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15-20-1313. Refunding bonds.
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. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:15-20-1313
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 86bea32a2442db4e553a918e69adc1990a4c32f77a5130190469e16f7d61e155
Source location: content.xml paragraph 13934
Stored source content
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.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-20-1303. Authority to issue bonds.
(a)(1) The Arkansas Natural Resources Commission is hereby authorized to issue bonds of the State of Arkansas to be known as “State of Arkansas Water, Waste Disposal, and Pollution Abatement Facilities General Obligation bonds”, in total principal amount not to exceed three hundred million dollars ($300,000,000), for the purposes of this subchapter.
(2) However, no more than one hundred million dollars ($100,000,000) of bonds shall be issued to finance projects for irrigation facilities.
(3) The bonds may be issued in one (1) or more series as required under this subchapter.
(b) Unless the General Assembly authorizes a greater principal amount to be issued during a fiscal biennium, the total principal amount of bonds to be issued during any fiscal biennium shall not exceed sixty million dollars ($60,000,000).
(c)(1) Before any bonds may be issued during a fiscal biennium, the commission shall submit to the Governor a written plan:
(A) Setting forth criteria to be used by the commission in choosing the projects to be financed with the proceeds derived from the sale of the bonds or the programs for which funds may be provided by the commission to finance projects, or both; and
(B) Requesting authorization for the projected maximum principal amount of bonds required to be issued in the fiscal biennium.
(2) Upon receipt of the written plan, the Governor shall:
(A) Confer with the Chief Fiscal Officer of the State concerning whether the annual amount of general revenue funds required to be set aside from the general revenues of the state under the Revenue Stabilization Law, § 19-5-101 et seq., for payment of debt service requirements in connection with the bonds during either year of the fiscal biennium in which the bon
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-20-1303
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 15-20-1303. This identifies an authority to review, not proof of applicability.