Arkansas Code Title 6, Subtitle 2, Chapter 20, Subchapter 9 - Revolving Loan Program -- State Board of Education Certificates

• § 6-20-901 - Construction and Implementation of Subchapter.
  (a) This subchapter shall be construed liberally.(b) In this regard, it is determined and declared that this subchapter is the sole authority necessary for...
• § 6-20-902 - Certificates Generally.
  (a) In order to obtain funds needed for the proper operation of its Revolving Loan Program, the State Board of Education is authorized to...
• § 6-20-903 - Execution and Validity of Certificates.
  (a) The certificates shall be executed by the manual signatures of the chair and secretary of the State Board of Education.(b) In case any...
• § 6-20-904 - Obligations -- Security -- Payment.
  (a) The certificates shall be obligations of the State Board of Education only, secured by a pledge of the collateral and payable from the...
• § 6-20-905 - Collateral.
  (a) The State Board of Education shall purchase out of the Revolving Certificate Proceeds Account and shall set aside as collateral revolving loan bonds...
• § 6-20-906 - Authority to Purchase Certificates.
  (a) The Board of Trustees of the Arkansas Teacher Retirement System, hereinafter called Teacher Retirement Board, is authorized to purchase certificates issued under this...
• § 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...
• § 6-20-908 - Tax Exemptions -- Exception.
  The principal of and interest on certificates issued under the authority of this subchapter shall be exempt from all state, county, and municipal taxes;...

Last modified: November 15, 2016