(a) (1) Bonds may be issued under this subchapter for the purpose of refunding any outstanding bonds issued pursuant to this subchapter.
(2) The Arkansas Development Finance Authority shall not be required to include bonds issued pursuant to this section in any written plan submitted to the Governor under § 15-4-3005, and the bonds shall not be subject to the requirements for the approval and proclamation of the Governor as set forth in § 15-4-3005.
(b) (1) The refunding bonds may be either sold for cash or delivered in exchange for the outstanding obligations.
(2) If sold for cash, the proceeds may be either applied to the payment of the obligations refunded or deposited in an irrevocable trust for the retirement thereof either at maturity or on an authorized redemption date.
(c) (1) Refunding bonds shall in all respects be authorized, issued, and secured in the manner provided for the bonds being refunded and shall have all the attributes of the refunded bonds.
(2) To the extent that the refunding bonds are not in a greater principal amount than the outstanding principal amount of the bonds being refunded, the principal amount of the refunding bonds shall not be subject to the limit of four hundred million dollars ($400,000,000) set forth in § 15-4-3005(a) or the limit of sixty million dollars ($60,000,000) set forth in § 15-4-3005(c).
(d) The resolution or trust indenture under which the refunding bonds are issued shall provide that any refunding bonds shall have the same priority of payment as was enjoyed by the obligations refunded.
Section: Previous 15-4-3010 15-4-3011 15-4-3012 15-4-3013 15-4-3014 15-4-3015 15-4-3016 15-4-3017 15-4-3018 15-4-3019 15-4-3020 15-4-3021 15-4-3022 15-4-3023 NextLast modified: November 15, 2016