Ark. Code Ann. § 6-20-1220: Refunding bonds - Issuance with election - Validation

Refunding bonds issued by any school district of the State of Arkansas, when authorized at any general or special school election by a vote of the electors of the school district for a continuing debt service fund to retire refunding bonds, shall be the valid, legal, and binding obligations of the school district provided that the issuance of the refunding bonds is approved by the State Board of Education or the Commissioner of Elementary and Secondary Education before the issuance of the refunding bonds.