Arkansas § 6-20-905 - Collateral.
Full text of Arkansas Arkansas Code of 1987 Annotated § 6-20-905 — Collateral., with citation guidance and answers to common questions.
§ 6-20-905. Collateral.
The State Board of Education shall purchase out of the Revolving Certificate Proceeds Account and shall set aside as collateral revolving loan bonds of school districts that bear the same or greater rates of interest and, in the aggregate, equal the principal amount of the certificates with the end in view of ensuring the availability at all times of collateral that will produce sufficient funds to meet interest and principal payments on the certificates as they become due. The collateral shall either be delivered to the holder of the certificate to which applicable or held as a separate fund for the benefit of the holder. The collateral must mature at such times as will permit the principal of the certificates to be paid as it becomes due. The interest and principal payments received on the collateral shall be applied to the payment of the interest on and principal of the certificate to which it is pledged. The delivery or setting aside of the collateral as provided in this subchapter shall constitute a valid and perfected pledge thereof without more, notwithstanding the provisions of any other law pertaining to pledges and their perfecting which, but for the provisions hereof, would be applicable.
Frequently Asked Questions About Arkansas § 6-20-905
What does Arkansas Code of 1987 Annotated § 6-20-905 cover?
Section 6-20-905 ("Collateral.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 6-20-905?
A common citation format is "Arkansas Code of 1987 Annotated § 6-20-905" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 6-20-905 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.