(a) Bonds may be issued under this subchapter for the purpose of refunding any outstanding bonds issued hereunder.
(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 either applied to the payment of the obligations refunded or deposited in an irrevocable trust for the retirement thereof either at maturity or on an authorized redemption date.
(c) Refunding bonds shall in all respects be authorized, issued, and secured in the manner provided for the bonds being refunded, and shall have all the attributes of the refunded bonds. However, if the refunding bonds are not in a greater principal amount than the bonds being refunded, the question of issuing such refunding bonds need not be submitted at an election.
(d) The ordinance or order under which the refunding bonds are issued may provide that any refunding bonds shall have the same priority of lien on all sources of taxation or other income as originally pledged for payment of the obligation refunded thereby.
(e)
(1) Bonds may also be issued under the provisions of this subchapter for the purpose of refunding any outstanding bonds issued pursuant to Arkansas Constitution, Amendment 62, whether or not issued prior to or subsequent to April 7, 1993, to finance capital improvements if the question of the issuance of the refunding bonds is submitted to the electors in the manner provided in § 14-142-208.
(2)
(A) The refunding bonds may be either sold for cash or delivered in exchange for the outstanding obligations.
(B) If sold for cash, the proceeds may either be applied to the payment of the bonds being refunded or deposited in an irrevocable trust for the retirement thereof at maturity or on an authorized redemption date.