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14-164-324. Refunding bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-324. Refunding bonds.
(a) Bonds may be issued under this subchapter for the purpose of refunding any outstanding bonds issued pursuant to Arkansas Constitution, Amendment 62, or prior amendments to the Arkansas Constitution repealed by Arkansas Constitution, Amendment 62.
(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 irrevocable trust for the retirement thereof either at maturity or on an authorized redemption date.
(c)(1) Bonds issued to refund outstanding bonds that were issued under Arkansas Constitution, Amendment 62, shall in all respects be authorized and issued in the manner provided for the bonds being refunded.
(2)(A) However, if the refunding bonds are not in a greater principal amount than the bonds being refunded, the question of issuing the refunding bonds need not be submitted at an election.
(B) Any premium paid as part of the purchase price of the refunding bonds shall not be taken into account in calculating the principal amount of the refunding bonds.
(d)(1) The ordinance 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.
(2) Alternatively, the ordinance may provide that refunding bonds to be issued to refund indebtedness originally created under Arkansas Constitution, Amendment 13 [repealed], Arkansas Constitution, Amendment 17 [repealed], Arkansas Constitution, Amendment 25 [repealed], or Arkansas Constitution, Amendment 49 [repealed], may be issued and secured in the mann
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-324
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:14-164-324
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 8817458dc84f5f714f21548ed4bfcb591526acf980fc9e63581644f5729d7995
Source location: content.xml paragraph 37472
Stored source content
14-164-324. Refunding bonds.
(a) Bonds may be issued under this subchapter for the purpose of refunding any outstanding bonds issued pursuant to Arkansas Constitution, Amendment 62, or prior amendments to the Arkansas Constitution repealed by Arkansas Constitution, Amendment 62.
(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 irrevocable trust for the retirement thereof either at maturity or on an authorized redemption date.
(c)(1) Bonds issued to refund outstanding bonds that were issued under Arkansas Constitution, Amendment 62, shall in all respects be authorized and issued in the manner provided for the bonds being refunded.
(2)(A) However, if the refunding bonds are not in a greater principal amount than the bonds being refunded, the question of issuing the refunding bonds need not be submitted at an election.
(B) Any premium paid as part of the purchase price of the refunding bonds shall not be taken into account in calculating the principal amount of the refunding bonds.
(d)(1) The ordinance 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.
(2) Alternatively, the ordinance may provide that refunding bonds to be issued to refund indebtedness originally created under Arkansas Constitution, Amendment 13 [repealed], Arkansas Constitution, Amendment 17 [repealed], Arkansas Constitution, Amendment 25 [repealed], or Arkansas Constitution, Amendment 49 [repealed], may be issued and secured in the manner provided in Arkansas Constitution, Amendment 62, and this subchapter if the question of the issuance of the refunding bonds is submitted to the electors in the manner provided in § 14-164-309.
(e)(1) Bonds may also be issued under the provisions of this subchapter for the purpose of refunding any outstanding short-term financing obligation issued under Arkansas Constitution, Amendment 78, or revenue bonds, including bonds secured in whole or in part by revenues derived from any special tax pledged to secure the bonds, issued, whether or not issued prior or subsequent to April 15, 1985, to finance capital improvements of a public nature if the question of the issuance of the refunding bonds is submitted to the electors in the manner provided in § 14-164-309.
(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
14-164-309. Bonds generally — Election to authorize issuance.
(a) The question of the issuance of such bonds shall be submitted to the electors of the county or municipality 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 and held in the manner provided in this subchapter.
(b) 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.
(c) The ordinance shall set forth the form of the ballot question or questions, which shall include a statement of the purpose or purposes for which the bonds are to be issued and the maximum rate of any ad valorem tax to be levied for payment of bonded indebtedness.
(d) 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.
(e) The chief executive officer of the municipality or county shall proclaim the results of the election by issuing a proclamation and publishing it one (1) time in a newspaper having general circulation within the municipality or county.
(f)(1) The results of the election as stated in the proclamation shall be conclusive unless suit is filed in the circuit court in the county in which the issuer is located within thirty (30) days after the date of the publication.
(2) No other action shall be maintained to challenge the validity of the bonds and of the proceedings authorizing the issuance of the bonds unless suit is filed in such circuit court wit
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-309
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 14-164-309. This identifies an authority to review, not proof of applicability.