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27-90-205. Issuance to finance turnpike projects.
Arkansas Code — all titles (historical 2020) · legal_authorities
27-90-205. Issuance to finance turnpike projects.
(a) The State Highway Commission may issue turnpike revenue bonds from time to time in principal amounts sufficient to pay the costs of a turnpike project.
(b) For a turnpike project:
(1) There may be more than one (1) issue of bonds;
(2) There may be one (1) issue sold and delivered in series; and
(3) There may be a subsequent issue or subsequent issues of bonds for all or any of the following purposes:
(A) Completion of the construction of a turnpike project;
(B) Reconstruction work on a turnpike project when the amount involved is such that it cannot be handled as an item of maintenance and repair out of turnpike project revenues;
(C) The extension of a turnpike project; or
(D) The refund of any prior issues of bonds as provided under § 27-90-212.
(c) The issues under subdivision (b)(3) of this section are subject in each instance to such conditions concerning available and estimated turnpike project revenues and other conditions ensuring prompt payment of the debt service on subsequent bond issues as the commission shall determine and specify in its authorizing resolution or in the trust indenture securing the bonds.
(d) In all instances, priority between and among issues and successive issues shall be controlled by the authorizing resolution or by the trust indenture securing the bonds.
(e) Turnpike revenue bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to the provisions of this subchapter regarding registration.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 27-90-205
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:27-90-205
Source file: gov.ar.code.title.27.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7fc93cd179e25245c80bdb29ef51fbcbaa14fb1f181b2d02610bd91e91990551
Source location: content.xml paragraph 27637
Stored source content
27-90-205. Issuance to finance turnpike projects.
(a) The State Highway Commission may issue turnpike revenue bonds from time to time in principal amounts sufficient to pay the costs of a turnpike project.
(b) For a turnpike project:
(1) There may be more than one (1) issue of bonds;
(2) There may be one (1) issue sold and delivered in series; and
(3) There may be a subsequent issue or subsequent issues of bonds for all or any of the following purposes:
(A) Completion of the construction of a turnpike project;
(B) Reconstruction work on a turnpike project when the amount involved is such that it cannot be handled as an item of maintenance and repair out of turnpike project revenues;
(C) The extension of a turnpike project; or
(D) The refund of any prior issues of bonds as provided under § 27-90-212.
(c) The issues under subdivision (b)(3) of this section are subject in each instance to such conditions concerning available and estimated turnpike project revenues and other conditions ensuring prompt payment of the debt service on subsequent bond issues as the commission shall determine and specify in its authorizing resolution or in the trust indenture securing the bonds.
(d) In all instances, priority between and among issues and successive issues shall be controlled by the authorizing resolution or by the trust indenture securing the bonds.
(e) Turnpike revenue bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to the provisions of this subchapter regarding registration.
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Arkansas Code — all titles (historical 2020) · legal_authorities
27-90-212. Refunding bonds.
(a) Revenue bonds may be issued for the purpose of refunding any bonds issued under this subchapter.
(b) Refunding bonds may be combined into a single issue with revenue bonds issued for the purpose of completing, reconstructing, or extending the turnpike project.
(c) Refunding bonds may either be sold or delivered in exchange for the bonds being refunded.
(d) If sold, the proceeds may be either applied to the payment of the bonds being refunded or deposited in trust and there maintained in cash or investments for the retirement thereof, as shall be specified in the authorizing resolution or trust indenture securing the refunding bonds.
(e) The authorizing resolution and the trust indenture securing the refunding bonds may provide that the refunding bonds shall have the same priority of lien on turnpike project revenues pledged for their payment as was enjoyed by the bonds refunded thereby.
(f) Refunding bonds shall be sold and secured in accordance with the provisions of this subchapter pertaining to the sale and security of revenue bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 27-90-212
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 27-90-212. This identifies an authority to review, not proof of applicability.