Authority to borrow money and issue negotiable bonds

  1. Law
  2. Arkansas Code
  3. Education
  4. Elementary and Secondary Education Generally
  5. Finances
  6. District Bonds
  7. Authority to borrow money and issue negotiable bonds

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A school district may borrow money and issue negotiable bonds to repay borrowed moneys from school funds for:

  1. (1) Building and equipping school buildings;

  2. (2) Making additions and repairs to school buildings;

  3. (3) Purchasing sites for school buildings;

  4. (4) Purchasing new or used school buses;

  5. (5) Refurbishing school buses;

  6. (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or other programs authorized under the federally recognized qualified zone academy bond program, 26 U.S.C. § 1397E [repealed];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. (7) Paying off outstanding postdated warrants, installment contracts, revolving loans, and lease-purchase agreements, as provided by law; and

  8. (8) In the case of a new school district created under § 6-13-1505:

    1. (A) Purchasing school buildings and other structures;

    2. (B) Purchasing new or used furniture, fixtures, and equipment;

    3. (C) Paying the costs of the allocation of assets to the new school district; and

    4. (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.


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