Browse Arkansas Code titles and sections
6-20-811. Delivery of obligations — Drawing and receipt of warrant — Use of funds.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-811. Delivery of obligations — Drawing and receipt of warrant — Use of funds.
(a) All such obligations shall be delivered to the State Board of Education, and coincident therewith the Commissioner of Elementary and Secondary Education shall cause a state warrant to be drawn upon the Revolving Loan Fund or the Revolving Certificate Proceeds Account, payable to the treasurer of the issuing school district if the school district has a treasurer or to the county treasurer of the county in which the school district is located if the school district does not have a treasurer, in an amount equal to the principal amount of the revolving loan bonds or revolving loan certificates of indebtedness.
(b) Upon receipt of the state warrant, the school district treasurer or the county treasurer, as the case may be, shall deposit the proceeds thereof to the credit of the school district, and such funds shall thereafter be used by the school district only for the purposes for which the loan is granted.
(c) All revolving loan bonds or revolving loan certificates of indebtedness shall be negotiable instruments, as set forth in § 6-20-806, and any or all such obligations may be assigned and sold by the commissioner.
(d) Any sale pursuant to subsection (c) of this section shall be in the open market upon not fewer than four (4) invitations for bids and, in consummation of any such sale, the commissioner, or such other person as may be designated by the state board, may execute and deliver such assignments, notices, servicing agreements, and other agreements and writings as may be appropriate.
(e) The proceeds of any sale pursuant to this section shall be deposited into the Revolving Certificate Proceeds Account, subject to payment of the costs of sale and servicing of such revo
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-811
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:6-20-811
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 67af88352f2f994ca6509585098cb1c1a57a5494bd2dd3c98b06302ea2498f7c
Source location: content.xml paragraph 21346
Stored source content
6-20-811. Delivery of obligations — Drawing and receipt of warrant — Use of funds.
(a) All such obligations shall be delivered to the State Board of Education, and coincident therewith the Commissioner of Elementary and Secondary Education shall cause a state warrant to be drawn upon the Revolving Loan Fund or the Revolving Certificate Proceeds Account, payable to the treasurer of the issuing school district if the school district has a treasurer or to the county treasurer of the county in which the school district is located if the school district does not have a treasurer, in an amount equal to the principal amount of the revolving loan bonds or revolving loan certificates of indebtedness.
(b) Upon receipt of the state warrant, the school district treasurer or the county treasurer, as the case may be, shall deposit the proceeds thereof to the credit of the school district, and such funds shall thereafter be used by the school district only for the purposes for which the loan is granted.
(c) All revolving loan bonds or revolving loan certificates of indebtedness shall be negotiable instruments, as set forth in § 6-20-806, and any or all such obligations may be assigned and sold by the commissioner.
(d) Any sale pursuant to subsection (c) of this section shall be in the open market upon not fewer than four (4) invitations for bids and, in consummation of any such sale, the commissioner, or such other person as may be designated by the state board, may execute and deliver such assignments, notices, servicing agreements, and other agreements and writings as may be appropriate.
(e) The proceeds of any sale pursuant to this section shall be deposited into the Revolving Certificate Proceeds Account, subject to payment of the costs of sale and servicing of such revolving loan bonds or revolving loan certificates of indebtedness, as set forth in written instructions executed by the commissioner or such other person as may be designated by the state board.
(f) The state board shall have authority to adopt rules necessary to implement this section.
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
6-20-806. Revolving loan bonds and certificates of indebtedness.
(a)(1) Each such loan that is to be amortized or paid in full, both principal and interest, within or at the end of ten (10) years from the date of its approval by the State Board of Education shall be evidenced by the school district's obligations that shall be designated and known as “revolving loan certificates of indebtedness”.
(2) Each such loan whose date of final principal and interest maturity extends beyond the ten-year period shall be evidenced by the school district's obligations, which shall be designated and known as “revolving loan bonds”.
(b)(1) Revolving loan bonds and revolving loan certificates of indebtedness shall be in such form and denomination, shall have such dates and maturities, shall bear interest payable at such times, and at such rates, shall be payable at such place or places, shall contain such provisions as to registration of ownership, if in its opinion registration is desirable, and shall contain such provisions as to redemption before maturity at such prices, including such premiums, all as the state board shall determine.
(2) The bonds and certificates shall have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to the provisions as to registration of ownership set forth above.
(c)(1) The state board shall continually endeavor to keep the interest rates on revolving loan bonds and revolving loan certificates of indebtedness as low as possible, consistent with the continued and assured funding of the revolving loan program.
(2) To this end, the state board will obtain and consider relevant information regarding economic conditions and interest rates on comparable obligations and shall fix and alter interest rates of r
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-806
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 6-20-806. This identifies an authority to review, not proof of applicability.