Arkansas § 27-76-706 Arkansas Department of Transportation contributions to toll road projects

Arkansas Statutes

§ 27-76-706 — Arkansas Department of Transportation contributions to toll road projects

(a)(1) A regional mobility authority and the Arkansas Department of Transportation and the State Highway Commission may agree to allow the department to contribute to the payment of costs of any of the following in regards to a toll road:

(A)A financial study;

(B)An engineering study;

(C)A traffic feasibility study; or (D) The design, financing, acquisition, construction, operation, or maintenance of a toll road.

(2)The agreement shall not be inconsistent with the rights of the bondholders or persons operating the toll road under a lease or other contract.

(b)The department may use its engineering or other personnel, including consulting engineers or traffic engineers, to conduct feasibility studies under subsection (a) of this section.

(c)(1) An obligation or expense incurred by a

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(a) (1) A regional mobility authority and the Arkansas Department of Transportation and the State Highway Commission may agree to allow the department to contribute to the payment of costs of any of the following in regards to a toll road: (A) A financial study; (B) An engineering study; (C) A traffic feasibility study; or (D) The design, financing, acquisition, construction, operation, or maintenance of a toll road. (2) The agreement shall not be inconsistent with the rights of the bondholders or persons operating the toll road under a lease or other contract. (b) The department may use its engineering or other personnel, including consulting engineers or traffic engineers, to conduct feasibility studies under subsection (a) of this section. (c) (1) An obligation or expense incurred by a regional mobility authority or the department under this section is a part of the cost of the toll road for which the obligation or expense was incurred. (2) A regional mobility authority may require money contributed under this section to be repaid from tolls or other revenue of the toll road on which the money was spent. (3) Money repaid as required by a regional mobility authority or the department shall be deposited to the credit of the fund from which the contribution was made. (d) A regional mobility authority or the department may use federal money for any purpose described by this chapter. (e) A toll road developed by a regional mobility authority shall not be part of the state highway system unless the regional mobility authority and the commission so agree. (f) (1) The commission may grant or loan department money to a regional mobility authority for the acquisition of land for the construction, maintenance, or operation of a toll road. (2) The commission may require the authority to repay money provided under this section from toll revenue or other sources on terms established by the commission. (g) Money repaid as required by the commission shall be deposited to the credit of the fund from which the money was provided.

Arkansas § 27-76-706 (Arkansas Department of Transportation contributions to toll road projects) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.