(a) Revenue bonds may be issued for the purpose of refunding any bonds issued under the authority of this chapter.(b) Such refunding bonds may be combined into a single issue with revenue bonds issued for the purpose of completing, reconstructing, or extending the tollway project.(c) Refunding bonds may either be sold or delivered in exchange for the bonds being refunded. 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 authority in the trust indenture securing the refunding bonds.(d) The resolution authorizing and the trust indenture securing the refunding bonds may provide that the refunding bonds shall have the same priority of lien on tollway project revenues pledged for their payment as was enjoyed by the bonds refunded thereby.(e) 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 1968 (1st Ex. Sess.), No. 33, § 15; A.S.A. 1947, § 76-2615.
Arkansas Legal Code