2019 Arkansas Code
Title 6 - Education
Subtitle 2 - Elementary and Secondary Education Generally
Chapter 20 - Finances
Subchapter 12 - District Bonds
§ 6-20-1201. Authority to Borrow Money and Issue Negotiable Bonds
- 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 school buses;
(5) Refurbishing school buses;
(6) Providing professional development and training of teachers or other programs authorized under the federally recognized qualified zone academy bond program, 26 U.S.C. § 1397E [repealed];
(7) Paying off outstanding postdated warrants, installment contracts, revolving loans, and lease-purchase agreements, as provided by law; and
(8) In the case of a new school district created under § 6-13-1505:
(A) Purchasing school buildings and other structures;
(B) Purchasing new or used furniture, fixtures, and equipment;
(C) Paying the costs of the allocation of assets to the new school district; and
(D) Paying or retiring the outstanding indebtedness of the original school district that the new school district has become responsible for under § 6-13-1505.
