(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the 'Arkansas Public Transit Trust Fund'.(b) The fund shall consist of seventy-five percent (75%) of the net revenues derived from the additional rental vehicle tax imposed by § 26-63-302.(c) The fund shall be used by the Arkansas Department of Transportation for:(1) The purpose of acquiring federal matching funds for the purchase of public transportation vehicles;(2) Public transit equipment or facilities; and(3) The operation of the United States Department of Transportation Federal Transit Administration assistance programs.Amended by Act 2017, No. 707,§ 52, eff. 8/1/2017.Acts 2003 (1st Ex. Sess.), No. 55, § 18; 2007, No. 182, § 16; 2007, No. 1032, § 29; 2007, No. 1201, § 29.
Arkansas Legal Code