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14-201-119. Refunding bonds or notes.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-201-119. Refunding bonds or notes.
(a) Bonds or notes may be issued for the purpose of refunding any bonds or notes issued under this subchapter, or for the purpose of refunding any bonds or notes issued by the city creating the commission secured, in whole or in part, by waterworks or electric system revenues.
(b) Refunding bonds or notes may be combined with bonds or notes issued under the provisions of §§ 14-201-112 and 14-201-113 into a single issue.
(c)(1) When refunding bonds or notes are issued, the bonds or notes may either be sold or delivered in exchange for the bonds or notes being refunded.
(2) If sold, the proceeds may be either applied to the payment of the bonds or notes being refunded or deposited in escrow for the retirement thereof.
(d) All refunding bonds and notes shall in all respects be issued and secured in the manner provided for other bonds and notes issued under this subchapter and shall have all the attributes of the bonds and notes.
(e) The resolution under which the refunding bonds or notes are issued may provide that any of the refunding bonds or notes shall have the same priority of lien on and security interest in waterworks or electric system revenues and the waterworks or electric system as was enjoyed by the bonds or notes refunded thereby.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-201-119
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:14-201-119
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e0c9b89c6b65dff5b7fcd224d3e0e49a231cc9bd346221a256e70a2f8f7a72b5
Source location: content.xml paragraph 45184
Stored source content
14-201-119. Refunding bonds or notes.
(a) Bonds or notes may be issued for the purpose of refunding any bonds or notes issued under this subchapter, or for the purpose of refunding any bonds or notes issued by the city creating the commission secured, in whole or in part, by waterworks or electric system revenues.
(b) Refunding bonds or notes may be combined with bonds or notes issued under the provisions of §§ 14-201-112 and 14-201-113 into a single issue.
(c)(1) When refunding bonds or notes are issued, the bonds or notes may either be sold or delivered in exchange for the bonds or notes being refunded.
(2) If sold, the proceeds may be either applied to the payment of the bonds or notes being refunded or deposited in escrow for the retirement thereof.
(d) All refunding bonds and notes shall in all respects be issued and secured in the manner provided for other bonds and notes issued under this subchapter and shall have all the attributes of the bonds and notes.
(e) The resolution under which the refunding bonds or notes are issued may provide that any of the refunding bonds or notes shall have the same priority of lien on and security interest in waterworks or electric system revenues and the waterworks or electric system as was enjoyed by the bonds or notes refunded thereby.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-201-112. Bonds or notes — Issuance generally.
The issuance of bonds or notes shall be by a resolution of the commission.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-201-112
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 14-201-112. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-201-113. Bonds or notes — Terms and conditions.
(a) The bonds or notes may:
(1) Be coupon bonds payable to bearer, subject to registration as to principal or as to principal and interest, or fully registered bonds without coupons;
(2) Contain exchange privileges;
(3) Be issued in one (1) or more series;
(4) Bear such date or dates;
(5) Mature at such time or times;
(6) Bear interest at such rate or rates;
(7) Be in such form;
(8) Be executed in such manner;
(9) Be payable in such medium of payment, at such place or places;
(10) Be subject to such terms of redemption in advance of maturity at such prices; and
(11) Contain such terms, covenants, and conditions as the resolution may provide, including, without limitation, those pertaining to:
(A) The custody and application of the proceeds of the bonds or notes;
(B) The collection and disposition of revenues;
(C) The maintenance of various funds and reserves;
(D) The investing and reinvesting of any moneys during periods not needed for authorized purposes;
(E) The nature and extent of the security;
(F) The rights, duties, and obligations of the commission and the trustee for the holders or registered owners of the bonds or notes; and
(G) The rights of the holders or registered owners of the bonds or notes.
(b) The bonds and notes shall have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to the provisions for registration set forth herein.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-201-113
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 14-201-113. This identifies an authority to review, not proof of applicability.