(a) Whenever all of the conditions required by this law have been met, the Commissioner of Education shall execute a certificate on each revolving loan bond or revolving loan certificate of indebtedness to the effect that the bond or certificate, and the issue of which it is a part, has been approved by the State Board of Education.
(b) Thereafter, each such revolving loan bond or revolving loan certificate of indebtedness shall be a negotiable instrument.
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