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25-20-410. Refunding bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
25-20-410. Refunding bonds.
(a)(1) Bonds may be issued for the purpose of refunding any obligations issued under this subchapter.
(2) The refunding bonds may be combined with bonds issued under § 25-20-408 into a single issue.
(b)(1) When bonds are issued under this section for refunding purposes, the bonds may be either sold or delivered in exchange for the outstanding obligations.
(2) If sold, the proceeds may be either:
(A) Applied to the payment of the obligations refunded; or
(B) Deposited in escrow for the retirement thereof either at maturity or upon any authorized redemption date.
(c)(1) All bonds issued under this section in all respects shall 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.
(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) · 25-20-410
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:25-20-410
Source file: gov.ar.code.title.25.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3599c3afde26972550c62d83986ee64f0b761f484f7842e6aed0663f7280d3e7
Source location: content.xml paragraph 8937
Stored source content
25-20-410. Refunding bonds.
(a)(1) Bonds may be issued for the purpose of refunding any obligations issued under this subchapter.
(2) The refunding bonds may be combined with bonds issued under § 25-20-408 into a single issue.
(b)(1) When bonds are issued under this section for refunding purposes, the bonds may be either sold or delivered in exchange for the outstanding obligations.
(2) If sold, the proceeds may be either:
(A) Applied to the payment of the obligations refunded; or
(B) Deposited in escrow for the retirement thereof either at maturity or upon any authorized redemption date.
(c)(1) All bonds issued under this section in all respects shall 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.
(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
25-20-408. Financing.
(a)(1) An authority is authorized to use any available funds, revenues, and long-term or short-term debt to pay and provide for the costs and expenses of accomplishing the purposes authorized by this subchapter.
(2) For the purposes of paying the costs of any electric project or the portion thereof pertaining to its interest in the electric project, an authority may issue revenue bonds as provided in this subchapter.
(b)(1) Whenever any authority elects, consistent with this subchapter, to plan, purchase, construct, acquire, operate, or otherwise participate in an electric project or desires to construct improvements, betterments, repairs, and extensions thereto, it may issue revenue bonds under the provisions of this section to pay the costs thereof.
(2) The procedure for issuance of bonds shall be as provided in this section.
(c)(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 as the board determines;
(B) Have such date or dates as the board determines;
(C) Be stated to mature at such time or times as the board determines;
(D) Bear interest payable at such times and at such rate or rates as the board determines;
(E) Be payable at such places within or without the State of Arkansas as the board determines;
(F) Be subject to such terms of redemption in advance of maturity at such prices as the board determines; and
(G) Contain such terms and conditions as the board determines.
(4) The bonds shall have all the qualities of and shall be deemed to be negotiable instruments under
Source: Arkansas Code — historical release 78 (November 6, 2020) · 25-20-408
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 25-20-408. This identifies an authority to review, not proof of applicability.