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15-4-3017. Refunding bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-3017. Refunding bonds.
(a)(1) Bonds may be issued under this subchapter for the purpose of refunding any outstanding bonds issued pursuant to this subchapter.
(2) The Arkansas Development Finance Authority shall not be required to include bonds issued pursuant to this section in any written plan submitted to the Governor under § 15-4-3005, and the bonds shall not be subject to the requirements for the approval and proclamation of the Governor as set forth in § 15-4-3005.
(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 either applied to the payment of the obligations refunded or deposited into an irrevocable trust for the retirement thereof either at maturity or on an authorized redemption date.
(c)(1) Refunding bonds shall in all respects be authorized, issued, and secured in the manner 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 four hundred million dollars ($400,000,000) set forth in § 15-4-3005(a) or the limit of sixty million dollars ($60,000,000) set forth in § 15-4-3005(c).
(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 was enjoyed by the obligations refunded.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-3017
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:15-4-3017
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 88954670ce428a5e031c58b429064d42569dc3cc491453d3bd589f86084b109d
Source location: content.xml paragraph 5350
Stored source content
15-4-3017. Refunding bonds.
(a)(1) Bonds may be issued under this subchapter for the purpose of refunding any outstanding bonds issued pursuant to this subchapter.
(2) The Arkansas Development Finance Authority shall not be required to include bonds issued pursuant to this section in any written plan submitted to the Governor under § 15-4-3005, and the bonds shall not be subject to the requirements for the approval and proclamation of the Governor as set forth in § 15-4-3005.
(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 either applied to the payment of the obligations refunded or deposited into an irrevocable trust for the retirement thereof either at maturity or on an authorized redemption date.
(c)(1) Refunding bonds shall in all respects be authorized, issued, and secured in the manner 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 four hundred million dollars ($400,000,000) set forth in § 15-4-3005(a) or the limit of sixty million dollars ($60,000,000) set forth in § 15-4-3005(c).
(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 was enjoyed by the obligations refunded.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-3005. State of Arkansas Economic Development General Obligation Bonds.
(a) The Arkansas Development Finance Authority may issue bonds of the State of Arkansas, to be known as “State of Arkansas Economic Development General Obligation Bonds”, in total principal amount not to exceed four hundred million dollars ($400,000,000) for the purposes authorized in this subchapter.
(b) The bonds may be issued in one (1) or more series, as required, subject to the conditions and in compliance with the procedures provided by this subchapter.
(c) The total principal amount of bonds to be issued during any fiscal biennium shall not exceed sixty million dollars ($60,000,000) unless the General Assembly shall have authorized by law a greater principal amount to be issued during a fiscal biennium.
(d) Before any bonds may be issued during any fiscal biennium, the Arkansas Economic Development Commission and the authority shall submit the plan to the Legislative Council and the Governor.
(e)(1) Upon receipt of the plan, the Governor shall confer with the Chief Fiscal Officer of the State concerning whether, after utilization of the balance in the Economic Development Superprojects Project Fund, any amount of general revenues will be required to be set aside for payment of debt service requirements in connection with the bonds during either year of the fiscal biennium in which the bonds are to be issued and, if any general funds are required to be used, whether such a use would cause an undue hardship upon any agency or program supported from the general revenues under the Revenue Stabilization Law, § 19-5-101 et seq.
(2) The commission's written plan shall set forth:
(A) A description of the project or projects to be financed with the proceeds derived from the sale of t
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-3005
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 15-4-3005. This identifies an authority to review, not proof of applicability.