(a) The fund in the State Treasury known as the “Revolving Loan Fund” shall continue, under the exclusive jurisdiction of the State Board of Education, as the lending fund for the Public School Fund.
(b) All unencumbered assets, both cash and securities, in the Revolving Loan Fund shall remain inviolate and intact as though in the Public School Fund and shall be held by the Treasurer of State, as custodian, subject, however, to its administration by the state board for the purposes provided in this subchapter.
(c) All earnings received on the investment of assets held in the Revolving Loan Fund shall be used for the following purposes, and in the following order of priority:
(1) To pay expenses of the operation of the revolving loan program administered by the state board and the Division of Elementary and Secondary Education; and
(2) To fund revolving loans made pursuant to § 6-20-802 or any like or successor law.
Structure Arkansas Code
Subtitle 2 - Elementary and Secondary Education Generally
Subchapter 8 - Revolving Loan Program — General Provisions
§ 6-20-801. Continuance of Revolving Loan Fund
§ 6-20-803. Loans to local school districts
§ 6-20-804. Application for loan
§ 6-20-805. Approval, partial approval, or disapproval of loans
§ 6-20-806. Revolving loan bonds and certificates of indebtedness
§ 6-20-807. Pledge to secure payment of obligation
§ 6-20-808. Pledge of ad valorem tax levy — Duty of county officers
§ 6-20-809. Loans secured by district sources other than ad valorem tax levy
§ 6-20-810. Certificate of approval — Instrument negotiable
§ 6-20-811. Delivery of obligations — Drawing and receipt of warrant — Use of funds
§ 6-20-812. Interest and payments of principal deposited into State Treasury
§ 6-20-813. Principal and interest charge against revenues of school district
§ 6-20-814. Default or threatened default
§ 6-20-815. Refunding obligations