Oak Grove Consolidated School District No. 9 v. Fitzgerald

In 1937, the appellant school district obtained from the State Board of Education a loan in the sum of $14,800 from the Revolving Loan Fund. Prior to obtaining the loan the electors of the district voted a continuing levy of' 7 mills against the property in the district subject to the tax, pursuant to the provisions of § 11553, Pope’s Digest.

Such loans are made for various periods of time, but for not more than 20 years, and are “secured by a mortgage or deed of trust executed to the state of Arkansas, State Commissioner of Education, and his successors in office, as trustee, . . .” The…