(a) This section may be cited as the "Small City Street Fund Act".
(b) The General Assembly finds that the majority of street and road improvement funds are made available to larger cities throughout the state. Small cities have to look to other sources to seek funds to improve city streets. In most instances, the cities are unsuccessful and roads remain unpaved, which hinders the cities' ability to attract business and industry.
(c)
(1) The term "small cities", as used in this section, means all cities of the first class and cities of the second class and incorporated towns in Arkansas with populations of less than five thousand (5,000) persons according to the latest federal decennial census.
(2) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State the "Small City Street Fund" to be composed of funds appropriated by the General Assembly to be made available to small cities throughout the state to be used to improve streets.
(3) The Small City Street Fund shall be administered by the Arkansas Development Finance Authority.
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