§ 15-4-3008 - Purpose of bonds. - Arkansas Statutes

15-4-3008. Purpose of bonds.

(a) Bonds shall be issued for the purpose of financing superprojects.

(b) The proceeds of the bonds shall be applied:

(1) To the payment of project costs and the costs and expenses of issuance of the bonds;

(2) In connection with a superproject refinancing, to the repayment of indebtedness incurred to pay superproject costs; or

(3) For refunding of bonds as provided in this subchapter.