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14-232-106. Refunding bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-232-106. Refunding bonds.
(a) Revenue bonds may be issued under this chapter for the purpose of refunding any obligations issued under this chapter. The refunding bonds may be combined with bonds issued under the provisions of § 14-232-105 into a single issue.
(b) When bonds are issued under this section for refunding purposes, they may either be sold or delivered in exchange for the outstanding obligations. If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement thereof.
(c) All bonds issued under this section shall in all respects be authorized, 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 order or ordinance under which the refunding bonds are issued may provide that any of the refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations refunded thereby.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-232-106
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:14-232-106
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f83715ae96f4e716fc64797ac082600cc899dd05dea82966fb05730eb7a194cd
Source location: content.xml paragraph 47512
Stored source content
14-232-106. Refunding bonds.
(a) Revenue bonds may be issued under this chapter for the purpose of refunding any obligations issued under this chapter. The refunding bonds may be combined with bonds issued under the provisions of § 14-232-105 into a single issue.
(b) When bonds are issued under this section for refunding purposes, they may either be sold or delivered in exchange for the outstanding obligations. If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement thereof.
(c) All bonds issued under this section shall in all respects be authorized, 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 order or ordinance under which the refunding bonds are issued may provide that any of the refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations refunded thereby.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-232-105. Revenue bonds — Terms — Indenture — Execution.
(a) The issuance of revenue bonds shall be by order of the county court or by ordinance of the municipality.
(b) The bonds may be coupon bonds payable to bearer but subject to registration as to principal and interest, may be made exchangeable for bonds of another denomination, may be in such form and denominations, may be made payable at such places within or without the state, may be issued in one (1) or more series, may bear such date or dates, may mature at such time or times, not exceeding forty (40) years from their respective dates, may bear interest at such rate or rates, may be payable in such medium of payment, may be subject to such terms of redemption, and may contain such terms, covenants, and conditions as the order or ordinance authorizing their issuance may provide, including, without limitation, those pertaining to the custody and application of the proceeds of the bonds, the maintaining of rates and charges, the collection and disposition of revenues, the maintenance and investment of various funds and reserves, the nature and extent of the security, the rights, duties, and obligations of the county or municipality and the trustee for the holders and registered owners of the bonds, and the rights of the holders and registered owners of the bonds.
(c) There may be successive bond issues for the purpose of financing the same project and there may be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping projects already in existence, whether or not originally financed by bonds issued under this chapter, with each successive issue to be authorized as provided by this chapter.
(d) Priority between and among
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-232-105
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 14-232-105. This identifies an authority to review, not proof of applicability.