(a) The Arkansas Development Finance Authority may issue the Arkansas Unemployment Trust Fund Bonds for the purpose of refunding bonds previously issued under this subchapter if the total amount of bonds outstanding after the refunding is completed does not exceed the total amount authorized by this subchapter.
(b) (1) To the extent that refunding bonds are issued and the principal amount of the refunding bonds is 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 five-hundred-million-dollar limit.
(2) If the refunding bonds are issued in a greater principal amount than the bonds being refunded, the principal amount of the refunding bonds shall not count against the five-hundred-million-dollar limit so long as the aggregate debt service on the refunding bonds is less than the aggregate debt service on the bonds being refunded.
Section: Previous 11-10-1005 11-10-1006 11-10-1007 11-10-1008 11-10-1009 11-10-1010 11-10-1011 11-10-1012 11-10-1013 11-10-1014 11-10-1015 11-10-1016 11-10-1017 11-10-1018 NextLast modified: November 15, 2016