Because of consolidations of school districts and for other reasons, the debt service millage voted by a school district for the payment of its outstanding indebtedness frequently provided a substantial surplus over the amount of the annual principal and interest requirements. This surplus may be used by the district for the purpose of paying the principal and interest of subsequent indebtedness incurred by it and may be pledged for that purpose or any other school purpose, provided that the district is in compliance with the uniform rate of tax.
Ark. Code Ann. § 26-80-106
Use of surplus for other purposes
Applied in 1 court decision — leading case City of Fayetteville v. Fayetteville School District No. 1 (2013)
Most recently applied in City of Fayetteville v. Fayetteville School District No. 1 (February 2013)
Acts 1951, No. 403, § 7; A.S.A. 1947, § 80-607; Acts 1997, No. 1300, § 11.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.