(a) Revenue bonds may be issued for the purpose of refunding any bonds issued under this subchapter.(b) Refunding bonds may be combined into a single issue with revenue bonds issued for the purpose of completing, reconstructing, or extending the turnpike 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 in the authorizing resolution or trust indenture securing the refunding bonds.(e) The authorizing resolution and the trust indenture securing the refunding bonds may provide that the refunding bonds shall have the same priority of lien on turnpike project revenues pledged for their payment as was enjoyed by the bonds refunded thereby.(f) Refunding bonds shall be sold and secured in accordance with the provisions of this subchapter pertaining to the sale and security of revenue bonds.Acts 2003, No. 296, § 5.
Arkansas Legal Code