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Current as of March 28, 2024 | Updated by FindLaw Staff
(a) Bonds may be issued for the purpose of refunding any bonds issued under this subchapter.
(b) Refunding bonds may be either sold or delivered in exchange for the bonds being refunded. If sold, the proceeds may be either applied to the payment of the bonds being refunded or deposited in trust and there be maintained in cash or investments for the retirement of the bonds being refunded, as shall be specified by the district in the resolution or trust indenture securing the bonds.
(c) The resolution or trust indenture securing the refunding bonds may provide that the refunding bonds shall have the same priority on assessments or revenues pledged for their payment as possessed by the bonds refunded.
(d) Refunding bonds shall be sold and secured in accordance with the provisions of this subchapter pertaining to the sale and security bonds.
Cite this article: FindLaw.com - Arkansas Code Title 14. Local Government § 14-286-114. Refunding bonds - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-14-local-government/ar-code-sect-14-286-114/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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