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14-164-219. Refunding bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-219. Refunding bonds.
(a)(1) Revenue bonds may be issued under this subchapter for the purpose of refunding any obligations issued under this subchapter.
(2) Refunding bonds may be combined with bonds issued under the provisions of § 14-164-206 into a single issue.
(b)(1) When bonds are issued under this section for refunding purposes, the bonds may either be sold or delivered in exchange for the outstanding obligations.
(2) If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement of them.
(c)(1) The ordinance or order under which the refunding bonds are issued may provide that any of the bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations refunded by them.
(2) Refunding bonds shall be issued and secured in the manner provided for other bonds issued under this subchapter and shall have all the attributes of these bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-219
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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Record provenance
Stable record: arkansas_code:legal_authorities:14-164-219
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: adac6d4b22f5986bbff65ecd8d81d9448e56412f2d9c1946e99719575bc852c8
Source location: content.xml paragraph 37004
Stored source content
14-164-219. Refunding bonds.
(a)(1) Revenue bonds may be issued under this subchapter for the purpose of refunding any obligations issued under this subchapter.
(2) Refunding bonds may be combined with bonds issued under the provisions of § 14-164-206 into a single issue.
(b)(1) When bonds are issued under this section for refunding purposes, the bonds may either be sold or delivered in exchange for the outstanding obligations.
(2) If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement of them.
(c)(1) The ordinance or order under which the refunding bonds are issued may provide that any of the bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations refunded by them.
(2) Refunding bonds shall be issued and secured in the manner provided for other bonds issued under this subchapter and shall have all the attributes of these bonds.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-206. Authority to issue revenue bonds.
(a) Municipalities and counties are authorized to use any available revenues for the accomplishment of the purposes set forth in § 14-164-205 and are authorized to issue revenue bonds and to loan and otherwise use the proceeds thereof for the accomplishment of the purposes set forth in § 14-164-205, either alone or together with other available funds and revenues.
(b)(1) The proceeds of bonds issued may be used or loaned to pay:
(A) All or any portion of the costs of accomplishing the specified purposes;
(B) All or any portion of the costs of issuing the bonds;
(C) The amount necessary for a reserve, if desirable;
(D) The amount necessary to provide debt service on the bonds until revenues for payment of the bonds are available; and
(E) Any other costs of whatever nature necessarily incidental to the accomplishment of the specified purposes.
(2)(A) In addition, revenue bonds are authorized for the purpose of refunding any bonds issued and outstanding by a municipality or county under the provisions of Arkansas Constitution, Amendment 49 [repealed], it being declared that the refunding will be in the best interest of the municipality or county involved and will be in furtherance of the purpose of securing and developing industry in that the tax levied for Arkansas Constitution, Amendment 49 [repealed] bonds being refunded will, by virtue of the refunding, be released and thereby made available for a subsequent bond issue under Arkansas Constitution, Amendment 49 [repealed].
(B) The bonds issued under this subchapter for the purpose of refunding Arkansas Constitution, Amendment 49 [repealed] bonds may be issued solely for that purpose or may be issued for that purpose and for the accomplishment of any other p
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-206
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 14-164-206. This identifies an authority to review, not proof of applicability.