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15-20-1305. Purpose of bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-20-1305. Purpose of bonds.
Bonds issued under this subchapter shall be issued to finance on a temporary or permanent basis or to refinance and develop one (1) or more projects, and the proceeds of the bonds shall be applied to the payment of project costs and the costs and expenses of issuance of the bonds, or in connection with a project refinancing, the repayment of indebtedness incurred to pay project costs, or for refunding of bonds as provided in § 15-20-1313.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-20-1305
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:15-20-1305
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 060ae6938d92b68bfc432a55f637d2b13337260baaeb8dce163c35df30120921
Source location: content.xml paragraph 13828
Stored source content
15-20-1305. Purpose of bonds.
Bonds issued under this subchapter shall be issued to finance on a temporary or permanent basis or to refinance and develop one (1) or more projects, and the proceeds of the bonds shall be applied to the payment of project costs and the costs and expenses of issuance of the bonds, or in connection with a project refinancing, the repayment of indebtedness incurred to pay project costs, or for refunding of bonds as provided in § 15-20-1313.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-20-1313. Refunding bonds.
(a)(1) Bonds may be issued under this subchapter to refund any outstanding bonds issued under this subchapter or to refund any outstanding bonds of the Arkansas Natural Resources Commission issued pursuant to the prior act.
(2) Bonds issued under this section:
(A) Do not require the commission to submit a written plan to the Governor under § 15-20-1303(c); and
(B) Are not subject to the requirements for the approval and proclamation of the Governor under § 15-20-1303(d).
(b)(1) The refunding bonds may be either sold for cash or delivered in exchange for the outstanding obligations.
(2) If sold for cash, the proceeds may be applied to the payment of the obligations refunded or may be deposited in irrevocable trust for the retirement of the outstanding obligations either at maturity or on an authorized redemption date.
(c)(1) Refunding bonds shall in all respects be authorized, issued, and secured as provided for the bonds being refunded and shall have all the attributes of the refunded bonds.
(2) To the extent that the refunding bonds are not in a greater principal amount than the outstanding principal amount of the bonds being refunded, the principal amount of the refunding bonds shall not be subject to the limit of three hundred million dollars ($300,000,000) set forth in § 15-20-1303(a) or the limit of sixty million dollars ($60,000,000) set forth in § 15-20-1303(b).
(d) The resolution or trust indenture under which the refunding bonds are issued shall provide that any refunding bonds shall have the same priority of payment as the obligations refunded.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-20-1313
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 15-20-1313. This identifies an authority to review, not proof of applicability.