On the issuance of any bonds, the school district board of directors may provide by resolution, which shall be a contract with the holders of the bonds, that should there be a default in the payment of any installment of principal or interest when due, the first moneys coming to the school district from any source, other than the uniform rate of tax, shall be paid into the debt service fund and applied on past due principal or interest on the bonds until paid in full.
Ark. Code Ann. § 6-20-1212
Resolution setting priority in case of default
Acts 1931, No. 169, § 69; Pope's Dig., § 11502; A.S.A. 1947, § 80-1115; Acts 1997, No. 1300, § 19; 2011, No. 989, § 67.
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.