(a)
(1) Bonds may be issued under this subchapter to refund any outstanding bonds issued under this subchapter or to refund any outstanding bonds of the Arkansas Natural Resources Commission issued pursuant to the prior act.
(2) Bonds issued under this section:
(A) Do not require the commission to submit a written plan to the Governor under § 15-20-1303(c); and
(B) Are not subject to the requirements for the approval and proclamation of the Governor under § 15-20-1303(d).
(b)
(1) The refunding bonds may be either sold for cash or delivered in exchange for the outstanding obligations.
(2) If sold for cash, the proceeds may be applied to the payment of the obligations refunded or may be deposited in irrevocable trust for the retirement of the outstanding obligations either at maturity or on an authorized redemption date.
(c)
(1) Refunding bonds shall in all respects be authorized, issued, and secured as provided for the bonds being refunded and shall have all the attributes of the refunded bonds.
(2) To the extent that the refunding bonds are not in a greater principal amount than the outstanding principal amount of the bonds being refunded, the principal amount of the refunding bonds shall not be subject to the limit of three hundred million dollars ($300,000,000) set forth in § 15-20-1303(a) or the limit of sixty million dollars ($60,000,000) set forth in § 15-20-1303(b).
(d) The resolution or trust indenture under which the refunding bonds are issued shall provide that any refunding bonds shall have the same priority of payment as the obligations refunded.
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