Browse Arkansas Code titles and sections
6-20-2511. High-growth school districts — Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-2511. High-growth school districts — Definitions.
(a) As used in this section:
(1) “High-growth school district” means a public school district in which the average daily membership for the public school district in the present school year is four percent (4%) higher than the school year that is two (2) years before the present school year; and
(2) “Maximum expected millage” means ten (10) mills, representing the maximum number of mills that a public school district is expected to raise to service its bonded indebtedness incurred for academic facilities.
(b) There is established the Academic Facilities High-Growth School District Loan Program under which the Division of Elementary and Secondary Education shall provide an interest-free loan to a high-growth school district in which the mills required to service the bonded indebtedness incurred for academic facilities exceed the maximum expected millage for the high-growth school district.
(c)(1) A high-growth school district may apply for an interest-free loan when the high-growth school district has raised the maximum expected millage and the revenue generated from the maximum expected millage is less than the amount required to service the bonded indebtedness incurred for academic facilities.
(2) The amount of the loan shall be the amount of moneys required for academic facilities less the sum of:
(A) The revenues generated by the maximum expected millage; and
(B) The state revenue received by the high-growth school district under the Academic Facilities Partnership Program.
(3) The high-growth school district shall apply for the loan from the Revolving Loan Fund, subject to §§ 6-20-801 — 6-20-816.
(d)(1) When the revenue required to service the bonded indebtedness incurred for the high-growth
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-2511
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:6-20-2511
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4096a859f08f65418c5a64f42a83f2fb03a7e20ae762597a3dffee35220cc5c6
Source location: content.xml paragraph 23947
Stored source content
6-20-2511. High-growth school districts — Definitions.
(a) As used in this section:
(1) “High-growth school district” means a public school district in which the average daily membership for the public school district in the present school year is four percent (4%) higher than the school year that is two (2) years before the present school year; and
(2) “Maximum expected millage” means ten (10) mills, representing the maximum number of mills that a public school district is expected to raise to service its bonded indebtedness incurred for academic facilities.
(b) There is established the Academic Facilities High-Growth School District Loan Program under which the Division of Elementary and Secondary Education shall provide an interest-free loan to a high-growth school district in which the mills required to service the bonded indebtedness incurred for academic facilities exceed the maximum expected millage for the high-growth school district.
(c)(1) A high-growth school district may apply for an interest-free loan when the high-growth school district has raised the maximum expected millage and the revenue generated from the maximum expected millage is less than the amount required to service the bonded indebtedness incurred for academic facilities.
(2) The amount of the loan shall be the amount of moneys required for academic facilities less the sum of:
(A) The revenues generated by the maximum expected millage; and
(B) The state revenue received by the high-growth school district under the Academic Facilities Partnership Program.
(3) The high-growth school district shall apply for the loan from the Revolving Loan Fund, subject to §§ 6-20-801 — 6-20-816.
(d)(1) When the revenue required to service the bonded indebtedness incurred for the high-growth school district's academic facilities is less than the revenue generated by maximum expected millage, the high-growth school district shall repay the loan.
(2)(A) The high-growth school district shall make annual payments to the state in the amount of:
(i) The revenue generated by the high-growth school district's millage up to the amount of the revenues generated from the maximum expected millage for the year; less
(ii) The revenue required to service the high-growth school district's bonded indebtedness for academic facilities.
(B) The payments under this subsection shall continue until the loan is paid in full.
(3) During the time that the loan to the high-growth school district is in repayment, the high-growth school district:
(A) Shall use all revenues generated below the maximum expected millage to repay the loan;
(B) Shall not issue refunding bonds or refunding certificates, as provided under § 6-20-815; and
(C) Shall not otherwise change the amount of revenues available to repay the loan without the prior approval of the Division of Elementary and Secondary Education.
(e) Within a reasonable time after its receipt, each application under subsection (c) of this section shall be examined by the Division of Elementary and Secondary Education in accordance with rules established by the State Board of Education as to the accuracy of the answers contained therein.
(f)(1) After considering the merits of each application, the Division of Elementary and Secondary Education may, in its discretion, approve the application for the full amount of the proposed loan, approve the application for a loan of a lesser amount than the amount requested, or disapprove the application.
(2) Before approving the application, the Division of Elementary and Secondary Education shall make a determination that the total space available in the high-growth school district is less than the amount needed to accommodate the growth of students.
(g) The Commission for Arkansas Public School Facilities and Transportation shall adopt rules to implement the program established by this section.
(h)(1) The commission shall annually determine which school districts qualify as high-growth school districts under this section.
(2) Annually, by November 1, the commission shall prepare a list of the qualified school districts and:
(A) Submit the list to the House Committee on Education and the Senate Committee on Education; and
(B) Post the list on the website of the Division of Public School Academic Facilities and Transportation.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-801. Continuance of Revolving Loan Fund.
(a) The fund in the State Treasury known as the “Revolving Loan Fund” shall continue, under the exclusive jurisdiction of the State Board of Education, as the lending fund for the Public School Fund.
(b) All unencumbered assets, both cash and securities, in the Revolving Loan Fund shall remain inviolate and intact as though in the Public School Fund and shall be held by the Treasurer of State, as custodian, subject, however, to its administration by the state board for the purposes provided in this subchapter.
(c) All earnings received on the investment of assets held in the Revolving Loan Fund shall be used for the following purposes, and in the following order of priority:
(1) To pay expenses of the operation of the revolving loan program administered by the state board and the Division of Elementary and Secondary Education; and
(2) To fund revolving loans made pursuant to § 6-20-802 or any like or successor law.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-801
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 6-20-801. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-815. Refunding obligations.
(a) In order that the Revolving Loan Program may be kept on a sound financial basis, school districts having heretofore issued revolving loan bonds or revolving loan certificates of indebtedness are authorized to issue refunding bonds, in the case of revolving loan bonds, and refunding certificates, in the case of revolving loan certificates of indebtedness, herein collectively referred to as refunding obligations.
(b) Refunding obligations may be issued pursuant to the prior approval of the State Board of Education and may bear a higher rate of interest than the bonds or certificates being refunded.
(c) The last maturity date of the refunding obligations must not be later than the last maturity date of the bonds or certificates being refunded.
(d) Refunding obligations shall enjoy the same security for their payment as was enjoyed by the bonds or certificates refunded thereby, including particularly and without limitation, any continuing annual debt service fund tax voted and pledged to their payment.
(e) Except as to particulars dealt with in this section, refunding obligations shall be governed, insofar as their authorization and security are concerned, by the provisions of this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-815
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 6-20-815. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-816. Fees prohibited.
(a) No fees of any nature, fiscal agent's, legal, or otherwise, shall be paid either directly or indirectly for any service performed with respect to any loan made under the provisions of this subchapter.
(b) Any person who shall give or receive any such fee, or any person who shall use or cause to be used the proceeds of any such loan for any school purpose other than that for which it is made, shall be guilty of a Class B misdemeanor.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-816
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 6-20-816. This identifies an authority to review, not proof of applicability.