Arkansas Code Title 6, Subtitle 2, Chapter 20, Subchapter 8 - Revolving Loan Program -- General Provisions

• § 6-20-801 - Continuance of Revolving Loan Fund.
  (a) The fund in the State Treasury known as the Revolving Loan Fund shall continue, under the exclusive jurisdiction of the State Board of...
• § 6-20-802 - Purposes of Loan.
  Subject to the conditions and limitations contained in this subchapter, any school district may borrow and the State Board of Education may lend moneys...
• § 6-20-803 - Loans to Local School Districts.
  (a) The maximum amount of money a local school district may borrow from the Revolving Loan Fund shall be five hundred thousand dollars ($500,000).(b)...
• § 6-20-804 - Application for Loan.
  (a) (1) The board of directors of any school district desiring to borrow money from the Revolving Loan Fund, acting through its chair or...
• § 6-20-805 - Approval, Partial Approval, or Disapproval of Loans.
  (a) (1) Within a reasonable time after its receipt, each application shall be examined by the Commissioner of Education as to accuracy with respect...
• § 6-20-806 - Revolving Loan Bonds and Certificates of Indebtedness.
  (a) (1) Each such loan that is to be amortized or paid in full, both principal and interest, within or at the end of...
• § 6-20-807 - Pledge to Secure Payment of Obligation.
  (a) For the purpose of fully securing revolving loan bonds or revolving loan certificates of indebtedness, the issuing school district may pledge any one...
• § 6-20-808 - Pledge of Ad Valorem Tax Levy -- Duty of County Officers.
  (a) (1) In each instance in which a loan from the Revolving Loan Fund is to be secured in whole or in part from...
• § 6-20-809 - Loans Secured by District Sources Other Than Ad Valorem Tax Levy.
  (a) In each instance in which a loan from the Revolving Loan Fund is to be secured in whole by funds derived from sources...
• § 6-20-810 - Certificate of Approval -- Instrument Negotiable.
  (a) Whenever all of the conditions required by this law have been met, the Commissioner of Education shall execute a certificate on each revolving...
• § 6-20-811 - Delivery of Obligations -- Drawing and Receipt of Warrant -- Use of Funds.
  (a) All such obligations shall be delivered to the State Board of Education, and coincident therewith the Commissioner of Education shall cause a state...
• § 6-20-812 - Interest and Payments of Principal Deposited in State Treasury.
  (a) Subject to the provisions of subsection (b) of this section, all interest received on securities held in the Revolving Loan Fund shall be...
• § 6-20-813 - Principal and Interest Charge Against Revenues of School District.
  Principal and interest maturities of obligations issued under the provisions of this subchapter shall be a charge against the revenues of the school district...
• § 6-20-814 - Default or Threatened Default.
  (a) In the event of a default or threatened default in the payment of the principal of or interest on any revolving loan bonds...
• § 6-20-815 - Refunding Obligations.
  (a) In order that the Revolving Loan Program may be kept on a sound financial basis, school districts having heretofore issued revolving loan bonds...
• § 6-20-816 - Fees Prohibited.
  (a) No fees of any nature, fiscal agent's, legal, or otherwise, shall be paid either directly or indirectly for any service performed with respect...
• § 6-20-817 - Prior Loans Validated.
  All outstanding loans evidenced by revolving loan bonds and certificates of indebtedness made under the provisions of the laws or parts of laws repealed...
• § 6-20-818 - Loans to Education Service Cooperatives.
  (a) Subject to the conditions and limitations of this section, any education service cooperative established under The Education Service Cooperative Act of 1985, §...

Last modified: November 15, 2016