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6-20-801. Continuance of Revolving Loan Fund.
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. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:6-20-801
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 09289730f8b8982bcf737609d02099aa628e9db5da0d349b76a30f1d23c4389c
Source location: content.xml paragraph 21217
Stored source content
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.
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Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-802. Purposes of loan.
Subject to the conditions and limitations contained in this subchapter, any school district may borrow and the State Board of Education may lend moneys in the Revolving Loan Fund for any of the following purposes:
(1) The funding of its legally issued and outstanding postdated warrants;
(2) The purchase of new or used school buses or the refurbishing of school buses;
(3) The payment of premiums on insurance policies covering its school buildings, facilities, and equipment in instances in which the insurance coverage extends three (3) years or longer;
(4) The replacement of or payment of the school district's pro rata part of the expense of employing professional appraisers as authorized by § 26-26-601 et seq. [repealed] or other laws providing for the appraisal or reappraisal and assessment of property for ad valorem tax purposes;
(5) The making of major repairs and the construction of additions to existing school buildings and facilities;
(6) The purchase of surplus buildings and equipment;
(7) The purchase of sites for and the cost of construction thereon of school buildings and facilities and the purchase of equipment for the buildings;
(8) The purchase of its legally issued and outstanding commercial bonds at a discount provided that a substantial savings in gross interest charges can be thus effected;
(9) The refunding of all or any part of its legally issued and outstanding debt, both funded and unfunded;
(10) The purchase of equipment;
(11) The payment on loans secured for settlement resulting from litigation against a school district;
(12) The purchase of energy conservation measures as defined in § 6-20-401;
(13) The maintenance and operation of the school district in an amount equal to delinquent property
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-802
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 6-20-802. This identifies an authority to review, not proof of applicability.