§ 27-90-204 — Revenue - Use of revenues

Arkansas § 27-90-204

• Jurisdiction: Arkansas
• Title: 27

Text

(a) Revenues derived from any turnpike project that are used to secure revenue bonds shall be deposited into a bank or banks selected by the State Highway Commission. (b) The turnpike project revenues are declared to be cash funds, restricted in their use, and dedicated and to be used solely as authorized in this subchapter. (c) (1) The revenues shall be used for the following purposes subject to the order and priority provided in the trust indenture or the authorizing resolution: (A) To pay the reasonable expenses of maintenance, repair, and operation of the turnpike project or projects involved; (B) To pay as due the debt service on all revenue bonds to which revenues of the turnpike project or projects are pledged, including the original issue or issues, bonds issued for reconstruction and extension, and refunding bonds, as authorized in this subchapter; (C) For the establishing or, once established, for maintaining any reserves as provided in the authorizing resolution or the trust indenture; (D) For the redemption of bonds prior to maturity, if provision is made for redemption, all as shall be specified in detail in the trust indenture, and all indentures supplemental thereto, securing the bonds; (E) To pay as due the debt service on turnpike projects other than the turnpike project from which derived; and (F) For other lawful commission purposes. (2) Any other revenue shall be transferred to the Treasurer of State, who shall transfer such revenue to the Arkansas Department of Transportation, there to be used for the maintenance, operation, and improvement required by the department in carrying out its functions, powers, and duties. (d) Turnpike project revenues shall not be subject to the provisions in § 27-70-206 .

Legislative History

Amended by Act 2017, No. 707,§ 433, eff. 8/1/2017. Acts 1995, No. 1232, § 1; 2003, No. 296, § 4.