2019 Arkansas Code
Title 26 - Taxation
Subtitle 6 - Local Taxes
Chapter 75 - Municipal Sales and Use Taxes
Subchapter 6 - Advertising and Promotion Commission Act
§ 26-75-617. Refunding Bonds
(a) Bonds may be issued under this subchapter to refund any outstanding bonds issued pursuant to this subchapter or to refund any outstanding bonds issued pursuant to any other law for the purpose of financing convention center projects.
(b)
(1) The refunding bonds may be either sold for cash or delivered in exchange for the outstanding obligations.
(2) If sold for cash, the proceeds may be either applied to the payment of the obligations refunded or deposited into irrevocable trust for the retirement thereof either at maturity or on an authorized redemption date.
(c) Refunding bonds shall in all respects be authorized, issued, and secured in the manner provided in this subchapter.
(d) The ordinance under which the refunding bonds are issued may provide that any refunding bonds shall have the same priority of lien on all project revenues as originally pledged for payment of the obligation refunded thereby.
