Arkansas Code § 15-4-3217 - Refunding Bonds

(a) After bonds have been issued under Arkansas Constitution, Amendment 82, and this subchapter, the Arkansas Development Finance Authority may issue bonds for the purpose of refunding any outstanding bonds issued under Arkansas Constitution, Amendment 82, and this subchapter.

(b) The refunding bonds shall be general obligations of the state and shall be secured and sold in accordance with the provisions of this subchapter.

(c) The proceeds of the refunding bonds either may be applied to the payment of the bonds being refunded or deposited in trust and there maintained in cash or investments for the retirement of the bonds being refunded as shall be specified by the authority in the resolution or trust indenture authorizing or securing the refunding bonds.

(d) The resolution or trust indenture under which the refunding bonds are issued may provide that any refunding bonds shall have the same security for payment as provided for the bonds being refunded. Other than approval of the resolution or trust indenture under which refunding bonds are issued by appropriate action of the authority, no additional action or approval for the issuance of refunding bonds shall be required to be taken by the General Assembly, the Arkansas Economic Development Commission, or the Chief Fiscal Officer of the State under this subchapter or as otherwise may be provided by other law.

Section: Previous  15-4-3210  15-4-3211  15-4-3212  15-4-3213  15-4-3214  15-4-3215  15-4-3216  15-4-3217  15-4-3218  15-4-3219  15-4-3220  15-4-3221  15-4-3222  15-4-3223  15-4-3224  Next

Last modified: November 15, 2016