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6-20-1229. Issuance of second-lien commercial bonds — Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-1229. Issuance of second-lien commercial bonds — Definitions.
(a) As used in this section:
(1) “Issue”, “issuance”, or some variety thereof means the date upon which a second-lien bond is actually sold; and
(2) “Second-lien bond” means a commercial bond issued under the authority set forth in § 26-80-106.
(b) All second-lien bonds issued by school districts shall have semiannual interest payments.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-1229
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:6-20-1229
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 231023f92dc4be0a1341d2de9ce3f1e676e50cc080a9fb09a9932fe1b2e94e24
Source location: content.xml paragraph 22130
Stored source content
6-20-1229. Issuance of second-lien commercial bonds — Definitions.
(a) As used in this section:
(1) “Issue”, “issuance”, or some variety thereof means the date upon which a second-lien bond is actually sold; and
(2) “Second-lien bond” means a commercial bond issued under the authority set forth in § 26-80-106.
(b) All second-lien bonds issued by school districts shall have semiannual interest payments.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-80-106. Use of surplus for other purposes.
Because of consolidations of school districts and for other reasons, the debt service millage voted by a school district for the payment of its outstanding indebtedness frequently provided a substantial surplus over the amount of the annual principal and interest requirements. This surplus may be used by the district for the purpose of paying the principal and interest of subsequent indebtedness incurred by it and may be pledged for that purpose or any other school purpose, provided that the district is in compliance with the uniform rate of tax.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-80-106
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 26-80-106. This identifies an authority to review, not proof of applicability.