(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.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.