27-64-503. Definitions.

27-64-503. Definitions. As used in this subchapter: (1) “Bonds” means the State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds, also known as “GARVEE bonds”, as authorized in this subchapter; (2) “Commission” means the State Highway Commission; (3) “Debt service” means all amounts required for the payment of principal, interest, and premium, if any, due with respect to the bonds in any fiscal year along with all associated costs, including the fees and costs of paying agents and trustees, remarketing agent fees, credit enhancement costs, and other amounts necessary in connection with the bonds; (4) “Designated revenues” means: (A) The portion designated by the commission of funds received or to be received from the federal government as federal highway assistance funding allocated to the state; and (B) Revenues derived from the distillate special fuel tax levied under: (i) Section 26-56-201(e) that are available for expenditure after any distributions required by the Arkansas Highway Financing Act of 1999, § 27-64-201 et seq., the Arkansas Interstate Highway Financing Act of 2005, § 27-64-301 et seq., and the Arkansas Interstate Highway Financing Act of 2007, § 27-64-401 et seq.; and (ii) Section 26-56-802; and (5) “Highway improvements” or “highway improvement projects” means restoration and improvements to the Interstate Highway System and other routes within the National Highway System within the state, including roadways, bridges, or rights-of-way under the jurisdiction of the commission and includes the acquisition, construction, reconstruction, renovation of the Interstate Highway System and other routes within the National Highway System within the state and facilities appurtenant or pertaining to the Interstate Highway System and other routes within the National Highway System.