Statutes > Arkansas Statutes > Title 15 - Natural Resources and Economic Development > Subtitle 1 - Development Of Economic And Natural Resources Generally > Chapter 5 - Arkansas Development Finance Authority > Subchapter 12 - Petroleum Storage Tank Trust Fund Bond Financing Act > § 15-5-1208 - Refunding bonds.

§ 15-5-1208 - Refunding bonds.

15-5-1208. Refunding bonds.

(a) The Arkansas Development Finance Authority may provide by resolution for the issuance of refunding bonds to refund outstanding bonds issued under this subchapter and accrued interest on those bonds.

(b) The authority may sell the refunding bonds and use the proceeds to retire the outstanding bonds issued under this subchapter, exchange the refunding bonds for the outstanding bonds, or refund the bonds in the manner provided by any other applicable statute.