2019 Arkansas Code
Title 27 - Transportation
Subtitle 5 - Highways, Roads, and Streets
Chapter 64 - General Provisions
Subchapter 3 - Arkansas Interstate Highway Financing Act of 2005
§ 27-64-303. Definitions

Universal Citation: AR Code § 27-64-303 (2019)
  • As used in this subchapter:
    • (1) “Bonds” means the State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds, also known as “GARVEE bonds”, as authorized in this subchapter;

    • (2) “Commission” means the State Highway Commission;

    • (3) “Debt service” means all amounts required for the payment of principal, interest, 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;

    • (4) “Designated revenues” means:

      • (A) The portion designated by the commission of funds received or to be received from the federal government as federal highway assistance funding allocated to the state designated as federal highway interstate maintenance funds; and

      • (B) Revenues derived from the distillate special fuels tax levied under § 26-56-201(e) that are available for expenditure after any distributions required by the Arkansas Highway Financing Act of 1999, § 27-64-201 et seq.; and

    • (5) “Highway improvements” or “highway improvement projects” means restoration and improvements to all of the interstate highway systems within the state, including roadways, bridges, or rights-of-way under the jurisdiction of the commission and includes the acquisition, construction, reconstruction, and renovation of the interstate system and facilities appurtenant or pertaining to the system.

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