(a)

1. (1) School districts that call mandatory callable bonds or other commercial bonds must report such calls to the State Funding/Loans and Bonds Unit of the Department of Education prior to April 30 of each fiscal year.
2. (2) The notification must include the call date, series, face amount, and price paid for the called bonds.

(b) For a school district to qualify for state financial assistance under Arkansas Code § 6-20-2503, the school district must submit to the Division of Public School Academic Facilities and Transportation, prior to the date the refunding bonds are sold at public sale, a certification that the yearly debt service savings resulting from the refinancing will be used for the:

1. (1) New construction of, capital repairs to, or renovation of academic facilities; or
2. (2) Purchase of academic equipment.