§ 14-120-107 - Cancellation of old bonds. - Arkansas Statutes

14-120-107. Cancellation of old bonds.

(a) All bonds taken up by any district by funding bonds or proceeds thereof shall be plainly marked "CANCELLED" and deposited by the secretary of the district with the county clerk if the district embraces only land in the county. If the district embraces lands in more than one (1) county, then the bonds shall be deposited with the clerk of the circuit court for the county or judicial division of the county in which is situated the largest part of the lands in the district.

(b) The secretary of the district shall file with the cancelled bonds his certificate showing the number, date, place of payment, and maturity of the cancelled funding bonds including the numbers of the interest coupons, and also the numbers, date, and place of payment of maturity of the new bonds issued for the funding.

(c) The cancelled bonds shall be carefully kept by the county clerk or circuit court clerk receiving them in his office and the certificate of the secretary of the district shall be recorded in the permanent record book in his office. For his services in filing the bonds and making the record, the clerk shall receive pay on the basis of ten cents (10cent(s)) per line for the record, to be paid by the district.