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6-20-1006. Authorizing resolution — Nature and contents of bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
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
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-1006
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:6-20-1006
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3e8b6576fd049fde237b9167523fb75b5819c4cfae290813a0a3929ddf1f53ec
Source location: content.xml paragraph 21556
Stored source content
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.
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Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-1011. Obligations.
(a)(1) The bonds shall be special obligations of the State Board of Education only, secured as provided herein.
(2) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter, that in no event does it constitute an indebtedness for which the faith and credit of the State of Arkansas or any of its revenues are pledged, and that it is not secured by a mortgage or lien on any land or buildings belonging to the State of Arkansas or the state board.
(3) No member of the state board shall be personally liable on any bond or for any damages sustained by anyone in connection with any contracts entered into in carrying out the purposes and intent of this subchapter unless the member shall have acted with a corrupt intent.
(4) The principal of, interest on, and trustee's and paying agent's fees in connection with the bonds shall be secured by a pledge of and shall be payable from the pledged revenues and the pledged obligations as defined in subsection (c) of this section.
(b) The bonds shall be secured by a pledge of and shall be payable from the payments of principal of and interest on revolving loan certificates of indebtedness or revolving loan bonds of Arkansas school districts acquired by the state board pursuant to § 6-20-801 et seq. or any similar law hereafter enacted, designated by the state board, as set forth in this section.
(c)(1)(A) Each authorizing resolution or indenture shall designate the particular school district revolving loan bonds or revolving loan certificates of indebtedness, also called the pledged obligations, the payments of the principal of and interest on which are to be pledged to payment of the particular issue or series of bonds involved.
(B) Such payme
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-1011
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 6-20-1011. This identifies an authority to review, not proof of applicability.