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6-20-1010. Deposit of proceeds.
Arkansas Code — all titles (historical 2020) · legal_authorities
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.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-1010
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:6-20-1010
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 87c1c6637dcf4f14121d3b2c85d245d4cc4024f0493dcd2e9939e9a0244bae71
Source location: content.xml paragraph 21597
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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.
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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.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-907. Revolving Certificate Proceeds Account.
(a) The State Board of Education must receive no less than par and accrued interest for the certificates, which are called “proceeds”.
(b) The proceeds shall not be deposited into the Revolving Loan Fund and the certificates shall not be considered obligations owned by the state board for purposes of Acts 1963, No. 443 and the obligations of the state board thereunder.
(c) The state board shall deposit the proceeds into a special fund designated “State Board Certificate Revolving Loan Account”, herein sometimes called “Revolving Certificate Proceeds Account”.
(d) Any moneys in the Revolving Certificate Proceeds Account not immediately required for the Revolving Loan Program may be invested, pursuant to the direction of the Commissioner of Education, in direct obligations of the United States, and all earnings on investments shall remain in and be part of the Revolving Certificate Proceeds Account.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-907
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 6-20-907. This identifies an authority to review, not proof of applicability.