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6-20-907. Revolving Certificate Proceeds Account.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-20-907. Revolving Certificate Proceeds Account.
(a) The State Board of Education must receive no less than par and accrued interest for the certificates, which are called “proceeds”.
(b) The proceeds shall not be deposited into the Revolving Loan Fund and the certificates shall not be considered obligations owned by the state board for purposes of Acts 1963, No. 443 and the obligations of the state board thereunder.
(c) The state board shall deposit the proceeds into a special fund designated “State Board Certificate Revolving Loan Account”, herein sometimes called “Revolving Certificate Proceeds Account”.
(d) Any moneys in the Revolving Certificate Proceeds Account not immediately required for the Revolving Loan Program may be invested, pursuant to the direction of the Commissioner of Education, in direct obligations of the United States, and all earnings on investments shall remain in and be part of the Revolving Certificate Proceeds Account.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-20-907
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:6-20-907
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a0358af28e9365e1d8173fae6ca5aa7fa461534b4df338b3f9e4b7c2b46c1f51
Source location: content.xml paragraph 21487
Stored source content
6-20-907. Revolving Certificate Proceeds Account.
(a) The State Board of Education must receive no less than par and accrued interest for the certificates, which are called “proceeds”.
(b) The proceeds shall not be deposited into the Revolving Loan Fund and the certificates shall not be considered obligations owned by the state board for purposes of Acts 1963, No. 443 and the obligations of the state board thereunder.
(c) The state board shall deposit the proceeds into a special fund designated “State Board Certificate Revolving Loan Account”, herein sometimes called “Revolving Certificate Proceeds Account”.
(d) Any moneys in the Revolving Certificate Proceeds Account not immediately required for the Revolving Loan Program may be invested, pursuant to the direction of the Commissioner of Education, in direct obligations of the United States, and all earnings on investments shall remain in and be part of the Revolving Certificate Proceeds Account.
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