(a) Subject to the provisions of subsection (b) of this section, all interest received on securities held in the Revolving Loan Fund shall be deposited into the State Treasury and credited to the Permanent School Revolving Loan Fund.
(b) In the event of the sale of any school district obligations pursuant to § 6-20-811, all principal and interest payments on such school district obligations shall be regarded and treated as cash funds and shall not be deposited into the State Treasury, but shall be deposited into a bank or banks approved by the Commissioner of Education.
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