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6-20-902. Certificates generally.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-902. Certificates generally.
(a) In order to obtain funds needed for the proper operation of its Revolving Loan Program, the State Board of Education is authorized to issue from time to time certificates of indebtedness.
(b) The aggregate principal amount of all certificates outstanding at one time may not exceed five million dollars ($5,000,000).
(c) The certificates may be in such form and denominations, may have such date, may mature at such time, may bear interest payable at such times and at such rates, may be payable at such place or places, may be subject to such terms of redemption before maturity at such prices, and may contain such other terms and provisions as the state board shall determine.
(d) The certificates shall be negotiable instruments under the laws of the State of Arkansas.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-902
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:6-20-902
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 85d8b322803b1d2ab54e53b74adf8304528e86f1b2a6214cbbc998232a9d15be
Source location: content.xml paragraph 21450
Stored source content
6-20-902. Certificates generally.
(a) In order to obtain funds needed for the proper operation of its Revolving Loan Program, the State Board of Education is authorized to issue from time to time certificates of indebtedness.
(b) The aggregate principal amount of all certificates outstanding at one time may not exceed five million dollars ($5,000,000).
(c) The certificates may be in such form and denominations, may have such date, may mature at such time, may bear interest payable at such times and at such rates, may be payable at such place or places, may be subject to such terms of redemption before maturity at such prices, and may contain such other terms and provisions as the state board shall determine.
(d) The certificates shall be negotiable instruments under the laws of the State of Arkansas.
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