Arkansas Code Title 8. Environmental Law § 8-6-808. Refunding bonds

(a) Bonds may be issued for the purpose of refunding any bonds issued under this subchapter. Refunding bonds may be combined with bonds issued under the provisions of § 14-233-109 into a single issue.

(b) When refunding bonds are issued, they may either be sold or delivered in exchange for the bonds being refunded. If sold, the proceeds may either be applied to the payment of the bonds being refunded or deposited into escrow for the retirement thereof.

(c) All refunding bonds shall in all respects be issued and secured in the manner provided for other bonds issued under this subchapter and shall have all the attributes of those bonds.

(d) The resolution under which refunding bonds are issued may provide that any of the refunding bonds shall have the same priority of lien on and security interest in project revenues and the project as was enjoyed by the bonds refunded by them.