(a) Bonds may be issued for the purpose of refunding any obligations issued under this chapter.(b) The refunding bonds may be combined with bonds issued under the provisions of § 14-267-107 into a single issue.(c)(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 thereof.(d) All bonds issued under this section shall, in all respects, be authorized, issued, and secured in the manner provided for other bonds issued under this chapter and shall have all the attributes of those bonds.(e) The ordinance or order under which chapter 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 thereby.Acts 1973, No. 247, § 6; A.S.A. 1947, § 13-1906.
Arkansas Legal Code