Arkansas § 6-20-1202 Limitations of bonded indebtedness - Conversion of authorized bond issues

Arkansas Statutes

§ 6-20-1202 — Limitations of bonded indebtedness - Conversion of authorized bond issues

(a)For acquiring a building site, building or equipping a new school building, repairing, making additions to, or equipping a present school building, purchasing new or used school buses or refurbishing school buses, or the professional development and training of teachers or other programs authorized under the federally recognized qualified zone academy bond program codified at 26 U.S.C. § 1397E [repealed], any school district of the State of Arkansas is authorized to borrow money and issue negotiable bonds for the repayment thereof from school funds.

(b)Subsection (a) of this section shall not prohibit the conversion of authorized bond issues to bonds bearing a lower rate of interest, subject to the approval of the Commissioner of Elementary and Secondary Education, upon such terms tha

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(a) For acquiring a building site, building or equipping a new school building, repairing, making additions to, or equipping a present school building, purchasing new or used school buses or refurbishing school buses, or the professional development and training of teachers or other programs authorized under the federally recognized qualified zone academy bond program codified at 26 U.S.C. § 1397E [repealed], any school district of the State of Arkansas is authorized to borrow money and issue negotiable bonds for the repayment thereof from school funds. (b) Subsection (a) of this section shall not prohibit the conversion of authorized bond issues to bonds bearing a lower rate of interest, subject to the approval of the Commissioner of Elementary and Secondary Education, upon such terms that the school district shall receive no less and pay no more in principal and interest combined than it would receive and pay in principal and interest combined if the bonds were not converted.

Arkansas § 6-20-1202 (Limitations of bonded indebtedness - Conversion of authorized bond issues) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Amended by Act 2021, No. 544,§ 43, eff. 7/28/2021. Acts 1947, No. 84, § 1; 1949, No. 161, § 1; 1961, No. 38, § 1; 1969, No. 158, § 1; 1975, No. 596, § 1; 1979, No. 460, § 1; 1981, No. 661, § 1; A.S.A. 1947, § 80-1102; Acts 1991, No. 405, § 2; 1993, No. 486, §§ 1, 2; 1995, No. 619, §§ 1, 2; 2001, No. 1214, § 1; 2001, No. 1220, § 16; 2006 (1st Ex. Sess.), No. 22, § 5; 2006 (1st Ex. Sess.), No. 23, § 5.