AR HB1602

Amends Arkansas Code § 6-13-1505 to clarify procedures for creating new school districts through detachment, including requirements for asset allocation, liability assumption, and court approval in desegregation cases.

New school districts created by detachment must petition courts having jurisdiction over desegregation plans to obtain court orders ensuring compliance before transferring assets, territory, property, or liabilities.

Establishes methods for determining fair allocation of assets and indebtedness between original and new school districts, including third-party appraisals, student population ratios, assessed property values, and debt incurred for properties within new district boundaries.

Allows new school districts to use multiple financing methods including borrowing from original districts, lease-purchase agreements, bonds, or loans from private or governmental lenders to meet payment obligations for allocated assets and assumed indebtedness.

Amends Arkansas Code § 6-20-1201 to authorize new school districts created under detachment to issue bonds for purchasing buildings, furniture, equipment, paying asset allocation costs, and retiring outstanding indebtedness of the original district.