(a) The proceeds of each bond issue shall be disbursed in the manner and under any restrictions as provided in the bond resolution.(b)(1) The proceeds derived from the sale of the bonds shall be used solely for the purpose of: (A) Making betterments, improvements, and extensions to a surface transportation system that is either owned or operated or is proposed to be owned or operated by the regional mobility authority;(B) Paying interest on the bonds during the period of construction of the betterments, improvements, and extensions;(C) Establishing any necessary reserves for the bonds;(D) Paying the costs of issuing the bonds; and(E) Paying any other costs and expenditures of whatever nature incidental to the accomplishment of the betterments, improvements, and extensions.(2) The terms 'betterments', 'improvements', and 'extensions' include surface transportation systems as well as all other real and personal property, buildings, structures, or other improvements or facilities as may be necessary or advisable for the proper and efficient operation of the regional mobility authority's surface transportation system.(c) If the proceeds of a bond issue exceed the cost of the s as may be necessary or advisable for the proper and efficient operation of the regional mobility authority's surface transportation system.(c) If the proceeds of a bond issue exceed the cost of the transportation project for which the bonds were issued, the surplus shall be segregated from the other money of the regional mobility authority and used only for the purposes specified in the bond resolution.(d) To the extent permitted under the applicable bond proceedings, revenue from one (1) transportation project or toll facility project of a regional mobility authority may be used to pay the cost of another transportation project or toll facility project of the same regional mobility authority.Amended by Act 2013, No. 497,§ 9, eff. 8/16/2013.Acts 2007, No. 389, § 1.
Arkansas Legal Code