Arkansas § 27-76-704 Use of revenues - Revenue bonds

Arkansas Statutes

§ 27-76-704 — Use of revenues - Revenue bonds

Arkansas § 27-76-704

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This text of Arkansas § 27-76-704 (Use of revenues - Revenue bonds) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 27-76-704 (2026).

Text

(a)(1) Except as provided under subdivision (a)(3) of this section, a regional mobility authority that has issued revenue bonds for a toll facility project or a transportation project and that is financed with dedicated revenue derived from tolls, fees, fares, or other funds shall set aside moneys into a sinking fund that is pledged to and charged with the payment of:

(A)Interest on the bonds as it becomes due;

(B)Principal of the bonds as it becomes due;

(C)Necessary charges of paying agents for paying principal and interest;

(D)The redemption price or the purchase price of bonds retired by call or purchase as provided in the bond proceedings; and (E) Any amounts due under credit agreements.

(2)Moneys shall be set aside into a sinking fund at regular intervals and as provided in the

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(a) (1) Except as provided under subdivision (a)(3) of this section, a regional mobility authority that has issued revenue bonds for a toll facility project or a transportation project and that is financed with dedicated revenue derived from tolls, fees, fares, or other funds shall set aside moneys into a sinking fund that is pledged to and charged with the payment of: (A) Interest on the bonds as it becomes due; (B) Principal of the bonds as it becomes due; (C) Necessary charges of paying agents for paying principal and interest; (D) The redemption price or the purchase price of bonds retired by call or purchase as provided in the bond proceedings; and (E) Any amounts due under credit agreements. (2) Moneys shall be set aside into a sinking fund at regular intervals and as provided in the bond resolution or trust agreement. (3) A regional mobility authority may retain the funds necessary to pay the cost of maintenance, repair, and operation and to provide reserves for those costs as provided in the bond proceedings. (b) The use and disposition of money deposited to the credit of the sinking fund is subject to the bond proceedings.