(a)(1) The board of directors of any school district desiring to borrow money from the Revolving Loan Fund, acting through its chair or president, and secretary, shall file a formal application with the State Board of Education.(2) The application shall contain the following information: (A) The name, number, and location of the school district;(B) The date and place of the meeting of the board of directors at which action was taken authorizing its chair or president, and secretary to make formal application for a loan;(C) The purpose for which the proceeds of the loan would be used;(D) The amount of the assessed valuation of both real and personal property within its boundaries for the then-current year;(E) The estimated amount that it proposes to borrow, together with supporting evidence upon which the estimate is based;(F) A detailed description of its valid outstanding debt, both funded and unfunded, itemizing the respective amounts thereof, and a statement setting forth the security, if any, pledged to the payment of each classification of the debt;(G) The method that it proposes to adopt to secure, and to amortize, any proposed borrowing from the fund; and(H) Such additional ty, if any, pledged to the payment of each classification of the debt;(G) The method that it proposes to adopt to secure, and to amortize, any proposed borrowing from the fund; and(H) Such additional information as may be required by the state board.(b) Each application shall be executed in duplicate, the original to be filed with the state board and one (1) copy to be retained in the files of the school district.Acts 1953, No. 384, § 4; A.S.A. 1947, § 80-944; Acts 2005, No. 2121, § 13.
Arkansas Legal Code