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6-20-411. Interest-free loans from federal agencies.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-411. Interest-free loans from federal agencies.
(a)(1) The public school districts of this state are authorized to accept interest-free loans from agencies of the United States government if incurring the indebtedness is approved by the State Board of Education.
(2) The state board shall not grant its approval unless it is satisfied that the projected revenues and expenses of the school district during the duration of the loan indicate that the school district will be able to retire the debt.
(b) Furthermore, all such loans accepted by public school districts before June 12, 1987, are ratified and declared valid.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-411
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:6-20-411
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 9d8fb6f4bbd18eca7689d698f35da998af3676760e6473b3f0498d0fa18402d5
Source location: content.xml paragraph 20658
Stored source content
6-20-411. Interest-free loans from federal agencies.
(a)(1) The public school districts of this state are authorized to accept interest-free loans from agencies of the United States government if incurring the indebtedness is approved by the State Board of Education.
(2) The state board shall not grant its approval unless it is satisfied that the projected revenues and expenses of the school district during the duration of the loan indicate that the school district will be able to retire the debt.
(b) Furthermore, all such loans accepted by public school districts before June 12, 1987, are ratified and declared valid.
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