§ 6-20-1205 - Submission of statement prior to issuing bonds -- Approval. - Arkansas Statutes

6-20-1205. Submission of statement prior to issuing bonds -- Approval.

(a) When any school district board of directors desires to issue bonds for the purposes described in 6-20-1201, the school district board of directors:

(1) Shall furnish to the Commissioner of Education a statement of the amount proposed to be borrowed and of the maturity of the indebtedness, a financial statement of the affairs of the school district, and a certificate from the county clerk showing the then-assessed valuation of the real, personal, and utility property in the school district; and

(2) Shall not sell bonds until the issue is approved by the State Board of Education or by the commissioner, to be evidenced by a writing signed by the state board or the commissioner and bearing the seal of the state board.

(b) In addition to other reasons for disapproval of a bond issue provided under law or by regulation, neither the state board nor the commissioner shall approve the sale of bonds for the purposes described in 6-20-1201 if that sale would cause an increase in the millage levy without a vote of the electors of that school district.

(c) The Department of Education is authorized to adopt procedural rules and regulations to enforce the provisions of this section.