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6-20-1208. Delivery of bonds upon payment in cash — Registration and recording.
Arkansas Code — all titles (historical 2020) · legal_authorities
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.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-1208
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:6-20-1208
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 257b4748f5f70b68cf6ff8a82f691dc286c7d8a0b1cd6eb74bafbb9417f3ebd7
Source location: content.xml paragraph 21932
Stored source content
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.
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