14-217-113. Refunding bonds.

Arkansas Code — all titles (historical 2020) · legal_authorities

14-217-113. Refunding bonds. Bonds may be issued for the purpose of refunding any bonds issued under this chapter. Refunding bonds may be either sold or delivered in exchange for the bonds being refunded. If sold, the proceeds may be either applied to payment of the bonds being refunded or deposited in trust and applied as provided by § 19-9-301.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-217-113

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. A text match is a research starting point; applicability is not established.

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Arkansas Code — all titles (historical 2020) · legal_authorities

19-9-301. Delivery and deposit in trust — Definition.

19-9-301. Delivery and deposit in trust — Definition. (a) When refunding bonds are issued by the state, any county, municipality, school district, state-supported educational institution, improvement district of any kind, agency, or political subdivision, which may be called “issuing authorities”, the bonds may either be sold or delivered in exchange for the outstanding obligations being refunded. If sold, the proceeds may be either applied to the payment of the outstanding obligations or deposited into trust for the retirement of the obligations, either at maturity or upon any authorized redemption date as specified in the ordinance, resolution, order, or other instrument authorizing the issuance of the refunding bonds. (b) The bonds may be issued in the principal amount necessary to pay the principal of, interest on, redemption premiums, if any, trustee's and paying agent's fees, and charges in connection with the obligations being refunded to maturity or to the redemption date specified in the instrument authorizing the issuance of the refunding bonds, these items to be called “total debt service requirements of the obligations being refunded”; to pay expenses incidental thereto; and to pay the expenses of authorizing and issuing the refunding bonds. (c)(1) The bonds may be delivered when moneys or investment securities or a combination thereof, sufficient to meet, as and when due, the total debt service requirements of the obligations being refunded, have been irrevocably deposited into trust with a bank or trust company organized under the laws of the United States or any state thereof. This bank or trust company shall be qualified to receive trust funds pursuant to a trust agreement requiring the bank or trust company to apply the trust funds to the payment,

Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-9-301

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 19-9-301. This identifies an authority to review, not proof of applicability.