(a) Bonds may be issued for the purpose of refunding any obligations issued under this subchapter or otherwise. The refunding bonds may be combined with bonds issued under the provisions of § 25-20-310 into a single issue.
(b) When bonds are issued under this section for refunding purposes, the bonds may either be sold or delivered in exchange for the outstanding obligations. If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement thereof either at maturity or upon any authorized redemption date.
(c)
(1) All bonds issued under this section shall in all respects be authorized, issued, and secured in the manner provided for other bonds issued under this subchapter and shall have all the attributes of such bonds.
(2) The resolution or indenture under which the refunding bonds are issued may provide that any of the refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations refunded thereby.
Structure Arkansas Code
Chapter 20 - Interlocal Cooperation Act
Subchapter 3 - Consolidated Waterworks Systems
§ 25-20-303. Contributions of public agency properties
§ 25-20-304. Board of commissioners
§ 25-20-305. Powers and duties of board of commissioners
§ 25-20-306. General powers of public body
§ 25-20-307. Operation of consolidated waterworks system — Definition
§ 25-20-308. Out-of-area sales and services
§ 25-20-310. Improvements — Financing with bonds
§ 25-20-311. Lien in favor of bondholders
§ 25-20-313. Securing deposit of public funds
§ 25-20-314. No personal liability
§ 25-20-315. Recreational use of property
§ 25-20-317. Tax exempt status of property owned and income
§ 25-20-320. Payments in lieu of taxes
§ 25-20-321. Annual report and audit