Arkansas Code
Subchapter 3 - Arkansas Development Finance Authority Act — Bonds
§ 15-5-314. Refunding bonds

(a) Bonds may be issued for the purpose of refunding, either at maturity or in advance of maturity, any:
(1) Bonds issued under this subchapter; or
(2) Bonds or other obligations issued or incurred by a state agency or a political subdivision to finance a purpose for which the Arkansas Development Finance Authority is authorized to issue bonds under this subchapter.

(b) The refunding bonds may either be sold or delivered in exchange for the bonds being refunded.
(c) If sold, the proceeds may either be applied to the payment of the bonds being refunded or deposited in trust and there maintained in cash or investments for the retirement of the bonds being refunded, as shall be specified by the authority and the authorizing resolution or trust indenture securing the refunding bonds.
(d) The authorizing resolution or trust indenture securing the refunding bonds may provide that the refunding bonds shall have the same security for their payment as provided for the bonds being refunded.
(e) Refunding bonds shall be sold and secured in accordance with the provisions of this subchapter pertaining to the sale and security of the bonds.

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