§ 14-163-216 - Refunding bonds. - Arkansas Statutes

14-163-216. Refunding bonds.

(a) Bonds may be issued under this subchapter for the purpose of refunding any bonds theretofore issued under this subchapter.

(b) Refunding bonds may be issued alone or combined with bonds issued under this subchapter into a single issue for the purpose of refunding outstanding bonds and for the purpose of accomplishing any authorized purpose or power.

(c) (1) When refunding bonds are issued, the bonds may be either sold or delivered in exchange for the outstanding bonds being refunded.

(2) If sold, the proceeds may either be applied to the payment of the bonds being refunded, or the proceeds may be deposited in escrow for the retirement of them.

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

(e) If refunding bonds alone are being issued which have the same maturity years as the bonds being refunded and to which the same special continuing annual tax theretofore voted for the bonds being refunded is to be pledged, no petition need be filed and no election need be held prior to the governing body authorizing the issuance of the refunding bonds by ordinance as prescribed in this subchapter.