(a) Bonds may be issued for the purpose of refunding any bonds issued under this subchapter and for the refunding of any state board certificates issued by the State Board of Education.
(b) Refunding bonds may either be sold or delivered in exchange for the bonds being refunded.
(c) If sold, the proceeds may be either 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 state board in the resolution or indenture securing the refunding bonds.
(d) The resolution or indenture securing the refunding bonds may provide that the refunding bonds shall have the same priority of pledge as was enjoyed by the bonds refunded.
(e) Refunding bonds shall be sold and secured in accordance with the provisions of this subchapter pertaining to the sale and security of bonds.
Structure Arkansas Code
Subtitle 2 - Elementary and Secondary Education Generally
Subchapter 10 - Revolving Loan Program — Alternative State Financing
§ 6-20-1003. Authority to engage and pay for professional help
§ 6-20-1004. Authority to issue bonds
§ 6-20-1005. Maximum amount of bonds
§ 6-20-1006. Authorizing resolution — Nature and contents of bonds
§ 6-20-1007. Issuance and designation of bonds
§ 6-20-1008. Sale and award of bonds
§ 6-20-1009. Execution of bonds — Signatures
§ 6-20-1010. Deposit of proceeds
§ 6-20-1012. Validation of bonds and certificates
§ 6-20-1014. Investment of retirement system funds
§ 6-20-1016. Prohibition on creation of rights
§ 6-20-1017. Purchase of bonds and certificates by Treasurer of State