(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 ยง 26-63-302.
(c) The fund shall be used by the Arkansas State Highway and Transportation Department 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.
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