Arkansas Code Title 6, Subtitle 2, Chapter 20, Subchapter 26 - Arkansas Public School Academic Facilities Financing Act of 2007

• § 6-20-2601 - Title.
  This subchapter shall be known and may be cited as the "Arkansas Public School Academic Facilities Financing Act of 2007".
• § 6-20-2602 - Definitions.
  As used in this subchapter: (1) "Bonds" means any bonds, notes, interim certificates, or other evidences of indebtedness; (2) "Commission" means the Commission for...
• § 6-20-2603 - Authority to Issue Bonds.
  (a) (1) (A) The Commission for Arkansas Public School Academic Facilities and Transportation is hereby authorized to issue bonds of the State of Arkansas...
• § 6-20-2604 - Terms and Characteristics of Bonds.
  (a) The bonds shall be issued in series in amounts sufficient to finance all or any part of public school academic facility project costs...
• § 6-20-2605 - Purpose of Bonds.
  Bonds issued under this subchapter shall be issued to finance on a temporary or permanent basis or to develop one (1) or more public...
• § 6-20-2606 - Resolutions and Trust Indentures.
  (a) The bonds shall be authorized by resolution of the Commission for Arkansas Public School Academic Facilities and Transportation.(b) Each resolution shall contain the...
• § 6-20-2607 - Form of Bond -- Signatures.
  (a) Each bond shall: (1) Be signed with the manual or facsimile signatures of the Governor, the members of the Commission for Arkansas Public...
• § 6-20-2608 - Sale of Bonds.
  (a) The bonds may be sold: (1) Either at public or private sale in a manner and upon such terms as the Commission for...
• § 6-20-2609 - Proceeds of Bonds.
  (a) The proceeds from the sale of the bonds shall be deposited by the recipient thereof, as received, into trust funds either established in...
• § 6-20-2610 - Full Faith and Credit of State Pledged to Repay Bonds.
  The bonds shall be the direct general obligations of the state for the payment of debt service on which the full faith and credit...
• § 6-20-2611 - Payment of Debt Service on the Bonds.
  (a) (1) On or before the commencement of each fiscal year, the Chief Fiscal Officer of the State shall determine the estimated amount required...
• § 6-20-2612 - Bonds Exempt From State, County, and Municipal Taxes.
  Bonds and the interest on the bonds issued under this subchapter are exempt from state, county, and municipal taxes, including income taxes, inheritance taxes,...
• § 6-20-2613 - Refunding Bonds.
  (a) (1) Bonds may be issued under this subchapter to refund any outstanding bonds issued under this subchapter. (2) Bonds issued under this section:...
• § 6-20-2614 - Additional Powers of the Commission.
  In addition to powers conferred under other laws, the Commission for Arkansas Public School Academic Facilities and Transportation may take appropriate action to carry...
• § 6-20-2615 - No Impairment of Bond Obligations.
  (a) This subchapter constitutes a contract between the state and the registered owners of all bonds issued under this subchapter.(b) The contract shall never...
• § 6-20-2616 - No Obligations Until Bonds Issued.
  This subchapter shall not create any right of any character unless the first series of bonds authorized by this subchapter has been sold and
• § 6-20-2617 - Election.
  (a) (1) (A) Bonds shall not be issued under this subchapter except with the consent of a majority of the qualified electors of the...
• § 6-20-2618 - Effect of Election.
  (a) If a majority of the qualified electors voting on the question vote for the issuance of the bonds, the Commission for Arkansas Public...
• § 6-20-2619 - No Waiver of Previous Authority to Issue Bonds.
  This subchapter shall not constitute a waiver of the authority to issue bonds under any other legislation authorizing the issuance of bonds for similar
• § 6-20-2620 - Severability.
  If, for any reason, any section or provision of this subchapter shall be held to be unconstitutional or invalid for any reason, such holding...
• § 6-20-2621 - Cases Involving Bonds.
  A case involving the validity of this subchapter or involving the bonds issued under this subchapter shall be deemed of public interest and shall...
• § 6-20-2622 - Construction of Subchapter.
  (a) This subchapter shall be liberally construed to accomplish its purposes. This subchapter shall constitute the sole authority necessary to accomplish the purposes hereof,...
• § 6-20-2623 - Issuance of Bonds.
  No bonds shall be issued under this subchapter before July 1, 2009.

Last modified: November 15, 2016