Arkansas Code
Subchapter 12 - District Bonds
§ 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 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.

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