(a)

1. (1) Revolving loans may be refunded or paid in full without penalty on any scheduled interest payment date.
2. (2) The district or education service cooperative is required to submit written notification to the State Funding/Loans and Bonds Unit of the Department of Education regarding its intent to prepay an outstanding revolving loan.
3. (3) The notice of intent to prepay must be received by the unit at least thirty-two (32) days prior to the scheduled payoff date.
4. (4) If a district or education service cooperative chooses to refund or pay off a revolving loan on a date other than an interest payment date, it will be required to pay the total interest accrued to the next scheduled payment date.

(b) During the time that a high-growth loan is in repayment, the high-growth loan school district shall:

1. (1) Not issue revolving loan refunding bonds or revolving loan refunding certificates of existing revolving loan bonds or revolving loan certificates, as provided under Arkansas Code § 6-20-815; and
2. (2) Comply with Arkansas Code § 6-20-2511(d)(3).