Arkansas Code
Subchapter 8 - Local Government Energy Efficiency Project Bond Act
§ 14-164-817. Refunding bonds

(a) Bonds may be issued to refund any outstanding bonds or to refund any outstanding bonds issued under any other law for the purpose of financing energy efficiency projects.
(b)
(1) Refunding bonds may be sold for cash or delivered in exchange for the outstanding obligations under subsection (a) of this section.
(2) If refunding bonds are sold for cash under subdivision (b)(1) of this section, the proceeds may be applied to the payment of the obligations refunded or deposited into an irrevocable trust for the retirement of the refunding bonds 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 refunding bonds are issued may provide that any refunding bonds shall have the same priority of lien on revenues as originally pledged for payment of the obligation refunded by the refunding bonds.

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