(a) The proceeds of the sale of the bonds of any issue or series shall be deposited into the State Board Certificate Revolving Loan Account created pursuant to § 6-20-907.
(b) The proceeds shall not be deposited into the Revolving Loan Fund, and none of the pledged obligations identified in § 6-20-1011 shall be held by the Treasurer of State or be considered to have been purchased or to be owned by the State Board of Education for any purpose of Acts 1963, No. 443, as amended.
Structure Arkansas Code
Subtitle 2 - Elementary and Secondary Education Generally
Subchapter 10 - Revolving Loan Program — Alternative State Financing
§ 6-20-1003. Authority to engage and pay for professional help
§ 6-20-1004. Authority to issue bonds
§ 6-20-1005. Maximum amount of bonds
§ 6-20-1006. Authorizing resolution — Nature and contents of bonds
§ 6-20-1007. Issuance and designation of bonds
§ 6-20-1008. Sale and award of bonds
§ 6-20-1009. Execution of bonds — Signatures
§ 6-20-1010. Deposit of proceeds
§ 6-20-1012. Validation of bonds and certificates
§ 6-20-1014. Investment of retirement system funds
§ 6-20-1016. Prohibition on creation of rights
§ 6-20-1017. Purchase of bonds and certificates by Treasurer of State