§ 14-72-205 - Refunding bonds under Arkansas Constitution, Amendment 17. - Arkansas Statutes

14-72-205. Refunding bonds under Arkansas Constitution, Amendment 17.

(a) Any county that has issued funding bonds, under Arkansas Constitution, Amendment 10, to take up its outstanding indebtedness which included any balance then due on the cost of construction of a courthouse or jail, or both, shall have the right to issue bonds under the provisions of Arkansas Constitution, Amendment 17 [repealed], and laws in aid thereof, to refund the same proportionate part of its outstanding funding bonds that the included balance of the cost of construction of a courthouse or jail, or both, was of the total indebtedness funded under Arkansas Constitution, Amendment 10.

(b) Before proceeding under this section to refund courthouse or jail indebtedness, the county court shall enter upon its records an order declaring what part of the funding bonds issued by the county under Arkansas Constitution, Amendment 10, represented indebtedness for the construction of a courthouse or a jail, or both, and what part represented general county indebtedness.

(c) This order shall be published one (1) time in some newspaper published in the county. If no suit is brought within thirty (30) days after the publication to review the correctness of the finding made in the order, the finding shall be conclusive of the proportionate part of the funding bond issue represented by indebtedness for the construction of a courthouse or a jail, or both, and shall not be open to further attack.

(d) In the event a county shall refund part of its outstanding funding bonds under the provisions of Arkansas Constitution, Amendment 17 [repealed], and the laws in aid thereof, the county court shall then have authority to refund the balance of the county's outstanding funding bonds under the provisions of this subchapter.