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14-202-117. Refunding bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-202-117. Refunding bonds.
(a) Bonds may be issued for the purpose of refunding any bonds issued under this chapter. Refunding bonds may be combined with bonds issued under the provisions of §§ 14-202-108 — 14-202-115 into a single issue.
(b) When refunding bonds are issued, they may either be sold or delivered in exchange for the bonds being refunded. If sold, the proceeds may be either applied to the payment of the bonds being refunded or deposited in escrow for the retirement thereof.
(c) All refunding bonds shall in all respects be issued and secured in the manner provided for other bonds issued under this chapter and shall have all the attributes of those bonds.
(d) The ordinance under which the refunding bonds are issued may provide that any of the refunding bonds shall have the same priority of lien on and security interest in electric system revenues and the electric system as was enjoyed by the bonds refunded thereby.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-202-117
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:14-202-117
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3a268b3f42fffeddb8dab2fc6a5559e46936f6fdaf74e4b6aa5d2b50cccd6e6a
Source location: content.xml paragraph 45799
Stored source content
14-202-117. Refunding bonds.
(a) Bonds may be issued for the purpose of refunding any bonds issued under this chapter. Refunding bonds may be combined with bonds issued under the provisions of §§ 14-202-108 — 14-202-115 into a single issue.
(b) When refunding bonds are issued, they may either be sold or delivered in exchange for the bonds being refunded. If sold, the proceeds may be either applied to the payment of the bonds being refunded or deposited in escrow for the retirement thereof.
(c) All refunding bonds shall in all respects be issued and secured in the manner provided for other bonds issued under this chapter and shall have all the attributes of those bonds.
(d) The ordinance under which the refunding bonds are issued may provide that any of the refunding bonds shall have the same priority of lien on and security interest in electric system revenues and the electric system as was enjoyed by the bonds refunded thereby.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-202-108. Bonds — Issuance generally.
(a) Municipalities are authorized to use any available funds and revenues to pay and provide for costs and expenses of accomplishing the purposes authorized by this chapter and, for the purpose of paying project costs or the portion thereof pertaining to its interest in the project, a municipality may issue revenue bonds as provided in this chapter.
(b) The issuance of bonds shall be by an ordinance of the governing body of the municipality.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-202-108
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 14-202-108. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-202-115. Bonds — Default — Receiver.
(a) In the event of a default in the payment of the principal of, premium, if any, or interest on any bonds issued under this chapter, any court having jurisdiction may appoint a receiver to take charge of all or any part of the electric system of the municipality.
(b) The receiver shall have the power to operate and maintain the electric system and to charge and collect rates, fees, and charges sufficient to provide for the payment of the principal of, premium, if any, and interest on the bonds, after providing for the payment of any costs of receivership and operating expenses of the electric system, and to apply the revenues derived from the electric system in conformity with this chapter and the ordinance or trust indenture authorizing or securing the bonds.
(c) When the default has been cured, the receivership shall be ended and the electric system returned to the municipality.
(d) The authority of a receiver hereunder to take charge of, operate, or maintain any part of the electric system represented by an undivided interest in a project, shall be subject to the provisions of any and all contracts with others relative to the ownership, operation, and maintenance of the project and the receiver shall assume only the rights and obligations of the municipality therein.
(e) The relief afforded by this section shall be construed to be in addition and supplemental to the remedies that may be afforded the trustee for the bondholders and the bondholders in the ordinance or trust indenture authorizing or securing the bonds and shall be granted and administered so as to accord full recognition to priority rights of bondholders as the pledge of revenues from, and the mortgage lien on, the electric system as specified in and f
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-202-115
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 14-202-115. This identifies an authority to review, not proof of applicability.