-20-1001 - [Repealed]

Repealed by Act 2015, No. 846,§ 18, eff. 7/22/2015.
Acts 1973, No. 59, § 2; 1983, No. 880, § 3; A.S.A. 1947, § 80-967; Acts 2003, No. 210, § 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 10 - REVOLVING LOAN PROGRAM - ALTERNATIVE STATE FINANCING (§§ 6-20-1001 — 6-20-1017) › Section 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".
Acts 1973, No. 59, §§ 3, 14; 1979, No. 541, § 4; A.S.A. 1947, §§ 80-968, 80-976.
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 10 - REVOLVING LOAN PROGRAM - ALTERNATIVE STATE FINANCING (§§ 6-20-1001 — 6-20-1017) › Section 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.
Acts 1973, No. 59, § 11; A.S.A. 1947, § 80-973.
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 10 - REVOLVING LOAN PROGRAM - ALTERNATIVE STATE FINANCING (§§ 6-20-1001 — 6-20-1017) › Section 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.
Acts 1973, No. 59, § 1; 1979, No. 541, § 3; A.S.A. 1947, § 80-966.
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 10 - REVOLVING LOAN PROGRAM - ALTERNATIVE STATE FINANCING (§§ 6-20-1001 — 6-20-1017) › Section 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).
Acts 1973, No. 59, § 3; 1979, No. 541, § 4; A.S.A. 1947, § 80-968.
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 10 - REVOLVING LOAN PROGRAM - ALTERNATIVE STATE FINANCING (§§ 6-20-1001 — 6-20-1017) › Section 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.
Amended by Act 2015, No. 846,§ 19, eff. 7/22/2015.
Acts 1973, No. 59, § 2; 1980 (1st Ex. Sess.), No. 56, § 2; 1983, No. 880, § 3; A.S.A. 1947, § 80-967.
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 10 - REVOLVING LOAN PROGRAM - ALTERNATIVE STATE FINANCING (§§ 6-20-1001 — 6-20-1017) › Section 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.
Acts 1973, No. 59, § 3; A.S.A. 1947, § 80-968.
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 10 - REVOLVING LOAN PROGRAM - ALTERNATIVE STATE FINANCING (§§ 6-20-1001 — 6-20-1017) › Section 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.
Amended by Act 2015, No. 846,§ 20, eff. 7/22/2015.
Acts 1973, No. 59, § 2; 1980 (1st Ex. Sess.), No. 56, § 2; 1983, No. 880, § 3; A.S.A. 1947, § 80-967.
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 10 - REVOLVING LOAN PROGRAM - ALTERNATIVE STATE FINANCING (§§ 6-20-1001 — 6-20-1017) › Section 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.
(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.
Acts 1973, No. 59, § 2; 1983, No. 880, § 3; A.S.A. 1947, § 80-967.
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 10 - REVOLVING LOAN PROGRAM - ALTERNATIVE STATE FINANCING (§§ 6-20-1001 — 6-20-1017) › Section 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.
Acts 1973, No. 59, § 3; 1979, No. 541, § 4; A.S.A. 1947, § 80-968.
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 10 - REVOLVING LOAN PROGRAM - ALTERNATIVE STATE FINANCING (§§ 6-20-1001 — 6-20-1017) › Section 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.
Acts 1973, No. 59, § 5; A.S.A. 1947, § 80-970; Acts 1993, No. 502, § 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 10 - REVOLVING LOAN PROGRAM - ALTERNATIVE STATE FINANCING (§§ 6-20-1001 — 6-20-1017) › Section 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.
Acts 1973, No. 59, § 9; A.S.A. 1947, § 80-971.
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 10 - REVOLVING LOAN PROGRAM - ALTERNATIVE STATE FINANCING (§§ 6-20-1001 — 6-20-1017) › Section 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.
Acts 1973, No. 59, § 10; A.S.A. 1947, § 80-972.
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 10 - REVOLVING LOAN PROGRAM - ALTERNATIVE STATE FINANCING (§§ 6-20-1001 — 6-20-1017) › Section 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.
Acts 1973, No. 59, § 12; A.S.A. 1947, § 80-974.
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 10 - REVOLVING LOAN PROGRAM - ALTERNATIVE STATE FINANCING (§§ 6-20-1001 — 6-20-1017) › Section 6-20-1016 - Prohibition on creation of rights

This subchapter shall not create any right, and no right shall arise under it, until the initial issue or series of bonds authorized by this subchapter shall have been sold and delivered by the State Board of Education.
Acts 1973, No. 59, § 13; A.S.A. 1947, § 80-975.
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 10 - REVOLVING LOAN PROGRAM - ALTERNATIVE STATE FINANCING (§§ 6-20-1001 — 6-20-1017) › Section 6-20-1017 - Purchase of bonds and certificates by Treasurer of State

(a)
The Treasurer of State shall, upon written request of the Commissioner of Elementary and Secondary Education, acting on authority of the State Board of Education, purchase from the state board, at par, plus any accrued interest, revolving loan bonds or revolving loan certificates of indebtedness of school districts in this state whenever the state board shall present them to the Treasurer of State for purchase.
(b)
All revolving loan bonds or certificates of indebtedness acquired by the Treasurer of State shall be deposited into the Securities Account in the State Treasury. However, the Treasurer of State's aggregate holdings at any one (1) time of the revolving loan bonds or revolving loan certificates of indebtedness shall not exceed the sum of fifteen million dollars ($15,000,000).
(c)
The moneys that the Treasurer of State may use in the purchase of any revolving loan bonds or revolving loan certificates of indebtedness shall be those funds available for investment under the provisions of the State Treasury Management Law, §
19-3-501
et seq.
(d)
The interest received from investments by the Treasurer of State on revolving loan bonds or revolving loan certificates of indebtedness shall be credited to the Securities Reserve Fund to be used for the same purposes as other moneys deposited into said fund as provided by law.
(e)
The Treasurer of State shall sell and redeliver any such revolving loan bonds or revolving loan certificates of indebtedness to the state board, upon request, at a price of par plus accrued interest to the date of such redelivery.
Amended by Act 2021, No. 544,§ 42, eff. 7/28/2021.
Acts 1973, No. 886, § 1; 1979, No. 541, § 6; 1981, No. 549, § 2; A.S.A. 1947, § 80-977; Acts 1987, No. 832, § 1; 1995, No. 1143, § 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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1201 - Authority to borrow money and issue negotiable bonds

A school district may borrow money and issue negotiable bonds to repay borrowed moneys from school funds for:
(1)
Building and equipping school buildings;
(2)
Making additions and repairs to school buildings;
(3)
Purchasing sites for school buildings;
(4)
Purchasing new or used school buses;
(5)
Refurbishing school buses;
(6)
Providing professional development and training of teachers or other programs authorized under the federally recognized qualified zone academy bond program,
26 U.S.C. § 1397E
[repealed];
(7)
Paying off outstanding postdated warrants, installment contracts, revolving loans, and lease-purchase agreements, as provided by law; and
(8)
In the case of a new school district created under §
6-13-1505
:
(A)
Purchasing school buildings and other structures;
(B)
Purchasing new or used furniture, fixtures, and equipment;
(C)
Paying the costs of the allocation of assets to the new school district; and
(D)
Paying or retiring the outstanding indebtedness of the original school district that the new school district has become responsible for under §
6-13-1505
.
Amended by Act 2015, No. 947,§ 2, eff. 4/2/2015.
Acts 1931, No. 169, § 59; Pope's Dig., § 11492; A.S.A. 1947, § 80-1101; Acts 1991, No. 405, § 1; 1994 (2nd Ex. Sess.), No. 43, § 1; 2001, No. 1220, § 15; 2003, No. 1738, § 4; 2009, No. 1469, § 10.
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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1202 - Limitations of bonded indebtedness - Conversion of authorized bond issues

(a)
For acquiring a building site, building or equipping a new school building, repairing, making additions to, or equipping a present school building, purchasing new or used school buses or refurbishing school buses, or the professional development and training of teachers or other programs authorized under the federally recognized qualified zone academy bond program codified at
26 U.S.C. § 1397E
[repealed], any school district of the State of Arkansas is authorized to borrow money and issue negotiable bonds for the repayment thereof from school funds.
(b)
Subsection (a) of this section shall not prohibit the conversion of authorized bond issues to bonds bearing a lower rate of interest, subject to the approval of the Commissioner of Elementary and Secondary Education, upon such terms that the school district shall receive no less and pay no more in principal and interest combined than it would receive and pay in principal and interest combined if the bonds were not converted.
Amended by Act 2021, No. 544,§ 43, eff. 7/28/2021.
Acts 1947, No. 84, § 1; 1949, No. 161, § 1; 1961, No. 38, § 1; 1969, No. 158, § 1; 1975, No. 596, § 1; 1979, No. 460, § 1; 1981, No. 661, § 1; A.S.A. 1947, § 80-1102; Acts 1991, No. 405, § 2; 1993, No. 486, §§ 1, 2; 1995, No. 619, §§ 1, 2; 2001, No. 1214, § 1; 2001, No. 1220, § 16; 2006 (1st Ex. Sess.), No. 22, § 5; 2006 (1st Ex. Sess.), No. 23, § 5.
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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1203 - Bonds to comply with existing statutes

All bonds authorized to be issued under this statute shall be issued in full compliance with all of the laws governing the issuance of school bonds in effect at the time of their issuance.
Amended by Act 2015, No. 846,§ 21, eff. 7/22/2015.
Acts 1947, No. 84, § 2; A.S.A. 1947, § 80-1103.
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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1205 - Submission of statement before issuing bonds - Approval

(a)
When any school district board of directors desires to issue bonds for the purposes described in §
6-20-1201
, the school district board of directors:
(1)
Shall furnish to the Commissioner of Elementary and Secondary Education a statement of the amount proposed to be borrowed and of the maturity of the indebtedness, a financial statement of the affairs of the school district, and a certificate from the county clerk showing the then-assessed valuation of the real, personal, and utility property in the school district; and
(2)
Shall not sell bonds until the issue is approved by the State Board of Education or by the commissioner, to be evidenced by a writing signed by the state board or the commissioner and bearing the seal of the state board.
(b)
In addition to other reasons for disapproval of a bond issue provided under law or by rule, neither the state board nor the commissioner shall approve the sale of bonds for the purposes described in §
6-20-1201
if that sale would cause an increase in the millage levy without a vote of the electors of that school district.
(c)
The Division of Elementary and Secondary Education is authorized to adopt procedural rules to enforce the provisions of this section.
Amended by Act 2019, No. 315,§ 286, eff. 7/24/2019.
Amended by Act 2019, No. 910,§ 1619, eff. 7/1/2019.
Amended by Act 2019, No. 910,§ 1618, eff. 7/1/2019.
Acts 1931, No. 169, § 62; Pope's Dig. § 11495; A.S.A. 1947, § 80-1105; Acts 1997, No. 1300, § 18; 1999, No. 1046, § 1; 1999, No. 1549, § 22; 2001, No. 1220, § 17; 2003 (2nd Ex. Sess.), No. 28, § 3; 2003 (2nd Ex. Sess.), No. 105, § 4; 2005, No. 2121, § 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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1207 - Delivery and payment in installments

Bonds may be sold to be delivered and paid for in installments estimated to be as funds will be needed by the school district; but if sold on such terms, they shall be plainly stated in the advertisement of the sale, so that all bidders may bid on equal terms.
Acts 1931, No. 169, § 64; Pope's Dig., § 11497; A.S.A. 1947, § 80-1107.
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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1208 - Delivery of bonds upon payment in cash - Registration and recording

(a)
All school bonds sold shall be sold only for cash on the delivery of the bonds.
(b)
The delivery of the bonds to the purchaser and the payment of the full amount of cash to the credit of the school district to the order of the county treasurer, or school district treasurer if the school district has its own treasurer, shall be simultaneous, and, in order to do this, some responsible bank or trust company may be designated as an escrow agent through which the bonds are to be delivered and the funds received.
(c)
(1)
The secretary of each school district shall cause all school bonds to be registered in the office of the county treasurer, or the school district treasurer if the school district has its own treasurer, in a book to be kept for that purpose.
(2)
This record shall show the date, the denomination, the maturity in each year, the place of payments, the rate of interest, and the aggregate amount of the issue, together with the amount of cash for which sold.
(d)
Such record books shall be open to public inspection.
(e)
Any county treasurer, or school district treasurer if the school district has its own treasurer, failing or refusing to comply with any provisions of this act, and the sureties on his or her official bond, shall be liable to the school district and holders of the school district's bonds for any damages caused thereby, to be recovered by civil action.
Acts 1931, No. 169, § 70; Pope's Dig., § 11503; A.S.A. 1947, § 80-1108; Acts 1995, No. 233, § 16.
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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1209 - Debt service fund - Establishment and purpose

All school districts in Arkansas proceeding under this act to borrow money and issue bonds, in addition to other security herein authorized, may and are authorized to establish a debt service fund in an amount sufficient to pay the maturities of bond principal and interest, as they accrue, of the issue of bonds, that the debt service fund shall be set aside out of the first revenues of the school district from whatever source derived and shall be held by the county treasurer, or school district treasurer if the school district has its own treasurer, solely in the manner and for the purposes set out throughout this act.
Acts 1931, No. 169, § 66; Pope's Dig., § 11499; A.S.A. 1947, § 80-1111; Acts 1995, No. 233, § 17; 2011, No. 989, § 64.
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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1210 - Debt service fund - Use

(a)
The debt service fund shall not be used for any other purpose in any year than to pay the bonds and interest thereon maturing that year and any that may be past due, until the maturities are paid in full or until the funds are set aside to pay the full amount of the bonds; provided, the surplus in any year over and above the amount necessary to pay bonds and interest maturing that year, whether hereafter or heretofore issued, may be used by the respective school districts for any other school purposes.
(b)
The county treasurer, or school district treasurer if the school district has its own treasurer, shall see to it that all warrants on the debt service fund of any school district are drawn only to pay maturities of principal or interest on bonds of this school district, other school purposes as herein provided, or past due interest as shown by the records in his or her office.
(c)
It is intended that the provisions of this section are to be cumulative and are not to repeal the provisions of any other act now in force except such laws and parts of laws as may be in conflict herewith.
Acts 1931, No. 169, § 67; 1935, No. 63, §§ 1, 3; Pope's Dig., §§ 11500, 11506; Acts 1939, No. 326, § 2; A.S.A. 1947, §§ 80-1112, 80-1113; Acts 1995, No. 233, § 18; 2011, No. 989, § 65.
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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1211 - Tax records - Separate debt service fund records

(a)
In showing school taxes on the tax books, it shall not be necessary to show separate amounts for the debt service fund or any other fund that may be created by the school district board of directors, but there shall be one (1) amount extended on the tax books showing the total of the school district tax for that year.
(b)
However, the county treasurer, or school district treasurer if the school district has its own treasurer, shall keep separate records in his or her office showing separately the debt service fund and shall see to it that on all settlements made with him or her of tax money or state apportionment money, the debt service fund is credited with all funds set apart for debt service by the electors or by the school district board of directors.
Acts 1931, No. 169, § 68; Pope's Dig., § 11501; A.S.A. 1947, § 80-1114; Acts 1995, No. 233, § 19; 2011, No. 989, § 66.
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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1212 - Resolution setting priority in case of default

On the issuance of any bonds, the school district board of directors may provide by resolution, which shall be a contract with the holders of the bonds, that should there be a default in the payment of any installment of principal or interest when due, the first moneys coming to the school district from any source, other than the uniform rate of tax, shall be paid into the debt service fund and applied on past due principal or interest on the bonds until paid in full.
Acts 1931, No. 169, § 69; Pope's Dig., § 11502; A.S.A. 1947, § 80-1115; Acts 1997, No. 1300, § 19; 2011, No. 989, § 67.
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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1213 - Duty to pay on maturity - Effect of failure

(a)
The school district board of directors and the secretary of the board shall see to it that sufficient funds to meet each maturity of principal and interest of all bonds of their school district are in the place of payment not later than the day before the date of maturity.
(b)
Any failure thereof shall be cause for the State Board of Education to withhold any apportionment of school funds that would otherwise be apportioned to that school district and apply them on any past due bonds of that school district.
Acts 1931, No. 169, § 73; Pope's Dig., § 11509; A.S.A. 1947, § 80-1116; Acts 1993, No. 294, § 13; 1999, No. 1078, § 80.
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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1214 - Obligations on district dissolution

(a)
Dissolution of any school district shall not of itself mature any outstanding bonds or other unmatured obligations of the school district, but the school district to which the territory of the dissolved school district is added shall be liable for the bonds and for the levying of a tax to pay them as herein provided for the obligation of school districts when a school district or a part thereof is annexed to another district.
(b)
In addition to the remedy of mandamus to enforce performance of the duties of school officers in the payment of bonds, any bondholder or trustee of such issue may apply to the circuit court having jurisdiction of the territory in which the school district is situated for mandatory orders for the collection of money due from the school district on all bonds for the levy and collection of such taxes.
Acts 1931, No. 169, § 75; Pope's Dig., § 11511; A.S.A. 1947, § 80-1117.
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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1215 - Approval of bond issues

(a)
Before any school district shall issue bonds for the purposes described in §
6-20-1201
, the issue shall be approved by the State Board of Education.
(b)
If the school district has done everything necessary to comply with the law to authorize it to sell bonds except securing the approval of the state board, and if the state board does not meet for thirty (30) days, then in its discretion, the state board shall have the authority to authorize the Commissioner of Elementary and Secondary Education to approve the issue of bonds.
Amended by Act 2021, No. 544,§ 44, eff. 7/28/2021.
Acts 1931, No. 169, § 77; Pope's Dig., § 11513; Acts 1949, No. 161, § 2; A.S.A. 1947, § 80-1118; Acts 1999, No. 1046, § 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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1216 - Refunding bonds - Authority to use

(a)
Any school district of Arkansas shall have the right, subject to procedural rules adopted by the Division of Elementary and Secondary Education, to refund its bonds outstanding at any time. Any division rule that would prevent or delay a school district from refunding outstanding bonds may be waived by the Commissioner of Elementary and Secondary Education or the commissioner's designee provided that the commissioner or the commissioner's designee determines that it is in the best interest of the school district to proceed with the refunding immediately.
(b)
This shall include the right to refund any loan it may at any time have outstanding from the Revolving Loan Fund.
Amended by Act 2019, No. 315,§ 287, eff. 7/24/2019.
Amended by Act 2019, No. 910,§ 1620, eff. 7/1/2019.
Acts 1941, No. 95, § 1; A.S.A. 1947, § 80-1123; Acts 1999, No. 1046, § 3.
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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1217 - [Repealed]

Repealed by Act 2015, No. 846,§ 23, eff. 7/22/2015.
Acts 1941, No. 95, § 1; A.S.A. 1947, § 80-1123.
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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1219 - Record of bond issues

In a book prepared for that purpose, the county treasurer, or school district treasurer if the school district has its own treasurer, shall keep in his or her office a full and complete record of all bond issues outstanding at the present time or to be issued hereafter showing the date of the issuance, the amount, the date of maturity, the rate of interest, and the dates and the amounts of payment thereon so that any interested persons may ascertain the true financial status of the school district's bonded indebtedness.
Acts 1941, No. 95, § 2; A.S.A. 1947, § 80-1124; Acts 1995, No. 233, § 20.
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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1220 - Refunding bonds - Issuance with election - Validation

Refunding bonds issued by any school district of the State of Arkansas, when authorized at any general or special school election by a vote of the electors of the school district for a continuing debt service fund to retire refunding bonds, shall be the valid, legal, and binding obligations of the school district provided that the issuance of the refunding bonds is approved by the State Board of Education or the Commissioner of Elementary and Secondary Education before the issuance of the refunding bonds.
Amended by Act 2021, No. 544,§ 45, eff. 7/28/2021.
Acts 1935, No. 336, § 1; A.S.A. 1947, § 80-1125; Acts 1999, No. 1046, § 4; 2011, No. 989, § 69.
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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1222 - Sale of school property securing deed of trust - Release of lien

(a)
When any school district of Arkansas desires to abandon any property for school purposes and to sell and convey the property and use the proceeds for either repairs or new construction of buildings for school purposes of the school district, the trustee of the deed of trust securing any bond issue of the school district and including the land so to be abandoned, sold, and conveyed shall have the power, if the trustee deems it to be to the best interest of the school district, to release the land to be sold or conveyed from the lien of the deed of trust by which the trustee is appointed.
(b)
The release may be either by endorsement of the trustee, if an individual, or by endorsement by one (1) of the corporate officers of the trustee, if a corporation, on the margin of the record of the deed of trust, or by a separate instrument executed and placed on record in the county in which the land is situated.
Acts 1939, No. 341, § 3; A.S.A. 1947, § 80-1128.
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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1223 - Refunding bonds - Issuance without election

(a)
School districts of this state may issue refunding bonds without the necessity of submitting the question of issuing the refunding bonds to a vote of the electors of the school district and without the approval of the State Board of Education provided that:
(1)
The last maturity date of the refunding bonds is not later than the last maturity date of the bonds being refunded;
(2)
The total amount required to pay principal and interest of the refunding bonds as they become due and payable, as well as any issuance costs required to be paid by the school district, exclusive of issuance costs paid from the proceeds of the refunding bonds, must be less than the total amount required to pay principal and interest of the bonds being refunded as they become due and payable; and
(3)
The issue has been approved by the Commissioner of Elementary and Secondary Education or the commissioner's designee subject to Division of Elementary and Secondary Education rules.
(b)
(1)
Refunding bonds, authorized by a resolution of the board of directors of the school district issuing them, may enjoy the same security for their payment as was enjoyed by the bonds refunded thereby, including particularly, and without limitation, any continuing annual debt service fund taxes voted and pledged to the payment of the bonds refunded thereby, except that, in all school districts operating pursuant to federal court desegregation decrees, the refunding bonds may but shall not be required to enjoy the same security for payment as was enjoyed by the bonds refunded.
(2)
Except as to the particulars dealt with in this section, refunding bonds shall be governed insofar as their authorization and security are concerned by provisions of existing law.
Amended by Act 2019, No. 315,§ 288, eff. 7/24/2019.
Amended by Act 2019, No. 910,§ 1622, eff. 7/1/2019.
Acts 1965, No. 43, § 1; 1975 (Extended Sess., 1976), No. 1233, § 1; A.S.A. 1947, § 80-1131; reen. Acts 1987, No. 1018, § 1; Acts 1989 (3rd Ex. Sess.), No. 64, § 1; 1999, No. 1046, § 5; 2011, No. 989, § 70.
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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1224 - Payment in full - Endorsement and certificate

When any school district of Arkansas has paid in full all the bonds of any issue secured by an executed deed of trust with a nonresident trustee or with a trustee who since his or her appointment has become unable to serve, it shall be permitted through the school district's secretary to endorse the fact of payment upon the margin of the record of the deed of trust securing the bonds and to this shall be added the certificate of the circuit clerk if the school district can exhibit to him or her all of the paid and cancelled bonds and coupons.
Acts 1939, No. 341, § 1; A.S.A. 1947, § 80-1126.
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 12 - DISTRICT BONDS (§§ 6-20-1201 — 6-20-1229) › Section 6-20-1225 - Certificates of indebtedness

(a)
A school district of Arkansas filing a petition in United States District Court for the composition of its bonded indebtedness and having more than five (5) years' past due interest on bonds being purchased at a discount, in order to facilitate such purchase, shall have the right to issue certificates of indebtedness payable, without interest over a period of five (5) years, from the surplus in the debt service fund and any other available revenue that the school district may pledge, for an amount not to exceed two (2) years' interest on the bonds being purchased and not to exceed two percent (2%) of the assessed valuation of all taxable property in the school district as shown by the last county assessment and may pledge the surplus and available revenue for their payment.
(b)
In any case in which a school district has heretofore issued certificates of indebtedness under substantially the conditions outlined in subsection (a) of this section, such action of the school district is approved and confirmed and the certificates of indebtedness so issued are declared to be the binding obligations of that school district, provided their issuance has been ordered or approved by the United States District Court in which the petition for composition of debt was filed.
Acts 1943, No. 151, § 1; A.S.A. 1947, § 80-1129; Acts 2011, No. 989, § 71.