Arkansas Code Title 27, Subtitle 5, Chapter 64, Subchapter 2 - Arkansas Highway Financing Act of 1999
- § 27-64-201 - Title.
This subchapter may be referred to and cited as the "Arkansas Highway Financing Act of 1999".
- § 27-64-202 - Legislative Findings.
(a) The General Assembly of the State of Arkansas has determined that there is an immediate need for highway improvements as defined in this...
- § 27-64-203 - Definitions.
The following terms, as used in this subchapter, shall have the meanings set forth in this section: (1) "Act" means this Arkansas Highway Financing...
- § 27-64-204 - Authorization -- Purposes.
The State Highway Commission is hereby authorized, subject to the approval of the voters in a statewide election, to issue bonds to be known...
- § 27-64-205 - Projects to Be Financed.
(a) The State Highway Commission shall prepare and distribute to the Governor a report setting forth the specific highway improvement projects which would be...
- § 27-64-206 - Election.
(a) Bonds shall not be issued under this subchapter unless the issuance of bonds has been approved by a majority of the qualified electors...
- § 27-64-207 - Procedure for Issuing Bonds.
(a) Prior to the issuance of any series of bonds, the State Highway Commission shall adopt a resolution authorizing the issuance of such series...
- § 27-64-208 - Terms of Bonds.
The bonds shall be subject to the following terms and conditions: (1) The bonds shall be issued in series, as set forth herein, in...
- § 27-64-209 - Sale of Bonds -- Employment of Professionals.
(a) The bonds may be sold at a price acceptable to the State Highway Commission, which price may include a discount or a premium.(b)...
- § 27-64-210 - Investment of Proceeds.
Any designated revenues and any proceeds of bonds held pending disbursement on highway improvements shall be invested by the State Highway Commission to the...
- § 27-64-211 - Sources of Repayment.
(a) (1) The bonds shall be general obligations of the State of Arkansas secured and payable from the designated revenues, as defined herein, and...
- § 27-64-212 - Refunding Bonds.
(a) The State Highway Commission may issue bonds for the purpose of refunding bonds previously issued pursuant to this subchapter, provided, however, that the...
- § 27-64-213 - Powers of Commission.
(a) All powers granted to the State Highway Commission pursuant to this subchapter shall be deemed in addition to such powers as already exist...
- § 27-64-214 - Tax Exemption.
(a) All bonds issued under this subchapter and interest thereon shall be exempt from all taxes of the State of Arkansas, including income, inheritance,...
Last modified: November 15, 2016