Browse Arkansas Code titles and sections
6-20-904. Obligations — Security — Payment.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-904. Obligations — Security — Payment.
(a) The certificates shall be obligations of the State Board of Education only, secured by a pledge of the collateral and payable from the proceeds realized from the collateral, as specified in § 6-20-905.
(b) The certificates shall not be obligations of the State of Arkansas and shall not be secured by a pledge of any revenues belonging to the State of Arkansas.
(c) It shall be stated on the face of each certificate that it has been issued under this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-904
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:6-20-904
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 85e28c02f5ee564cf6b285222fd4dc03073ad1ccaa1717ef230c8981eaaea7a7
Source location: content.xml paragraph 21464
Stored source content
6-20-904. Obligations — Security — Payment.
(a) The certificates shall be obligations of the State Board of Education only, secured by a pledge of the collateral and payable from the proceeds realized from the collateral, as specified in § 6-20-905.
(b) The certificates shall not be obligations of the State of Arkansas and shall not be secured by a pledge of any revenues belonging to the State of Arkansas.
(c) It shall be stated on the face of each certificate that it has been issued under this subchapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-905. Collateral.
(a) The State Board of Education shall purchase out of the Revolving Certificate Proceeds Account and shall set aside as collateral revolving loan bonds of school districts that bear the same or greater rates of interest and, in the aggregate, equal the principal amount of the certificates with the end in view of ensuring the availability at all times of collateral that will produce sufficient funds to meet interest and principal payments on the certificates as they become due.
(b) The collateral shall either be delivered to the holder of the certificate to which applicable or held as a separate fund for the benefit of the holder.
(c) The collateral must mature at such times as will permit the principal of the certificates to be paid as it becomes due.
(d) The interest and principal payments received on the collateral shall be applied to the payment of the interest on and principal of the certificate to which it is pledged.
(e) The delivery or setting aside of the collateral as provided in this subchapter shall constitute a valid and perfected pledge thereof without more, notwithstanding the provisions of any other law pertaining to pledges and their perfecting which, but for the provisions hereof, would be applicable.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-905
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 6-20-905. This identifies an authority to review, not proof of applicability.