(a)(1) Revenue bonds may be issued under this subchapter for the purpose of refunding any obligations issued under this subchapter.(2) Refunding bonds may be combined with bonds issued under this subchapter 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 sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement of them.(c)(1) All refunding bonds issued under this subchapter shall, in all respects, be authorized, issued, and secured in the manner provided for other bonds issued under this subchapter and shall have all the attributes of these bonds.(2) The ordinance 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 them.Acts 1937, No. 231, § 3; Pope's Dig., § 9709; Acts 1947, No. 189, § 3; 1967, No. 69, § 1; 1970 (Ex. Sess.), No. 54, § 1; 1973, No. 87, § 2; A.S.A. 1947, § 19-2704.
Arkansas Legal Code