2010 Arkansas Code
Title 14 - Local Government
Subtitle 18 - Roadways, Bridges, And Parking Generally
Chapter 303 - Municipal Tollway Authority Act
Subchapter 4 - Tollway Project Revenues
§ 14-303-403 - Use of revenues.

14-303-403. Use of revenues.

(a) The tollway project revenues are to be used solely as authorized in this chapter.

(b) The tollway project revenues shall be used:

(1) To pay the reasonable expenses of maintenance, repair, and operation of the tollway project involved, including, without limitation, reimbursing of any state or United States agency or department for expenses paid or incurred for maintenance, repair, or operation of the tollway project involved;

(2) To pay the principal of, and interest on, all revenue bonds issued for financing the cost of the tollway project involved as the principal and interest become due, including the original issue or issues, bonds issued for reconstruction and extension, and refunding bonds, as in this chapter authorized;

(3) For the creation of such maintenance and debt service reserves as the authority involved may determine and specify in the trust indenture securing the revenue bonds involved; and

(4) 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 securing the revenue bonds involved.