reglab/housing_qa huggingface dataset:
AR Code § 27-64-205 (2020)
2020 Arkansas Code|Title 27 - Transportation|Subtitle 5 - Highways, Roads, And Streets|Chapter 64 - General Provisions|Subchapter 2 - Arkansas Highway Financing Act of 1999|§ 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 financed if all of the authorized bonds were to be issued and the estimated cost of each project.  (b) Upon receipt of the report described in subsection (a) of this section, the Governor shall, if he or she deems it to be in the public interest, by proclamation call an election on the question of issuing the bonds.  (c) The report of projects described in subsection (a) of this section may be modified by the commission from time to time in accordance with Arkansas Constitution, Amendment 42.
AR Code § 27-64-207 (2020)
2020 Arkansas Code|Title 27 - Transportation|Subtitle 5 - Highways, Roads, And Streets|Chapter 64 - General Provisions|Subchapter 2 - Arkansas Highway Financing Act of 1999|§ 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 of bonds. Each such resolution shall contain such terms, covenants, and conditions as are deemed desirable and consistent with this subchapter, including without limitation those pertaining to the establishment and maintenance of funds and accounts, the deposit and investment of the federal highway assistance payments and bond proceeds, and the rights and obligations of the state, its officers and officials, the commission, and the registered owners of the bonds.  (b) The resolutions of the commission may provide for the execution and delivery by the commission of a trust indenture or trust indentures with one (1) or more banks or trust companies located within or without the state, containing any of the terms, covenants, and conditions referred to above and such other terms and conditions deemed necessary by the commission, which trust indenture or trust indentures shall be binding upon the commission and the state and their respective officers and officials.
AR Code § 27-64-208 (2020)
2020 Arkansas Code|Title 27 - Transportation|Subtitle 5 - Highways, Roads, And Streets|Chapter 64 - General Provisions|Subchapter 2 - Arkansas Highway Financing Act of 1999|§ 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 amounts sufficient to finance all or part of the costs of construction and maintenance of highway improvements described in § 27-64-205, with the respective series to be designated by the year in which issued and, if more than one (1) series is to be issued in a particular year, by alphabetical designation.  (2) The bonds of each series shall have such date or dates as the State Highway Commission shall determine and shall mature or be subject to mandatory sinking fund redemption over a period ending not later than twelve (12) years after the date of issue of each series.  (3)  (A) The bonds of each series shall bear interest at the rate or rates determined by the commission at the sale of the bonds. The bonds may bear interest at either a fixed or a variable rate or may be convertible from one interest rate mode to another.  (B) Such interest shall be payable at such times as the commission shall determine.    (4) The bonds shall be issued in the form of bonds registered as to both principal and interest without coupons, may be in such denominations and may be made exchangeable for bonds of another form or denomination bearing the same rate of interest, may be made payable at such places within or without the state, may be made subject to redemption prior to maturity in such manner and for such redemption prices, and may contain such other terms and conditions all as the commission shall determine.  (5)  (A) Each bond shall be executed with the facsimile signatures of the Chair of the State Highway Commission and the secretary of the commission and shall have affixed or imprinted thereon the seal of the commission.  (B) Delivery of the bonds so executed shall be valid notwithstanding any change in the persons holding such offices occurring after the bonds have been executed.
AR Code § 27-64-209 (2020)
2020 Arkansas Code|Title 27 - Transportation|Subtitle 5 - Highways, Roads, And Streets|Chapter 64 - General Provisions|Subchapter 2 - Arkansas Highway Financing Act of 1999|§ 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)  (1) The bonds may be sold in such manner, either at private or public sale, and upon such terms as the commission shall determine to be reasonable and expedient for effecting the purposes of this subchapter.  (2)  (A) If the bonds are to be sold at public sale, the commission shall give notice of the offering of such bonds in a manner reasonably designed to notify participants in the public finance industry that such offering is being made.  (B) The commission shall set the terms and conditions of bidding, including the basis on which the winning bid will be selected.      (c)  (1) The commission is authorized to structure the sale of bonds utilizing such financing techniques as are recommended by its professional advisors in order to take advantage of market conditions and obtain the most favorable interest rates consistent with the purposes of this subchapter.  (2) In furtherance of this authorization, the commission may enter into such ancillary agreements in connection with the sale of the bonds as it deems necessary and advisable, including, without limitation, bond purchase agreements, remarketing agreements, and letters of credit and reimbursement agreements.    (d) The commission is authorized to retain such professionals as it deems necessary to accomplish the issuance and sale of the bonds, including, without limitation, legal counsel, financial advisors, underwriters, trustees, paying agents, and remarketing agents.
AR Code § 27-64-210 (2020)
2020 Arkansas Code|Title 27 - Transportation|Subtitle 5 - Highways, Roads, And Streets|Chapter 64 - General Provisions|Subchapter 2 - Arkansas Highway Financing Act of 1999|§ 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 full extent practicable pending disbursement for the purposes intended. Notwithstanding any other provision of law, such investments shall be in accordance with the terms of the resolution or trust indenture authorizing or securing the series of bonds to which the designated revenues or bond proceeds appertain to the extent that the terms of such resolution or trust indenture are applicable.
AR Code § 27-64-211 (2020)
2020 Arkansas Code|Title 27 - Transportation|Subtitle 5 - Highways, Roads, And Streets|Chapter 64 - General Provisions|Subchapter 2 - Arkansas Highway Financing Act of 1999|§ 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 the general revenues of the state.  (2) The bonds will be payable first from certain designated revenues, specifically:  (A) That portion designated by the State Highway Commission of funds received or to be received from the federal government of the United States as federal highway assistance funding allocated to the state designated as federal highway interstate maintenance funds, and, if needed, that portion of national highway system funds authorized by State Highway Commission Minute Order 98-214 adopted September 22, 1998; and  (B) Revenues derived from the increase in taxes levied on distillate special fuels pursuant to § 26-56-201 and transferred to the State Highway and Transportation Department Fund pursuant to § 27-70-207(d) in accordance with §§ 26-55-1006(d) and 26-56-201(f).    (3) To the extent that designated revenues are insufficient to make timely payment of debt service on the bonds, such payment shall be made from the general revenues of the State of Arkansas.    (b) In order to secure the payment of debt service, any trust instrument, resolution, or other document setting forth the security for the bondholders may provide for the direct payment of the federal highway assistance funds that are designated revenues directly into a trust fund or to a paying agent for the payment of debt service on the bonds, and it shall not be necessary for such funds to be deposited with the State Treasury.
AR Code § 27-64-212 (2020)
2020 Arkansas Code|Title 27 - Transportation|Subtitle 5 - Highways, Roads, And Streets|Chapter 64 - General Provisions|Subchapter 2 - Arkansas Highway Financing Act of 1999|§ 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 total amount of bonds outstanding after the refunding is completed does not exceed the total amount authorized by this subchapter.  (b) Such refunding bonds shall be special obligations of the State of Arkansas, secured as set forth in this subchapter, and shall be secured and sold in accordance with the provisions of this subchapter.
AR Code § 27-64-213 (2020)
2020 Arkansas Code|Title 27 - Transportation|Subtitle 5 - Highways, Roads, And Streets|Chapter 64 - General Provisions|Subchapter 2 - Arkansas Highway Financing Act of 1999|§ 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 pursuant to Arkansas Constitution, Amendment 42 and the laws of the State of Arkansas.  (b) No member of the commission shall be liable personally for any reason arising from the issuance of bonds pursuant to this subchapter unless such person shall have acted with corrupt intent.
AR Code § 27-64-214 (2020)
2020 Arkansas Code|Title 27 - Transportation|Subtitle 5 - Highways, Roads, And Streets|Chapter 64 - General Provisions|Subchapter 2 - Arkansas Highway Financing Act of 1999|§ 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, and property taxes.  (b) The bonds shall be eligible to secure deposits of all public funds and shall be legal for investment of municipal, county, bank, fiduciary, insurance company, and trust funds.
AR Code § 27-64-301 (2020)
2020 Arkansas Code|Title 27 - Transportation|Subtitle 5 - Highways, Roads, And Streets|Chapter 64 - General Provisions|Subchapter 3 - Arkansas Interstate Highway Financing Act of 2005|§ 27-64-301. Title

 This subchapter may be referred to and cited as the “Arkansas Interstate Highway Financing Act of 2005”.
AR Code § 27-64-302 (2020)
2020 Arkansas Code|Title 27 - Transportation|Subtitle 5 - Highways, Roads, And Streets|Chapter 64 - General Provisions|Subchapter 3 - Arkansas Interstate Highway Financing Act of 2005|§ 27-64-302. Legislative findings and intent

 The General Assembly finds that:   (1) There is an immediate need for highway improvements throughout the State of Arkansas in order to provide for the health, safety, and welfare of its citizens and to promote economic development within the state;  (2) Through the revenues generated under the Arkansas Highway Financing Act of 1999, § 27-64-201 et seq., the State Highway Commission has been successful in completing the rehabilitation of much of the state's interstate highway system and that the rehabilitation has been carried out in an efficient, cost-effective manner;  (3) Continued improvement of the interstate highway system is necessary and that the best way to accomplish the improvement expeditiously is through the issuance of additional federal highway grant anticipation and tax revenue bonds to finance highway improvements;  (4) The bonds should be payable from revenues currently designated by the Arkansas Highway Financing Act of 1999, § 27-64-201 et seq., including federal highway assistance funding and available proceeds from the distillate special fuels tax levied under § 26-56-201(e); and  (5) The repayment of the bonds shall also be guaranteed by the full faith and credit of the state.
AR Code § 27-64-303 (2020)
2020 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

 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.
AR Code § 27-64-304 (2020)
2020 Arkansas Code|Title 27 - Transportation|Subtitle 5 - Highways, Roads, And Streets|Chapter 64 - General Provisions|Subchapter 3 - Arkansas Interstate Highway Financing Act of 2005|§ 27-64-304. Authorization — Purposes

 (a) Subject to the one-time approval of the voters in a statewide election, the State Highway Commission may issue State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds from time to time if the total principal amount outstanding from the issuance of the bonds, together with the total principal amount outstanding from the issuance of bonds pursuant to the Arkansas Highway Financing Act of 1999, § 27-64-201 et seq., does not at any time exceed five hundred seventy-five million dollars ($575,000,000).  (b) The purpose of the bond issuance shall be:  (1) Accelerating interstate highway improvement projects already underway or scheduled;  (2) Funding new interstate highway improvement projects;  (3) Financing the restoration, reconstruction, and renovation of interstate highway improvements within the State of Arkansas; and  (4) Paying the costs of issuance of the bonds or other credit enhancement.
AR Code § 27-64-306 (2020)
2020 Arkansas Code|Title 27 - Transportation|Subtitle 5 - Highways, Roads, And Streets|Chapter 64 - General Provisions|Subchapter 3 - Arkansas Interstate Highway Financing Act of 2005|§ 27-64-306. Procedure for issuing State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds

 (a) Prior to the issuance of any series of State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds, the State Highway Commission shall adopt a resolution authorizing the issuance of the series of bonds.  (b) Each resolution shall contain those terms, covenants, and conditions as are deemed desirable and consistent with this subchapter, including, without limitation, those pertaining to the establishment and maintenance of funds and accounts, the deposit and investment of the federal highway assistance payments and bond proceeds, and the rights and obligations of the state, its officers and officials, the commission, and the registered owners of the bonds.  (c) The resolutions of the commission may provide for the execution and delivery by the commission of a trust indenture or trust indentures with one (1) or more banks or trust companies located within or without the state, containing any of the terms, covenants, and conditions required under subsection (b) of this section, and any other terms and conditions deemed necessary by the commission. The trust indenture or trust indentures shall be binding upon the commission and the state and their respective officers and officials.
AR Code § 27-64-307 (2020)
2020 Arkansas Code|Title 27 - Transportation|Subtitle 5 - Highways, Roads, And Streets|Chapter 64 - General Provisions|Subchapter 3 - Arkansas Interstate Highway Financing Act of 2005|§ 27-64-307. Terms of bonds

 The State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds shall be subject to the following terms and conditions:   (1) The bonds shall be issued in series in amounts sufficient to finance all or part of the costs of construction and maintenance of highway improvements. The respective series of bonds shall be designated by the year in which the bonds are issued. If more than one (1) series of bonds is to be issued in a particular year, the series shall be designated alphabetically;  (2) The bonds of each series shall have the date or dates as the State Highway Commission shall determine. The bonds shall mature or be subject to mandatory sinking fund redemption over a period ending not later than twelve (12) years after the date of issue of each series;  (3) The bonds of each series shall bear interest at the rate or rates determined by the commission at the sale of the bonds. The bonds may bear interest at either a fixed or a variable rate or may be convertible from one (1) interest rate mode to another. The interest shall be payable at the times as the commission shall determine;  (4) The bonds shall be issued in the form of bonds registered as to both principal and interest without coupons;  (5) The commission shall determine:  (A) The denominations of the bonds;  (B) Whether the bonds may be made exchangeable for bonds of another form or denomination bearing the same rate of interest;  (C) When the bonds may be made payable and the places within or without the state where the bonds may be payable;  (D) Whether the bonds may be made subject to redemption prior to maturity and the manner of and prices for redemption; and  (E) Any other terms and conditions; and    (6) Each bond shall be executed with the facsimile signatures of the Chair of the State Highway Commission and the secretary of the commission, and the seal of the commission shall be affixed or imprinted on the bond. Delivery of executed bonds shall be valid, notwithstanding any change in the persons holding the offices that occurs after the bonds have been executed.
AR Code § 27-64-308 (2020)
2020 Arkansas Code|Title 27 - Transportation|Subtitle 5 - Highways, Roads, And Streets|Chapter 64 - General Provisions|Subchapter 3 - Arkansas Interstate Highway Financing Act of 2005|§ 27-64-308. Sale of bonds

 (a)  (1) The State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds may be sold in any manner, either at private or public sale, and upon terms as the State Highway Commission shall determine to be reasonable and expedient for effecting the purposes of this subchapter.  (2) The bonds may be sold at a price acceptable to the commission. The price may include a discount or premium.    (b)  (1) If the bonds are to be sold at public sale, the commission shall give notice of the offering of the bonds in a manner reasonably designed to notify participants in the public finance industry that the offering is being made.  (2) The commission shall set the terms and conditions of bidding, including the basis on which the winning bid will be selected.    (c) The commission may structure the sale of bonds utilizing financing techniques that are recommended by the commission's professional advisors in order to take advantage of market conditions and to obtain the most favorable interest rates consistent with the purposes of this subchapter.  (d) The commission may enter into any ancillary agreements in connection with the sale of the bonds as it deems necessary and advisable, including, without limitation, bond purchase agreements, remarketing agreements, and letter of credit reimbursement agreements.
AR Code § 27-64-309 (2020)
2020 Arkansas Code|Title 27 - Transportation|Subtitle 5 - Highways, Roads, And Streets|Chapter 64 - General Provisions|Subchapter 3 - Arkansas Interstate Highway Financing Act of 2005|§ 27-64-309. Employment of professionals

 The State Highway Commission may retain any professionals it deems necessary to accomplish the issuance and sale of the State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds, including, without limitation, legal counsel, financial advisors, underwriters, trustees, paying agents, and remarketing agents.
AR Code § 27-64-310 (2020)
2020 Arkansas Code|Title 27 - Transportation|Subtitle 5 - Highways, Roads, And Streets|Chapter 64 - General Provisions|Subchapter 3 - Arkansas Interstate Highway Financing Act of 2005|§ 27-64-310. Sources of repayment

 (a) The State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds shall be general obligations of the State of Arkansas secured and payable from the designated revenues and the general revenues of the state.  (b) The bonds shall be payable first from the following designated revenues:  (1) The portion designated by the State Highway Commission of funds received or to be received from the federal government as federal highway assistance funding allocated to the state and designated as federal highway interstate maintenance funds; and  (2) 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.    (c) If the amount of designated revenues is insufficient to make timely payment of debt service on the bonds, the payment shall be made from the general revenues of the State of Arkansas.  (d) In order to secure the payment of debt service, any trust instrument, resolution, or other document setting forth the security for the bondholders may provide for the direct payment of the federal highway assistance funds that are designated revenues directly into a trust fund or to a paying agent for the payment of debt service on the bonds. It shall not be necessary for the funds to be deposited into the State Treasury.
AR Code § 27-64-311 (2020)
2020 Arkansas Code|Title 27 - Transportation|Subtitle 5 - Highways, Roads, And Streets|Chapter 64 - General Provisions|Subchapter 3 - Arkansas Interstate Highway Financing Act of 2005|§ 27-64-311. Investment of proceeds

 (a) Any designated revenues and any proceeds of the State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds held pending disbursement on highway improvements shall be invested by the State Highway Commission to the full extent practicable pending disbursement for the purposes intended.  (b) Notwithstanding any other provision of law, the investments shall be in accordance with the terms of the resolution or trust indenture authorizing or securing the series of bonds to which the designated revenues or bond proceeds appertain to the extent that the terms of the resolution or trust indenture are applicable.