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14-267-108. Bonds — Issuance for refunding of obligations.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-267-108. Bonds — Issuance for refunding of obligations.
(a) Bonds may be issued for the purpose of refunding any obligations issued under this chapter.
(b) The refunding bonds may be combined with bonds issued under the provisions of § 14-267-107 into a single issue.
(c)(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.
(d) 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.
(e) The ordinance or order under which chapter 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) · 14-267-108
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:14-267-108
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2d554bdbb01887632f9727e9cb53f3c9bccb98c57b5f22bf5ad092d5c684bc2f
Source location: content.xml paragraph 51718
Stored source content
14-267-108. Bonds — Issuance for refunding of obligations.
(a) Bonds may be issued for the purpose of refunding any obligations issued under this chapter.
(b) The refunding bonds may be combined with bonds issued under the provisions of § 14-267-107 into a single issue.
(c)(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.
(d) 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.
(e) The ordinance or order under which chapter 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
14-267-107. Bonds — Issuance, sale, and execution.
(a)(1) The issuance of bonds shall be by ordinance of the municipality or by order of the county court.
(2) The bonds may be coupon bonds payable to bearer, but subject to registration as to principal only or as to principal and interest; may be 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 ordinance or order authorizing their issuance may provide including, without limitation, those pertaining to the custody and application of the proceeds of the bonds, the collection and disposition of revenues, the maintenance of various funds and reserves, the nature and extent of the security and pledging of revenues, the rights, duties, and obligations of the municipality or county and the trustee for the holders and registered owners of the bonds, and the rights of the holders and registered owners of the bonds.
(3) There may be successive bond issues for the purpose of financing the same pollution control project, and there may be successive bond issues for financing the cost of reconstructing, replacing, constructing additions to, extending, improving, and equipping pollution control 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.
(4) Priority bet
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-267-107
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 14-267-107. This identifies an authority to review, not proof of applicability.