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25-20-312. Refunding bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
25-20-312. Refunding bonds.
(a) Bonds may be issued for the purpose of refunding any obligations issued under this subchapter or otherwise. The refunding bonds may be combined with bonds issued under the provisions of § 25-20-310 into a single issue.
(b) When bonds are issued under this section for refunding purposes, the bonds may either be sold or delivered in exchange for the outstanding obligations. If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement thereof either at maturity or upon any authorized redemption date.
(c)(1) 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 such bonds.
(2) The resolution or indenture 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) · 25-20-312
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:25-20-312
Source file: gov.ar.code.title.25.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c5a4573a1beed642fecc72cd8cf9217b063f5db7bef72da93e5cb9b5371e957f
Source location: content.xml paragraph 8643
Stored source content
25-20-312. Refunding bonds.
(a) Bonds may be issued for the purpose of refunding any obligations issued under this subchapter or otherwise. The refunding bonds may be combined with bonds issued under the provisions of § 25-20-310 into a single issue.
(b) When bonds are issued under this section for refunding purposes, the bonds may either be sold or delivered in exchange for the outstanding obligations. If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement thereof either at maturity or upon any authorized redemption date.
(c)(1) 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 such bonds.
(2) The resolution or indenture 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
25-20-310. Improvements — Financing with bonds.
(a) Whenever any public body created under this subchapter shall own or operate a consolidated waterworks system and shall desire to acquire, construct, or equip improvements, betterments, and extensions thereto, it may issue revenue bonds under the provisions of this section to pay for them. The procedure for issuance of bonds shall be as provided in this section.
(b)(1) Bonds issued in accordance with this section shall be authorized by resolution of the board of commissioners.
(2) The bonds may be issued as registered bonds and may be exchangeable for bonds of another denomination or in another form.
(3) The bonds may:
(A) Be in such form and denominations;
(B) Have such date or dates;
(C) Be stated to mature at such time or times;
(D) Bear interest payable at such times and at such rate or rates;
(E) Be payable at such places within or without the state;
(F) Be subject to such terms of redemption in advance of maturity at such prices; and
(G) Contain such terms and conditions,
all as the board of commissioners shall determine.
(4) The bonds shall have all the qualities of and shall be deemed to be negotiable instruments under the laws of the State of Arkansas, subject to provisions as to registration as set forth in this subsection.
(5) The authorizing resolution may contain any other terms, covenants, and conditions that the board of commissioners deems reasonable and desirable, including, without limitation, those pertaining to the:
(A) Maintenance of various funds and reserves;
(B) Nature and extent of any security for payment of the bonds;
(C) Custody and application of the proceeds of the bonds;
(D) Collection and disposition of revenues;
(E) Investing for authorized purposes;
Source: Arkansas Code — historical release 78 (November 6, 2020) · 25-20-310
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 25-20-310. This identifies an authority to review, not proof of applicability.