§ 14-144-307 - Issuance of revenue bonds -- Refunding bonds. - Arkansas Statutes

14-144-307. Issuance of revenue bonds -- Refunding bonds.

(a) (1) Revenue bonds may be issued under this chapter to refund any obligations issued under this chapter.

(2) The refunding bonds may be combined with bonds issued into a single issue.

(b) (1) When bonds are issued under this section for refunding purposes, the bonds may either be sold or delivered in exchange for the outstanding obligations.

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

(c) (1) All refunding bonds issued under this chapter shall in all respects be authorized, issued, and secured in the manner provided for other bonds issued under this chapter and shall have all the attributes of those bonds.

(2) The resolution under which the refunding bonds are issued may provide that any of the refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations refunded by the bonds.