There is a newer version of the Arkansas Code
2010 Arkansas Code
Title 6 - Education
Subtitle 2 - Elementary And Secondary Education Generally
Chapter 20 - Finances
Subchapter 12 - District Bonds
§ 6-20-1212 - Resolution setting priority in case of default.
6-20-1212. Resolution setting priority in case of default.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 the school district from any source, other than the uniform rate of tax, shall be paid into the building fund and applied on past due principal or interest on the bonds until paid in full.
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