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14-238-115. Bonds for refunding obligations.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-238-115. Bonds for refunding obligations.
(a) Bonds may be issued for the purpose of refunding any obligations issued under this chapter. Such refunding bonds may be combined with bonds issued under the provisions of § 14-238-114 into a single issue.
(b) When bonds are issued under this section for refunding purposes, the bonds 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, either at maturity or upon any authorized redemption date.
(c)(1) 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 such bonds.
(2) The resolution 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) · 14-238-115
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:14-238-115
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4d8f8ebddbeffe6ef8bf945a651b2a74363e519ff5a0f99b4a8f31bf410bc4a8
Source location: content.xml paragraph 50420
Stored source content
14-238-115. Bonds for refunding obligations.
(a) Bonds may be issued for the purpose of refunding any obligations issued under this chapter. Such refunding bonds may be combined with bonds issued under the provisions of § 14-238-114 into a single issue.
(b) When bonds are issued under this section for refunding purposes, the bonds 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, either at maturity or upon any authorized redemption date.
(c)(1) 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 such bonds.
(2) The resolution 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
14-238-114. Issuance of bonds — Procedure.
(a)(1) The issuance of bonds shall be by resolution of the board.
(2) As the resolution authorizing their issuance may provide, the bonds may:
(A) Be in such form and denominations;
(B) Be exchangeable for bonds of another denomination;
(C) Be issued in one (1) or more series;
(D) Bear such date or dates, and mature at such time or times, not exceeding forty (40) years from the respective dates;
(E) Bear interest at such rate or rates;
(F) Be coupon bonds payable to bearer but subject to registration as to principal or as to principal and interest;
(G) Be made payable at such places within or without the state;
(H) Be payable in such medium of payment;
(I) Be subject to such terms of redemption; and
(J) Contain such terms, covenants, and conditions, including, without limitation, those pertaining to:
(i) The custody and application of the proceeds of the bonds;
(ii) The collection and disposition of revenues;
(iii) The maintenance of various funds and reserves;
(iv) The nature and extent of the security and pledging of revenues;
(v) The rights, duties, and obligations of the board and the trustee for the holders and registered owners of the bonds; and
(vi) The rights of the holders and registered owners of the bonds.
(3)(A) There may be successive bond issues for the purpose of financing the same waterworks facilities and/or wastewater facilities project, and there may be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping waterworks facilities and/or wastewater facilities projects already in existence, whether or not originally financed by bonds issued under this subchapter, with each successive issue to
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-238-114
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 14-238-114. This identifies an authority to review, not proof of applicability.