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6-20-1205. Submission of statement before issuing bonds — Approval.
Arkansas Code — all titles (historical 2020) · legal_authorities
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.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-1205
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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Record provenance
Stable record: arkansas_code:legal_authorities:6-20-1205
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c09fd3639033b5458e6e8d42238d5d81c14761a61dc9b8c2d830843950fb9a87
Source location: content.xml paragraph 21870
Stored source content
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.
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Arkansas Code — all titles (historical 2020) · legal_authorities
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.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-1201
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 6-20-1201. This identifies an authority to review, not proof of applicability.