Current as of January 01, 2020 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(a) Revenue bonds may be issued for the purpose of refunding any bonds issued under the authority of this chapter.
(b) Such refunding bonds may be combined into a single issue with revenue bonds issued for the purpose of completing, reconstructing, or extending the tollway project.
(c) Refunding bonds may either be 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 maintained in cash or investments for the retirement thereof, as shall be specified by the authority in the trust indenture securing the refunding bonds.
(d) The resolution authorizing and the trust indenture securing the refunding bonds may provide that the refunding bonds shall have the same priority of lien on tollway project revenues pledged for their payment as was enjoyed by the bonds refunded thereby.
(e) Refunding bonds shall be sold and secured in accordance with the provisions of this chapter pertaining to the sale and security of revenue bonds.
Cite this article: FindLaw.com - Arkansas Code Title 14. Local Government § 14-303-509. Refunding bond issuance - last updated January 01, 2020 | https://codes.findlaw.com/ar/title-14-local-government/ar-code-sect-14-303-509/
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.