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6-20-812. Interest and payments of principal deposited into State Treasury.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-812. Interest and payments of principal deposited into State Treasury.
(a) Subject to the provisions of subsection (b) of this section, all interest received on securities held in the Revolving Loan Fund shall be deposited into the State Treasury and credited to the Permanent School Revolving Loan Fund.
(b) In the event of the sale of any school district obligations pursuant to § 6-20-811, all principal and interest payments on such school district obligations shall be regarded and treated as cash funds and shall not be deposited into the State Treasury, but shall be deposited into a bank or banks approved by the Commissioner of Education.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-812
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:6-20-812
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b857dbcf6108223715dd6f1203b2a7d67c96781abf1f21b25f16c0b13dbc9a7b
Source location: content.xml paragraph 21359
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6-20-812. Interest and payments of principal deposited into State Treasury.
(a) Subject to the provisions of subsection (b) of this section, all interest received on securities held in the Revolving Loan Fund shall be deposited into the State Treasury and credited to the Permanent School Revolving Loan Fund.
(b) In the event of the sale of any school district obligations pursuant to § 6-20-811, all principal and interest payments on such school district obligations shall be regarded and treated as cash funds and shall not be deposited into the State Treasury, but shall be deposited into a bank or banks approved by the Commissioner of Education.
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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. The source passage cites 6-20-811. This identifies an authority to review, not proof of applicability.