Title 6, Education

The State Board of Education is authorized to engage and pay professional, technical, and other help it shall determine to be necessary or desirable in assisting it to carry out effectively the authorities, functions, powers, and duties conferred and imposed upon it by this subch…

The State Board of Education is authorized to issue bonds from time to time, as described hereinafter, and to use the proceeds thereof, together with other available funds, for the purpose of financing the operation of the Revolving Loan Program, as administered by the state boar…

The total principal amount of the bonds outstanding at any time shall not exceed fifteen million dollars ($15,000,000).

(a) The bonds shall be authorized by resolution of the State Board of Education. (b) The bonds may be coupon bonds, payable to bearer, or may be registered as to principal only or as to principal and interest, and may be made exchangeable for bonds of another denomination, may be…

The bonds may be issued at one (1) time or from time to time, and each bond shall bear the designation “Arkansas State Board of Education Consolidated Revolving Loan Bond” and an appropriate designation of the issue or series of which it is a part.

(a) The bonds shall be sold at public sale on sealed bids. (b) (1) Notice of the sale shall be published one (1) time a week for at least two (2) consecutive weeks in a newspaper published in the City of Little Rock and having a general circulation throughout the State of Arkansa…

(a) The bonds shall be executed by the Chair of the State Board of Education and the Secretary of the State Board of Education. (b) The coupons attached to the bonds shall be executed by the facsimile signature of the chair. (c) In case any of the officers whose signatures appear…

(a) The proceeds of the sale of the bonds of any issue or series shall be deposited into the State Board Certificate Revolving Loan Account created pursuant to § 6-20-907. (b) The proceeds shall not be deposited into the Revolving Loan Fund, and none of the pledged obligations id…

(a) (1) The bonds shall be special obligations of the State Board of Education only, secured as provided herein.(2) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this subchapter, that in no event does it constitute an indebted…

(a) All outstanding revolving loan bonds and revolving loan certificates of indebtedness issued by school districts and acquired by the State Board of Education pursuant to § 6-20-801 et seq. are found and declared to be valid and to evidence obligations of the school districts b…

Bonds issued under the provisions of this subchapter, and the interest thereon, shall be exempt from all state, county, and municipal taxes, and the exemption shall include income, inheritance, and estate taxes.

The board of trustees of any retirement system now existing or hereafter created by the General Assembly may, in its discretion, invest its funds in bonds issued under this subchapter.

(a) Bonds may be issued for the purpose of refunding any bonds issued under this subchapter and for the refunding of any state board certificates issued by the State Board of Education. (b) Refunding bonds may either be sold or delivered in exchange for the bonds being refunded. …

This subchapter shall not create any right, and no right shall arise under it, until the initial issue or series of bonds authorized by this subchapter shall have been sold and delivered by the State Board of Education.

(a) The Treasurer of State shall, upon written request of the Commissioner of Elementary and Secondary Education, acting on authority of the State Board of Education, purchase from the state board, at par, plus any accrued interest, revolving loan bonds or revolving loan certific…

(a) A school district may initiate a minimum of a one-half (½) time guidance program and receive a pro rata share of the regular state aid for a counselor who has completed six (6) semester hours in guidance and counseling. (b) Aid for additional years will be continued provided …

(a) (1) The Chief Fiscal Officer of the State, the Treasurer of State, and the Auditor of State shall establish an electronic warrants transfer system to distribute certain funds directly to an account in a financial institution, as designated by the public school district's trea…

(a) (1) As used in this section, “juvenile detention facility” means any facility operated by a political subdivision of the state for the temporary care of juveniles alleged to be delinquent, or adjudicated delinquent, who require secure custody in a physically restricting facil…

(a) As used in this section, “juvenile” means a person who is eighteen (18) years of age or younger. (b) (1) The Division of Elementary and Secondary Education, a public school district, or an open-enrollment public charter school shall not be liable for any educational costs or …

(1) A school district may borrow money and issue negotiable bonds to repay borrowed moneys from school funds for:(1) Building and equipping school buildings;(2) Making additions and repairs to school buildings;(3) Purchasing sites for school buildings;(4) Purchasing new or used s…

(a) For acquiring a building site, building or equipping a new school building, repairing, making additions to, or equipping a present school building, purchasing new or used school buses or refurbishing school buses, or the professional development and training of teachers or ot…

All bonds authorized to be issued under this statute shall be issued in full compliance with all of the laws governing the issuance of school bonds in effect at the time of their issuance.

(a) School bonds shall be issued by a school district in the form prescribed by the school district's board of directors. (b) School bonds may be secured by debt service millage. (c) (1) As additional security for the payment of any bond of a school district, the Commissioner of …

(a) When any school district board of directors desires to issue bonds for the purposes described in § 6-20-1201, the school district board of directors:(1) Shall furnish to the Commissioner of Elementary and Secondary Education a statement of the amount proposed to be borrowed a…

(a) (1) All school bonds shall be sold to the highest bidder at public sale.(2) (A) (i) Advertisement of a bond sale under this section shall be published on at least two (2) separate dates in a newspaper that is published in or has a bona fide circulation in the county in which …

Bonds may be sold to be delivered and paid for in installments estimated to be as funds will be needed by the school district; but if sold on such terms, they shall be plainly stated in the advertisement of the sale, so that all bidders may bid on equal terms.

(a) All school bonds sold shall be sold only for cash on the delivery of the bonds. (b) The delivery of the bonds to the purchaser and the payment of the full amount of cash to the credit of the school district to the order of the county treasurer, or school district treasurer if…

All school districts in Arkansas proceeding under this act to borrow money and issue bonds, in addition to other security herein authorized, may and are authorized to establish a debt service fund in an amount sufficient to pay the maturities of bond principal and interest, as th…

(a) The debt service fund shall not be used for any other purpose in any year than to pay the bonds and interest thereon maturing that year and any that may be past due, until the maturities are paid in full or until the funds are set aside to pay the full amount of the bonds; pr…

(a) In showing school taxes on the tax books, it shall not be necessary to show separate amounts for the debt service fund or any other fund that may be created by the school district board of directors, but there shall be one (1) amount extended on the tax books showing the tota…

On the issuance of any bonds, the school district board of directors may provide by resolution, which shall be a contract with the holders of the bonds, that should there be a default in the payment of any installment of principal or interest when due, the first moneys coming to …

(a) The school district board of directors and the secretary of the board shall see to it that sufficient funds to meet each maturity of principal and interest of all bonds of their school district are in the place of payment not later than the day before the date of maturity. (b…

(a) Dissolution of any school district shall not of itself mature any outstanding bonds or other unmatured obligations of the school district, but the school district to which the territory of the dissolved school district is added shall be liable for the bonds and for the levyin…

(a) Before any school district shall issue bonds for the purposes described in § 6-20-1201, the issue shall be approved by the State Board of Education. (b) If the school district has done everything necessary to comply with the law to authorize it to sell bonds except securing t…

(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 outstan…

(a) When the refunding bonds are issued to be exchanged for outstanding bonds, it shall not be necessary to advertise them for sale, but they may be executed and delivered to the Division of Elementary and Secondary Education, and the Commissioner of Elementary and Secondary Educ…

In a book prepared for that purpose, the county treasurer, or school district treasurer if the school district has its own treasurer, shall keep in his or her office a full and complete record of all bond issues outstanding at the present time or to be issued hereafter showing th…

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 …

(a) When any school district of Arkansas desires to abandon any property for school purposes and to sell and convey the property and use the proceeds for either repairs or new construction of buildings for school purposes of the school district, the trustee of the deed of trust s…

(a) School districts of this state may issue refunding bonds without the necessity of submitting the question of issuing the refunding bonds to a vote of the electors of the school district and without the approval of the State Board of Education provided that:(1) The last maturi…

When any school district of Arkansas has paid in full all the bonds of any issue secured by an executed deed of trust with a nonresident trustee or with a trustee who since his or her appointment has become unable to serve, it shall be permitted through the school district's secr…

(a) A school district of Arkansas filing a petition in United States District Court for the composition of its bonded indebtedness and having more than five (5) years' past due interest on bonds being purchased at a discount, in order to facilitate such purchase, shall have the r…

In all school districts of the State of Arkansas that have voted a bond issue that calls for the payment of interest and principal before the date of settlement by the county treasurer with the school district of funds collected under a levy made by the school district for the pu…

(a) (1) Any school district of this state is authorized to sell bonds in an amount not to exceed an amount equal to the principal amount of the bonds refunded as originally issued for the purposes of refunding all or any part of its bonded indebtedness outstanding at the time of …

(a) As used in this section:(1) “Issue”, “issuance”, or some variety thereof means the date upon which a second-lien bond is actually sold; and(2) “Second-lien bond” means a commercial bond issued under the authority set forth in § 26-80-106. (1) “Issue”, “issuance”, or some vari…

The Commission for Arkansas Public School Academic Facilities and Transportation may make rules consistent with this subchapter that the commission determines are necessary to accomplish the purposes of this subchapter.