Refunding bonds issued by any school district of the State of Arkansas, when authorized at any general or special school election by a vote of the electors of the school district for a continuing debt service fund to retire refunding bonds, shall be the valid, legal, and binding obligations of the school district provided that the issuance of the refunding bonds is approved by the State Board of Education or the Commissioner of Education before the issuance of the refunding 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