(c)

1. (1) The commission shall determine the amount of bonded debt assistance for each eligible school district no later than July 15 of each year.

2. (2) Bonded debt assistance shall be payable to each eligible school district in two (2) installments:

   1. (A) The first bonded debt assistance installment shall be paid by August 1 of each year; and
   2. (B) The second bonded debt assistance installment shall be paid by February 1 of each year.

(e) For tracking purposes, each eligible school district receiving bonded debt assistance shall account for the funds:

1. (1) Received as restricted funds; and

2. (2) In accordance with provisions of law, including without limitation:

   1. (A) The Arkansas Educational Financial Accounting and Reporting Act of 2004, Arkansas Code § 6-20-2201 et seq.; and
   2. (B) Any other rules established by this commission.

(f)

1. (1) School districts are not prohibited from refunding bonds that were issued and outstanding as of January 1, 2005.

2. (2) Provided a school district qualifies for bonded debt assistance:

   1. (A) The amount of bonded debt assistance shall not be reduced or altered as a result of refunding the bonds that were issued and outstanding as of January 1, 2005; and
   2. (B) The bonded debt assistance will continue after the refunding based on the principal and interest payment schedule in effect and on file with the Division of Elementary and Secondary Education on January 1, 2005.

(g)

1. (1) Nothing in this part shall be construed to prevent the annual adjustment of bonded debt assistance in accordance with:

   1. (A) Annual variations in the state wealth index; and
   2. (B) The school district’s principal and interest payment schedule in effect and on file with the Division of Elementary and Secondary Education on January 1, 2005.
2. (2) The state shall not assume any debt of a school district or incur any obligation with regard to a school district’s bonded indebtedness by providing the bonded debt assistance described in this part.
3. (3) Any school district receiving bonded debt assistance under this section is and will remain independently liable for all outstanding indebtedness.