(a) Any school district of Arkansas shall have the right, subject to procedural rules adopted by the Division of Elementary and Secondary Education, to refund its bonds outstanding at any time. Any division rule that would prevent or delay a school district from refunding outstanding bonds may be waived by the Commissioner of Elementary and Secondary Education or the commissioner’s designee provided that the commissioner or the commissioner’s designee determines that it is in the best interest of the school district to proceed with the refunding immediately.
(b) This shall include the right to refund any loan it may at any time have outstanding from the Revolving Loan Fund.
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