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6-20-1213. Duty to pay on maturity — Effect of failure.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-1213. Duty to pay on maturity — Effect of failure.
(a) The school district board of directors and the secretary of the board shall see to it that sufficient funds to meet each maturity of principal and interest of all bonds of their school district are in the place of payment not later than the day before the date of maturity.
(b) Any failure thereof shall be cause for the State Board of Education to withhold any apportionment of school funds that would otherwise be apportioned to that school district and apply them on any past due bonds of that school district.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-1213
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:6-20-1213
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ec58103c8f8ef30642178574203d96aeb8a781d012800225e234e810cac55853
Source location: content.xml paragraph 21994
Stored source content
6-20-1213. Duty to pay on maturity — Effect of failure.
(a) The school district board of directors and the secretary of the board shall see to it that sufficient funds to meet each maturity of principal and interest of all bonds of their school district are in the place of payment not later than the day before the date of maturity.
(b) Any failure thereof shall be cause for the State Board of Education to withhold any apportionment of school funds that would otherwise be apportioned to that school district and apply them on any past due bonds of that school district.
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