(a) Before any school district shall issue bonds for the purposes described in § 6-20-1201, the issue shall be approved by the State Board of Education.
(b) If the school district has done everything necessary to comply with the law to authorize it to sell bonds except securing the approval of the state board, and if the state board does not meet for thirty (30) days, then in its discretion, the state board shall have the authority to authorize the Commissioner of Education to approve the issue of bonds.
Structure Arkansas Code
Subtitle 2 - Elementary and Secondary Education Generally
Subchapter 12 - District Bonds
§ 6-20-1201. Authority to borrow money and issue negotiable bonds
§ 6-20-1202. Limitations of bonded indebtedness — Conversion of authorized bond issues
§ 6-20-1203. Bonds to comply with existing statutes
§ 6-20-1204. Form of bonds — Security
§ 6-20-1205. Submission of statement before issuing bonds — Approval
§ 6-20-1206. Manner and terms of sale — Maximum rate of interest
§ 6-20-1207. Delivery and payment in installments
§ 6-20-1208. Delivery of bonds upon payment in cash — Registration and recording
§ 6-20-1209. Debt service fund — Establishment and purpose
§ 6-20-1210. Debt service fund — Use
§ 6-20-1211. Tax records — Separate debt service fund records
§ 6-20-1212. Resolution setting priority in case of default
§ 6-20-1213. Duty to pay on maturity — Effect of failure
§ 6-20-1214. Obligations on district dissolution
§ 6-20-1215. Approval of bond issues
§ 6-20-1216. Refunding bonds — Authority to use
§ 6-20-1218. Refunding bonds — Maximum amounts — Conversion and sale
§ 6-20-1219. Record of bond issues
§ 6-20-1220. Refunding bonds — Issuance with election — Validation
§ 6-20-1222. Sale of school property securing deed of trust — Release of lien
§ 6-20-1223. Refunding bonds — Issuance without election
§ 6-20-1224. Payment in full — Endorsement and certificate
§ 6-20-1225. Certificates of indebtedness
§ 6-20-1226. Advancements for bond payments by county treasurer before settlement date
§ 6-20-1229. Issuance of second-lien commercial bonds — Definitions