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2017 Arkansas Code
Title 27 - Transportation
Subtitle 5 - Highways, Roads, and Streets
Chapter 64 - General Provisions
Subchapter 2 - Arkansas Highway Financing Act of 1999
§ 27-64-203. Definitions
Universal Citation: AR Code § 27-64-203 (2017)
- The following terms, as used in this subchapter, shall have the meanings set forth in this section:
- (1) "Act" means this Arkansas Highway Financing Act of 1999;
- (2) "Bonds" means the "State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds" or "GARVEE bonds", as authorized in this subchapter;
- (3) "Commission" means the State Highway Commission, created and existing pursuant to Arkansas Constitution, Amendment 42;
- (4) "Debt service" means all amounts required for the payment of principal, interest on, and premium, if any, due with respect to the bonds in any fiscal year along with all associated costs, including the fees and costs of paying agents and trustees, remarketing agent fees, credit enhancement costs, and other amounts necessary in connection with the bonds;
- (5) "Designated revenues" means:
- (A) That portion designated by the commission of funds received or to be received from the federal government of the United States as federal highway assistance funding allocated to the state designated as federal highway interstate maintenance funds, and, if needed, that portion of national highway system funds authorized by State Highway Commission Minute Order 98-214 adopted September 22, 1998; and
- (B) Revenues derived from the increase in taxes levied on distillate special fuels pursuant to § 26-56-201 and transferred to the State Highway and Transportation Department Fund pursuant to § 27-70-207(d) in accordance with § 26-56-201 and § 26-55-1006; and
- (6) "Highway improvements" or "highway improvement projects" means restoration and improvements to all of the interstate highway systems within the state, including roadways, bridges, or right-of-way under the jurisdiction of the commission and shall also include the acquisition, construction, reconstruction, and renovation of such interstate system and facilities appurtenant or pertaining thereto.
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