(a) Revenue bonds may be issued for the purpose of refunding any bonds issued under the authority of this chapter.(b) The refunding bonds may be combined into a single issue with revenue bonds issued for a street and parking project.(c) Refunding bonds may either be sold or delivered in exchange for the bonds being refunded.(d) If sold, the proceeds may be either applied to the payment of the bonds being refunded or deposited in trust and there maintained in cash or investments for the retirement thereof, as shall be specified by the municipality in the ordinance authorizing and securing the refunding bonds.(e) The ordinance authorizing the refunding bonds may provide that the refunding bonds shall have the same priority of lien on street and parking revenues pledged for their payment as was enjoyed by the bonds refunded. Refunding bonds shall be sold and secured in accordance with the provisions of this chapter pertaining to the sale and security of revenue bonds.Acts 1967, No. 317, § 8; A.S.A. 1947, § 13-1708.
Arkansas Legal Code