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14-269-107. Bonds — Issuance for refunding of obligations.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-269-107. Bonds — Issuance for refunding of obligations.
(a) Revenue bonds may be issued under this subchapter for the purpose of refunding any obligations issued under this subchapter.
(b) The refunding bonds may be combined with bonds issued under the provisions of § 14-269-106 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 subchapter and shall have all the attributes of those bonds.
(e) The 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) · 14-269-107
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:14-269-107
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0722d9d78d93c5148861880ff835f38971763efea40350471de99a194b4e8eed
Source location: content.xml paragraph 51983
Stored source content
14-269-107. Bonds — Issuance for refunding of obligations.
(a) Revenue bonds may be issued under this subchapter for the purpose of refunding any obligations issued under this subchapter.
(b) The refunding bonds may be combined with bonds issued under the provisions of § 14-269-106 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 subchapter and shall have all the attributes of those bonds.
(e) The 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
14-269-106. Bonds — Issuance, sale, and execution.
(a)(1) The issuance of revenue bonds shall be by ordinance of the municipality.
(2) The bonds may be coupon bonds payable to bearer or may be made registrable as to principal only with interest coupons, or may be made registrable as to both principal and interest without interest coupons.
(3) The bonds may be exchanged for bonds of another denomination, which bonds of another denomination may, in turn, be either coupon bonds payable to bearer, coupon bonds registrable as to principal only, or bonds registrable as to both principal and interest without interest coupons.
(4) The bonds 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 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 and investment of various funds and reserves, the nature and extent of the security, the rights, duties, and obligations of the 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.
(5) There may be successive bond issues for the purpose of financing the same project, including land, buildings, or facilities, and there may be successive bond issues for financing the cost of recons
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-269-106
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. The source passage cites 14-269-106. This identifies an authority to review, not proof of applicability.