Arkansas Administrative Code
Agency 203 - Commission for Public School Academic Facilities and Transportation
Rule 203.00.08-001 - AFT 029: High-Growth School District Loan Program

a. In determining the amount of a district's bonded indebtedness incurred for academic facilities, the Division shall assume that all construction on academic and non-academic facilities was proportionate to each project.

3.07.1 A school district that has "raised the maximum expected millage" must have ten (10) or more debt service mills based on the most recent millage election prior to the April 15 applications submission deadline ( in the case of current year special elections) or prior calendar year final millage report ( in the absence of current year specially the elections). The final millage report will include rollback information. The determination of the required academic debt service mills for consolidated or annexed school district that does not have a unified millage rate will be calculated on a case by case basis.

3.07.2 " Revenue generated from the maximum expected millage" is calculated by multiplying the prior calendar year assessment data by ten (10) mills.

4.02.1 The high-growth school district has raised the maximum expected millage and the revenue generated from the maximum expected millage is less than the amount required to service the bonded indebtedness incurred for academic facilities and;

4.02.2 The school district has an approved project to meet the high growth need in the Academic Facilities Partnership program and;

4.02.3 The ADM of the school district in the present school year is at least 4% higher than the ADM of the school year that is two years prior to the present year, excluding growth resulting from annexation or consolidation and;

4.02.4 The total space available in the school district is less than the amount needed to accommodate the growth of students and;

4.02.5 Whether the high growth school district can restructure the delivery of education to use all available space without incurring additional debt.

4.06.1 The revenues generated by the maximum expected millage; and

4.06.2 The state revenue received by the high-growth school district under the Academic Facilities Partnership Program.

4.09.1 The revenue generated by the high-growth school district's millage up to the amount of the revenues generated from the maximum expected millage for the year; less

4.09.2 The revenue required to service the high-growth school district's bonded indebtedness for academic facilities.

4.09.3 The payments under Sections 4.08 and 4.09 of these rules shall continue until the loan is paid in full.

4.10.1 Shall use all revenues generated below the maximum expected millage to repay the loan;

4.10.2 Shall not issue refunding bonds or refunding certificates, as provided under Ark. Code Ann. § 6-20-815; and

4.10.3 Shall not otherwise change the amount of revenues available to repay the loan without the prior approval of the Department.

a. That the district meets the definition of a "high-growth school district" as contained in Section 3.04 of these rules;

b. That the space available in the high-growth school district is less than the amount needed to accommodate the high growth; and

c. Whether the high growth school district can restructure the delivery of education to use all available space without incurring additional debt.

4.13.1 Approve the application for the full amount of the proposed loan, approve the application for a loan of a lesser amount than the amount requested, or disapprove the application.