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6-20-1212. Resolution setting priority in case of default.
Arkansas Code — all titles (historical 2020) · legal_authorities
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.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-1212
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:6-20-1212
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c2f079d5a83b76bb414e45d35430c28a95487d8e4866ee22ce73bd2bd37b3487
Source location: content.xml paragraph 21986
Stored source content
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.
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