14-303-403. Use of revenues.

Arkansas Code — all titles (historical 2020) · legal_authorities

14-303-403. Use of revenues.

14-303-403. Use of revenues. (a) The tollway project revenues are to be used solely as authorized in this chapter. (b) The tollway project revenues shall be used: (1) To pay the reasonable expenses of maintenance, repair, and operation of the tollway project involved, including, without limitation, reimbursing of any state or United States agency or department for expenses paid or incurred for maintenance, repair, or operation of the tollway project involved; (2) To pay the principal of, and interest on, all revenue bonds issued for financing the cost of the tollway project involved as the principal and interest become due, including the original issue or issues, bonds issued for reconstruction and extension, and refunding bonds, as in this chapter authorized; (3) For the creation of such maintenance and debt service reserves as the authority involved may determine and specify in the trust indenture securing the revenue bonds involved; and (4) 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 securing the revenue bonds involved.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-303-403

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.