The purposes of this memorandum are to distribute a copy of the Proposed Revisions to the Rules and Regulations Governing Loans and Bond Applications and to provide notice of the public hearing on these revised regulations. Senate Bill 603 became Act 1220 of 2001 and will be effective July 1, 2001. In part, the Act amended the process of issuing second lien bonds; authorized the withholding of state aid to cure any delinquencies in paying installment contracts and lease-purchase agreements; and increased the maximum maturity of revolving loans to ten (10) years. House Bill 2240 became Act 1214 of 2001 and became effective as law on March 30, 2001 with the Governor's signature. This Act allows districts to increase total indebtedness to thirty-five percent (35%) under defined circumstances.
The implementation of these statutory changes will be reflected in the
Proposed Revisions to the Rules and Regulations Governing Loans and Bond Applications.
The public hearing is scheduled for:
June 7, 2001
2:00 - 2:30 p.m.
Arkansas Department of Education
Room 201-A
#4 Capitol Mall
Little Rock, AR 72201
Written comments will be taken until 5:00 p.m. on June 25, 2001. Written comments should be addressed to:
Cindy Chaney, Program Manager
Public School Finance
#4 Capitol Mall, Rm. 202-A
Little Rock, AR 72201
Attached are the Proposed Revised Rules and Regulations. For additional information, please call Cindy Chaney at 501/682-4494.