Arkansas § 6-20-1201 - Authority to borrow money and issue negotiable bonds.

§ 6-20-1201. Authority to borrow money and issue negotiable bonds.

A school district may borrow money and issue negotiable bonds to repay borrowed moneys from school funds for: Building and equipping school buildings; Making additions and repairs to school buildings; Purchasing sites for school buildings; Purchasing new or used school buses; Refurbishing school buses; Providing professional development and training of teachers or other programs authorized under the federally recognized qualified zone academy bond program, 26 U.S.C. § 1397E [repealed]; Paying off outstanding postdated warrants, installment contracts, revolving loans, and lease-purchase agreements, as provided by law; and In the case of a new school district created under § 6-13-1505: Purchasing school buildings and other structures; Purchasing new or used furniture, fixtures, and equipment; Paying the costs of the allocation of assets to the new school district; and Paying or retiring the outstanding indebtedness of the original school district that the new school district has become responsible for under § 6-13-1505.