Skip to main content
Find a Lawyer

Arkansas Code Title 6. Education § 6-20-1205. Submission of statement prior to issuing bonds--Approval

Current as of March 28, 2024 | Updated by Findlaw Staff

(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 and of the maturity of the indebtedness, a financial statement of the affairs of the school district, and a certificate from the county clerk showing the then-assessed valuation of the real, personal, and utility property in the school district; and

(2) Shall not sell bonds until the issue is approved by the State Board of Education or by the commissioner, to be evidenced by a writing signed by the state board or the commissioner and bearing the seal of the state board.

(b) In addition to other reasons for disapproval of a bond issue provided under law or by rule, neither the state board nor the commissioner shall approve the sale of bonds for the purposes described in § 6-20-1201 if that sale would cause an increase in the millage levy without a vote of the electors of that school district.

(c) The Division of Elementary and Secondary Education is authorized to adopt procedural rules to enforce the provisions of this section.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Arkansas Code Title 6. Education § 6-20-1205. Submission of statement prior to issuing bonds--Approval - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-6-education/ar-code-sect-6-20-1205/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard