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27-90-212. Refunding bonds.
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. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:27-90-212
Source file: gov.ar.code.title.27.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 96ef705e6729b1f3c817b2f965c53fce29f6370bbe92cb8f214b76e6b6e32cbe
Source location: content.xml paragraph 27719
Stored source content
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.
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