Ark. Code Ann. § 6-20-1216: Refunding bonds - Authority to use

(a) Any school district of Arkansas shall have the right, subject to procedural rules adopted by the Division of Elementary and Secondary Education, to refund its bonds outstanding at any time. Any division rule that would prevent or delay a school district from refunding outstanding bonds may be waived by the Commissioner of Elementary and Secondary Education or the commissioner's designee provided that the commissioner or the commissioner's designee determines that it is in the best interest of the school district to proceed with the refunding immediately.

(b) This shall include the right to refund any loan it may at any time have outstanding from the Revolving Loan Fund.