Browse Arkansas Code titles and sections
27-76-611. Revolving fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
27-76-611. Revolving fund.
(a) A regional mobility authority may maintain a revolving fund to be held in trust by a banking institution chosen by the regional mobility authority separate from any other funds and administered by the regional mobility authority's board of directors.
(b) A regional mobility authority may transfer into its revolving fund money from any permissible source, including:
(1) Funds from a transportation project if the transfer does not diminish the money available for the project to less than any amount required to be retained by the bond proceedings pertaining to the project;
(2) Funds received by the regional mobility authority from any source and not otherwise committed, including money from the transfer of a transportation project or system as provided under § 27-76-408 or the sale of surplus assets of the regional mobility authority;
(3) Funds received from the Arkansas Department of Transportation and the State Highway Commission; and
(4) Contributions, loans, grants, or assistance from any governmental entity, private entity, or person.
(c) The regional mobility authority may use money in the revolving fund to:
(1) Finance the acquisition, construction, maintenance, or operation of a transportation project of a regional mobility authority including the extension, expansion, or improvement of a transportation project;
(2) Provide matching money required in connection with any federal, state, local, or private aid, grant, or other funding, including aid or funding by or with public-private partnerships;
(3) Provide credit enhancement either directly or indirectly for bonds issued to acquire, construct, extend, expand, or improve a transportation project or a transportation system;
(4) Provide security for or payment of
Source: Arkansas Code — historical release 78 (November 6, 2020) · 27-76-611
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.
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Record provenance
Stable record: arkansas_code:legal_authorities:27-76-611
Source file: gov.ar.code.title.27.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 90cad9eabe5cf72ce6648470981b02586e144cda73ad20ab04aba3c6cf0a0d7e
Source location: content.xml paragraph 26342
Stored source content
27-76-611. Revolving fund.
(a) A regional mobility authority may maintain a revolving fund to be held in trust by a banking institution chosen by the regional mobility authority separate from any other funds and administered by the regional mobility authority's board of directors.
(b) A regional mobility authority may transfer into its revolving fund money from any permissible source, including:
(1) Funds from a transportation project if the transfer does not diminish the money available for the project to less than any amount required to be retained by the bond proceedings pertaining to the project;
(2) Funds received by the regional mobility authority from any source and not otherwise committed, including money from the transfer of a transportation project or system as provided under § 27-76-408 or the sale of surplus assets of the regional mobility authority;
(3) Funds received from the Arkansas Department of Transportation and the State Highway Commission; and
(4) Contributions, loans, grants, or assistance from any governmental entity, private entity, or person.
(c) The regional mobility authority may use money in the revolving fund to:
(1) Finance the acquisition, construction, maintenance, or operation of a transportation project of a regional mobility authority including the extension, expansion, or improvement of a transportation project;
(2) Provide matching money required in connection with any federal, state, local, or private aid, grant, or other funding, including aid or funding by or with public-private partnerships;
(3) Provide credit enhancement either directly or indirectly for bonds issued to acquire, construct, extend, expand, or improve a transportation project or a transportation system;
(4) Provide security for or payment of future or existing debt for the design, acquisition, construction, operation, maintenance, extension, expansion, or improvement of a transportation project or a transportation system;
(5) Borrow money and issue promissory notes or other indebtedness payable out of the revolving fund for any purpose authorized by this chapter; and
(6) Provide for any other reasonable purpose that assists in the financing of a regional mobility authority as authorized by this chapter.
(d)(1) Money spent or advanced from the revolving fund for a transportation project or a transportation system must be reimbursed from the money of that transportation project or transportation system.
(2) At the time that the expenditure or advancement is authorized, a reasonable expectation of repayment must exist.
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Arkansas Code — all titles (historical 2020) · legal_authorities
27-76-408. Transfer of a transportation project or transportation system — Procedure.
(a) A regional mobility authority may sell, lease, or convey any of its transportation projects or transportation systems to one (1) or more governmental entities, or a governmental entity may convey a transportation project or a transportation system to a regional mobility authority if:
(1) The transferee has executed written commitments to assume jurisdiction over the transferred transportation project or transportation system;
(2) The property and contract rights in the transferred transportation project or transportation system and bonds issued for the project or system are not unfavorably affected by the transfer;
(3) The transfer is not prohibited under the bond proceedings applicable to the transferred transportation project or transportation system;
(4) An adequate provision has been made for the assumption of all debts, obligations, and liabilities relating to the transferred transportation project or transportation system by the regional mobility authority or governmental entity that is assuming jurisdiction over the transferred transportation project or transportation system;
(5) The transferee lawfully assumes:
(A) Jurisdiction over the transferred transportation project or transportation system; and
(B) The debts, obligations, and liabilities of the regional mobility authority relating to the transferred transportation project or transportation system; and
(6) The transfer has been approved by the board of directors of the regional mobility authority and the transferee or transferor.
(b) If the requirements of subsection (a) of this section are met, then a regional mobility authority or governmental entity may transfer its work product to determine the
Source: Arkansas Code — historical release 78 (November 6, 2020) · 27-76-408
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. The source passage cites 27-76-408. This identifies an authority to review, not proof of applicability.