Arkansas Code
Subchapter 1 - Cities of the First Class Generally
§ 14-201-119. Refunding bonds or notes

(a) Bonds or notes may be issued for the purpose of refunding any bonds or notes issued under this subchapter, or for the purpose of refunding any bonds or notes issued by the city creating the commission secured, in whole or in part, by waterworks or electric system revenues.
(b) Refunding bonds or notes may be combined with bonds or notes issued under the provisions of §§ 14-201-112 and 14-201-113 into a single issue.
(c)
(1) When refunding bonds or notes are issued, the bonds or notes may either be sold or delivered in exchange for the bonds or notes being refunded.
(2) If sold, the proceeds may be either applied to the payment of the bonds or notes being refunded or deposited in escrow for the retirement thereof.

(d) All refunding bonds and notes shall in all respects be issued and secured in the manner provided for other bonds and notes issued under this subchapter and shall have all the attributes of the bonds and notes.
(e) The resolution under which the refunding bonds or notes are issued may provide that any of the refunding bonds or notes shall have the same priority of lien on and security interest in waterworks or electric system revenues and the waterworks or electric system as was enjoyed by the bonds or notes refunded thereby.

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