The District’s taxing authority is established by Constitutional Amendment No. 40 which amended Article 14, Section 3 of the Constitution of the State of Arkansas, and by statutes enacted by the General Assembly. The Board is permitted to borrow money in anticipation of collection of taxes in order to provide funds for operating. The Board may issue negotiable bonds up to an amount not exceeding eighteen percent (18%) of the sum of the assessed valuation of real and personal property in the District. In special circumstances, the Board may be granted authority by the State Board of Education to increase that amount but not in excess of twenty-one percent (21%).
Legal References: School Laws of Arkansas 6-13-620;6-20-803; 6-20-401—402; 6-20-1201—1202
Manual Adoption: 2/8/00