§ 6-20-404 - Issuance of warrants to pay school bonds -- Description of indebtedness. - Arkansas Statutes

6-20-404. Issuance of warrants to pay school bonds -- Description of indebtedness.

(a) All maturities of principal and interest of school bonds shall be paid by issuing warrants against the funds authorized by law for paying bonded indebtedness.

(b) A description of the bonded debt that is being paid shall be written on the face of each warrant issued for this purpose. The description shall be as follows:

(1) Number and date of issue of each bond that is being paid; and

(2) Number and maturity date of each interest coupon and the number and date of each bond from which each interest coupon will be detached when paid.

(c) Warrants issued for the purpose of paying school bonded indebtedness that do not carry the description of such indebtedness as named in subsection (b) of this section are void.

(d) It shall be the duty of the county treasurer, or district treasurer if the school district has its own treasurer, to record in a book the description of the bonded indebtedness that is being paid by each warrant before he or she cashes it.

(e) The county treasurer, or district treasurer if the school district has its own treasurer, and his or her bondsmen shall be liable for the amount of warrants cashed that were issued directly or indirectly in payment of principal or interest of school bonds which do not carry the description as required by this section and which were not recorded as required in subsection (d) of this section.