§ 6-20-1012 - Validation of bonds and certificates. - Arkansas Statutes

6-20-1012. Validation of bonds and certificates.

(a) All outstanding revolving loan bonds and revolving loan certificates of indebtedness issued by school districts and acquired by the State Board of Education pursuant to 6-20-801 et seq. are found and declared to be valid and to evidence obligations of the school districts by which they are issued, according to their terms, and are validated, ratified, and confirmed.

(b) (1) There shall be delivered to the state board, in connection with the acquisition of all revolving loan bonds and certificates of indebtedness, a copy of the resolution of the board of directors of the issuing school district authorizing such obligations, together with a certificate, executed by the president and secretary of the board of directors of the issuing school district, certifying that the action necessary for the valid authorization and issuance of such obligations has been taken, setting forth a description of such action, and, in the case of such obligations secured in whole or in part by a pledge of collections of an ad valorem tax, accompanied by a certificate executed by the county clerk or county clerks of the county or counties in which the issuing school district is located certifying that such tax has been or will be extended for collection and setting out the year in which such collection commenced or will commence.

(2) Upon the delivery to the state board of such resolution and certificate, such obligations covered thereby shall be conclusively deemed to be valid, and the validity of such obligations shall not thereafter be subject to challenge on any ground.

(3) The state board may prescribe the form of the resolution and certificate provided for in this subsection (b).