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27-76-609. Refunding bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
27-76-609. Refunding bonds.
(a)(1) Bonds may be issued for the purpose of refunding any obligations issued under this chapter or otherwise.
(2) The refunding bonds may be combined with bonds issued under the provisions of § 27-70-314 [repealed] into a single issue.
(b)(1) When bonds are issued under this section for refunding purposes, the bonds may either be sold or delivered in exchange for the outstanding obligations.
(2) If sold, the proceeds may, either at maturity or upon any authorized redemption date, be either:
(A) Applied to the payment of the obligations refunded; or
(B) Deposited in escrow for the retirement thereof.
(c)(1) Bonds issued under this section shall in all respects be authorized, issued, and secured in the manner provided for other bonds issued under this chapter.
(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) · 27-76-609
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:27-76-609
Source file: gov.ar.code.title.27.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 8940abb9ab3a68307cb224dea6416c1661b652b91c4d708a9d0f7674b79754e5
Source location: content.xml paragraph 26319
Stored source content
27-76-609. Refunding bonds.
(a)(1) Bonds may be issued for the purpose of refunding any obligations issued under this chapter or otherwise.
(2) The refunding bonds may be combined with bonds issued under the provisions of § 27-70-314 [repealed] into a single issue.
(b)(1) When bonds are issued under this section for refunding purposes, the bonds may either be sold or delivered in exchange for the outstanding obligations.
(2) If sold, the proceeds may, either at maturity or upon any authorized redemption date, be either:
(A) Applied to the payment of the obligations refunded; or
(B) Deposited in escrow for the retirement thereof.
(c)(1) Bonds issued under this section shall in all respects be authorized, issued, and secured in the manner provided for other bonds issued under this chapter.
(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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