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27-90-204. Revenue — Use of revenues.
Arkansas Code — all titles (historical 2020) · legal_authorities
27-90-204. Revenue — Use of revenues.
(a) Revenues derived from any turnpike project that are used to secure revenue bonds shall be deposited in 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-
Source: Arkansas Code — historical release 78 (November 6, 2020) · 27-90-204
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:27-90-204
Source file: gov.ar.code.title.27.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 6151f699f8bfb1a791023e61e419ac40b9a951196cd0205b0e86af30ffde50cb
Source location: content.xml paragraph 27619
Stored source content
27-90-204. Revenue — Use of revenues.
(a) Revenues derived from any turnpike project that are used to secure revenue bonds shall be deposited in 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.
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Arkansas Code — all titles (historical 2020) · legal_authorities
27-70-206. Distribution to state funds.
Excluding the interest income classified as special revenue under § 27-70-204(b)(1), all highway revenues which are available for distribution during each fiscal year shall be transferred to the following State Treasury funds, and in the order specified, with transfers to be made monthly until all available revenues have been transferred:
(1) First, except as provided by § 19-5-207, three percent (3%) of the amount thereof to the Constitutional Officers Fund and the State Central Services Fund, there to be used for the purposes specified for each fund by the Revenue Stabilization Law, § 19-5-101 et seq.;
(2) Next, to the Gasoline Tax Refund Fund, such amount as the Secretary of the Department of Finance and Administration shall, from time to time, certify to the Treasurer of State as being necessary to pay approved gasoline tax refund claims under the provisions of §§ 26-55-301 — 26-55-321 [Repealed] and 26-55-401 — 26-55-408, or other applicable law. However, the aggregate total amount of all transfers under this paragraph shall not exceed two million five hundred thousand dollars ($2,500,000) during any fiscal year; and
(3) After meeting the requirements set out in subdivisions (1) and (2) of this section, all remaining highway revenues which are available for distribution during each fiscal year shall be transferred in the following manner: Fifteen percent (15%) of the amount thereof to the County Aid Fund; fifteen percent (15%) of the amount thereof to the Municipal Aid Fund; and seventy percent (70%) of the amount thereof to the State Highway and Transportation Department Fund.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 27-70-206
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 27-70-206. This identifies an authority to review, not proof of applicability.