Arkansas § 6-20-1205 Submission of statement before issuing bonds - Approval

Arkansas Statutes

§ 6-20-1205 — Submission of statement before issuing bonds - Approval

(a)When any school district board of directors desires to issue bonds for the purposes described in § 6-20-1201 , the school district board of directors:

(1)Shall furnish to the Commissioner of Elementary and Secondary Education a statement of the amount proposed to be borrowed and of the maturity of the indebtedness, a financial statement of the affairs of the school district, and a certificate from the county clerk showing the then-assessed valuation of the real, personal, and utility property in the school district; and (2) Shall not sell bonds until the issue is approved by the State Board of Education or by the commissioner, to be evidenced by a writing signed by the state board or the commissioner and bearing the seal of the state board.

(b)In addition to other reasons for disappr

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(a) When any school district board of directors desires to issue bonds for the purposes described in § 6-20-1201 , the school district board of directors: (1) Shall furnish to the Commissioner of Elementary and Secondary Education a statement of the amount proposed to be borrowed and of the maturity of the indebtedness, a financial statement of the affairs of the school district, and a certificate from the county clerk showing the then-assessed valuation of the real, personal, and utility property in the school district; and (2) Shall not sell bonds until the issue is approved by the State Board of Education or by the commissioner, to be evidenced by a writing signed by the state board or the commissioner and bearing the seal of the state board. (b) In addition to other reasons for disapproval of a bond issue provided under law or by rule, neither the state board nor the commissioner shall approve the sale of bonds for the purposes described in § 6-20-1201 if that sale would cause an increase in the millage levy without a vote of the electors of that school district. (c) The Division of Elementary and Secondary Education is authorized to adopt procedural rules to enforce the provisions of this section.

Arkansas § 6-20-1205 (Submission of statement before issuing bonds - Approval) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Amended by Act 2019, No. 315,§ 286, eff. 7/24/2019. Amended by Act 2019, No. 910,§ 1619, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 1618, eff. 7/1/2019. Acts 1931, No. 169, § 62; Pope's Dig. § 11495; A.S.A. 1947, § 80-1105; Acts 1997, No. 1300, § 18; 1999, No. 1046, § 1; 1999, No. 1549, § 22; 2001, No. 1220, § 17; 2003 (2nd Ex. Sess.), No. 28, § 3; 2003 (2nd Ex. Sess.), No. 105, § 4; 2005, No. 2121, § 14.