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14-142-220. Refunding bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-142-220. Refunding bonds.
(a) Bonds may be issued under this subchapter for the purpose of refunding any outstanding bonds issued hereunder.
(b)(1) The refunding bonds may be either sold for cash or delivered in exchange for the outstanding obligations.
(2) If sold for cash, the proceeds may be either applied to the payment of the obligations refunded or deposited in an irrevocable trust for the retirement thereof either at maturity or on an authorized redemption date.
(c) Refunding bonds shall in all respects be authorized, issued, and secured in the manner provided for the bonds being refunded, and shall have all the attributes of the refunded bonds. However, if the refunding bonds are not in a greater principal amount than the bonds being refunded, the question of issuing such refunding bonds need not be submitted at an election.
(d) The ordinance or order under which the refunding bonds are issued may provide that any refunding bonds shall have the same priority of lien on all sources of taxation or other income as originally pledged for payment of the obligation refunded thereby.
(e)(1) Bonds may also be issued under the provisions of this subchapter for the purpose of refunding any outstanding bonds issued pursuant to Arkansas Constitution, Amendment 62, whether or not issued prior to or subsequent to April 7, 1993, to finance capital improvements if the question of the issuance of the refunding bonds is submitted to the electors in the manner provided in § 14-142-208.
(2)(A) The refunding bonds may be either sold for cash or delivered in exchange for the outstanding obligations.
(B) If sold for cash, the proceeds may either be applied to the payment of the bonds being refunded or deposited in an irrevocable trust for the retirement thereof at m
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-142-220
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:14-142-220
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 47b255e02f56f8f7d5572308c58949f7f40bdb477adfb55dfb6bc37f8a80b97e
Source location: content.xml paragraph 35613
Stored source content
14-142-220. Refunding bonds.
(a) Bonds may be issued under this subchapter for the purpose of refunding any outstanding bonds issued hereunder.
(b)(1) The refunding bonds may be either sold for cash or delivered in exchange for the outstanding obligations.
(2) If sold for cash, the proceeds may be either applied to the payment of the obligations refunded or deposited in an irrevocable trust for the retirement thereof either at maturity or on an authorized redemption date.
(c) Refunding bonds shall in all respects be authorized, issued, and secured in the manner provided for the bonds being refunded, and shall have all the attributes of the refunded bonds. However, if the refunding bonds are not in a greater principal amount than the bonds being refunded, the question of issuing such refunding bonds need not be submitted at an election.
(d) The ordinance or order under which the refunding bonds are issued may provide that any refunding bonds shall have the same priority of lien on all sources of taxation or other income as originally pledged for payment of the obligation refunded thereby.
(e)(1) Bonds may also be issued under the provisions of this subchapter for the purpose of refunding any outstanding bonds issued pursuant to Arkansas Constitution, Amendment 62, whether or not issued prior to or subsequent to April 7, 1993, to finance capital improvements if the question of the issuance of the refunding bonds is submitted to the electors in the manner provided in § 14-142-208.
(2)(A) The refunding bonds may be either sold for cash or delivered in exchange for the outstanding obligations.
(B) If sold for cash, the proceeds may either be applied to the payment of the bonds being refunded or deposited in an irrevocable trust for the retirement thereof at maturity or on an authorized redemption date.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-142-208. Bonds generally — Election to authorize issuance.
(a) The question of the issuance of such bonds shall be submitted to the electors of the municipality or county at the general election or at a special election called for that purpose in accordance with § 7-11-201 et seq., as provided in the ordinance or order and held in the manner provided in this subchapter; provided, however, that no voter residing within a municipality levying a maintenance tax for libraries or levying a tax pledged for the purpose of retiring library bonds issued by the municipality or pledged to pay for capital improvements to or construction of a public library pursuant to Arkansas Constitution, Amendment 30, and Arkansas Constitution, Amendment 72, shall be entitled to vote on the question of the issuance of bonds by the county within which the municipality is located as authorized pursuant to Arkansas Constitution, Amendment 38, and Arkansas Constitution, Amendment 72, and this section.
(b)(1) Except as otherwise provided in this subchapter, the election shall be held and conducted in the same manner as a special or general election under the election laws of the state.
(2) The ordinance or order shall set forth the form of the ballot question or questions in the form prescribed by Arkansas Constitution, Amendment 30, or Arkansas Constitution, Amendment 38, as amended by Arkansas Constitution, Amendment 72.
(3) Notice of the election shall be given by the clerk of the issuer by one (1) publication in a newspaper having general circulation within the municipality or county not less than ten (10) days prior to the election. No other publication or posting of a notice by any other public official shall be required.
(c) The chief executive officer of the municipality or count
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-142-208
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 14-142-208. This identifies an authority to review, not proof of applicability.