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14-265-106. Bonds — Issuance for refunding obligations.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-265-106. Bonds — Issuance for refunding obligations.
(a) Revenue bonds may be issued under this chapter for the purpose of refunding any obligations issued under this chapter.
(b)(1) When bonds are issued under this section for refunding purposes, the bonds may either be sold or delivered in exchange for the outstanding obligations.
(2) 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 ordinance or order under which 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.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-265-106
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:14-265-106
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d173ee69e518671e25ef73ef59e952a693bd66595063791b00aa24d97ced7941
Source location: content.xml paragraph 51430
Stored source content
14-265-106. Bonds — Issuance for refunding obligations.
(a) Revenue bonds may be issued under this chapter for the purpose of refunding any obligations issued under this chapter.
(b)(1) When bonds are issued under this section for refunding purposes, the bonds may either be sold or delivered in exchange for the outstanding obligations.
(2) 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 ordinance or order under which 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.
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