reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 3 - ARKANSAS INTERSTATE HIGHWAY FINANCING ACT OF 2005 (§§ 27-64-301 — 27-64-314) › Section 27-64-312 - Refunding bonds

(a)
The State Highway Commission may issue bonds for the purpose of refunding the State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds previously issued pursuant to this subchapter if the total amount of bonds outstanding after the refunding is completed does not exceed the total amount authorized by this subchapter.
(b)
The refunding bonds shall be special obligations of the State of Arkansas and shall be secured and sold in accordance with the provisions of this subchapter.
Acts 2005, No. 685, § 1.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 3 - ARKANSAS INTERSTATE HIGHWAY FINANCING ACT OF 2005 (§§ 27-64-301 — 27-64-314) › Section 27-64-313 - Tax exemption

(a)
All State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds issued under this subchapter and interest on the bonds 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.
Acts 2005, No. 685, § 1.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 3 - ARKANSAS INTERSTATE HIGHWAY FINANCING ACT OF 2005 (§§ 27-64-301 — 27-64-314) › Section 27-64-314 - Powers of the State Highway Commission

(a)
All powers granted to the State Highway Commission under this subchapter are in addition to the powers of the commission under 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 the State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds pursuant to this subchapter unless the member acts with corrupt intent.
Acts 2005, No. 685, § 1.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 4 - ARKANSAS INTERSTATE HIGHWAY FINANCING ACT OF 2007 (§§ 27-64-401 — 27-64-414) › Section 27-64-401 - Title

This subchapter may be referred to and cited as the "Arkansas Interstate Highway Financing Act of 2007".
Acts 2007, No. 511, § 1.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 4 - ARKANSAS INTERSTATE HIGHWAY FINANCING ACT OF 2007 (§§ 27-64-401 — 27-64-414) › Section 27-64-402 - Findings

(a)
The General Assembly of the State of Arkansas has determined that 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. The General Assembly has determined that through the revenues generated pursuant to 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 such rehabilitation has been carried out in an efficient, cost-effective manner. The General Assembly has determined that continued improvement of the interstate highway system is necessary and that the best way to accomplish such improvement expeditiously is through the issuance of additional federal highway grant anticipation and tax revenue bonds to finance such highway improvements.
(b)
The General Assembly has further determined that 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 the proceeds from the Arkansas Distillate Special Fuel Excise Tax Act of 1999 and the Motor Fuel Excise Tax Act of 1999, §§
26-55-1005
,
26-55-1006
,
26-56-201
, and
27-72-305
, and that the repayment of such bonds should also be guaranteed by the full faith and credit of the state.
Acts 2007, No. 511, § 1.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 4 - ARKANSAS INTERSTATE HIGHWAY FINANCING ACT OF 2007 (§§ 27-64-401 — 27-64-414) › Section 27-64-403 - Definitions

As used in this subchapter:
(1)
"Act" means this Arkansas Interstate Highway Financing Act of 2007, §
27-64-401
et seq.;
(2)
"Bonds" means the "State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds" or "GARVEE bonds", as authorized herein;
(3)
"Commission" means the State Highway Commission, created and existing pursuant to Arkansas Constitution, Amendment 42;
(4)
"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;
(5)
"Designated revenues" means:
(A)
That portion designated by the commission of funds received or to be received from the United States Government as federal highway assistance funding allocated to the state designated as federal highway interstate maintenance funds; and
(B)
Revenues derived from the increase in taxes levied on distillate special fuels pursuant to the Arkansas Distillate Special Fuel Excise Tax Act of 1999 and the Motor Fuel Excise Tax Act of 1999, §§
26-55-1005
,
26-55-1006
,
26-56-201
, and
27-72-305
; and
(6)
"Highway improvements" or "highway improvement projects" means restoration and improvements to all of the interstate highway system within the state, including roadways, bridges, or rights-of-way under the jurisdiction of the commission, and shall also include the acquisition, construction, reconstruction, and renovation of such interstate system and facilities appurtenant or pertaining thereto.
Acts 2007, No. 511, § 1.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 4 - ARKANSAS INTERSTATE HIGHWAY FINANCING ACT OF 2007 (§§ 27-64-401 — 27-64-414) › Section 27-64-404 - Authorization - Purposes

The State Highway Commission is hereby authorized, subject to the approval of the voters in a statewide election, to issue bonds from time to time provided that 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 Arkansas Highway Financing Act of 1999, §
27-64-201
et seq., shall not, at any time, exceed five hundred seventy-five million dollars ($575,000,000). The bonds will be issued in one (1) or more series of various principal amounts with the last series being issued no later than December 31, 2015. The bonds shall be issued for the following purposes:
(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, including the costs of bond issuance or other credit enhancement.
Acts 2007, No. 511, § 1; 2009, No. 153, § 1.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 4 - ARKANSAS INTERSTATE HIGHWAY FINANCING ACT OF 2007 (§§ 27-64-401 — 27-64-414) › Section 27-64-406 - Procedure for issuing bonds

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 act, 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. 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.
Acts 2007, No. 511, § 1.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 4 - ARKANSAS INTERSTATE HIGHWAY FINANCING ACT OF 2007 (§§ 27-64-401 — 27-64-414) › Section 27-64-407 - 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 §
27-64-404
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)
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, and 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; and
(5)
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. 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.
Acts 2007, No. 511, § 1.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 4 - ARKANSAS INTERSTATE HIGHWAY FINANCING ACT OF 2007 (§§ 27-64-401 — 27-64-414) › Section 27-64-408 - Sale of bonds

(a)
The bonds may be sold in such manner, either at private or public sale, and upon such terms as the State Highway Commission shall determine to be reasonable and expedient for effecting the purposes of this act. The bonds may be sold at a price acceptable to the commission, which price may include a discount or a premium.
(b)
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. The commission shall set the terms and conditions of bidding, including the basis on which the winning bid will be selected.
(c)
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. 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 letter of credit and reimbursement agreements.
Acts 2007, No. 511, § 1.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 4 - ARKANSAS INTERSTATE HIGHWAY FINANCING ACT OF 2007 (§§ 27-64-401 — 27-64-414) › Section 27-64-409 - Employment of professionals

The State Highway 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.
Acts 2007, No. 511, § 1.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 4 - ARKANSAS INTERSTATE HIGHWAY FINANCING ACT OF 2007 (§§ 27-64-401 — 27-64-414) › Section 27-64-410 - Sources of repayment

(a)
The State of Arkansas Federal Grant Anticipation and Tax Revenue Bonds or GARVEE 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.
(b)
The bonds will be payable first from certain designated revenues, specifically:
(1)
That portion designated by the State Highway Commission of funds received or to be received from the United States Government as federal highway assistance funding allocated to the state designated as federal highway interstate maintenance funds; and
(2)
Revenues derived from the increase in taxes levied on distillate special fuels pursuant to § 2 of the Arkansas Distillate Special Fuel Excise Tax Act of 1999 and the Motor Fuel Excise Tax Act of 1999, §§
26-55-1005
,
26-55-1006
,
26-56-201
, and
27-72-305
, and transferred to the State Highway and Transportation Department Fund pursuant to §
27-70-207(d)
in accordance with §
26-55-1006(d)
.
(c)
(1)
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.
(2)
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 into the State Treasury.
Acts 2007, No. 511, § 1; 2011, No. 752, § 8.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 4 - ARKANSAS INTERSTATE HIGHWAY FINANCING ACT OF 2007 (§§ 27-64-401 — 27-64-414) › Section 27-64-411 - 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 said designated revenues or bond proceeds appertain to the extent the terms of such resolution or trust indenture are applicable.
Acts 2007, No. 511, § 1.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 4 - ARKANSAS INTERSTATE HIGHWAY FINANCING ACT OF 2007 (§§ 27-64-401 — 27-64-414) › Section 27-64-412 - 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 such bonds are not issued after December 31, 2015, and 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 herein, and shall be secured and sold in accordance with the provisions of this subchapter.
Acts 2007, No. 511, § 1; 2009, No. 153, § 3.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 4 - ARKANSAS INTERSTATE HIGHWAY FINANCING ACT OF 2007 (§§ 27-64-401 — 27-64-414) › Section 27-64-413 - Tax exemption

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. 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.
Acts 2007, No. 511, § 1.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 4 - ARKANSAS INTERSTATE HIGHWAY FINANCING ACT OF 2007 (§§ 27-64-401 — 27-64-414) › Section 27-64-414 - Powers of State Highway Commission

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. No member of the commission shall be liable personally for any reason arising from the issuance of bonds pursuant to this act unless such person shall have acted with corrupt intent.
Acts 2007, No. 511, § 1.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 5 - ARKANSAS HIGHWAY FINANCING ACT OF 2011 (§§ 27-64-501 — 27-64-514) › Section 27-64-501 - Title

This subchapter may be referred to and cited as the "Arkansas Highway Financing Act of 2011".
Acts 2011, No. 773, § 3.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 5 - ARKANSAS HIGHWAY FINANCING ACT OF 2011 (§§ 27-64-501 — 27-64-514) › Section 27-64-502 - Findings

The General Assembly of the State of Arkansas 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 revenues generated pursuant to 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 and other routes on the National Highway System is necessary, and the best way to accomplish the improvements expeditiously is through the issuance of additional federal highway grant anticipation and tax revenue bonds to finance highway improvements;
(4)
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 the proceeds from the Arkansas Distillate Special Fuel Excise Tax Act of 1999 and the Motor Fuel Excise Tax Act of 1999, §§
26-55-1005
,
26-55-1006
,
26-56-201
, and
27-72-305
, and §
26-56-801
et seq.; and
(5)
The repayment of the bonds should be guaranteed by the full faith and credit of the state.
Acts 2011, No. 773, § 3.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 5 - ARKANSAS HIGHWAY FINANCING ACT OF 2011 (§§ 27-64-501 — 27-64-514) › Section 27-64-503 - 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 United States Government as federal highway assistance funding allocated to the state; and
(B)
Revenues derived from the distillate special fuel tax levied under:
(i)
Section
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., the Arkansas Interstate Highway Financing Act of 2005, §
27-64-301
et seq., and the Arkansas Interstate Highway Financing Act of 2007, §
27-64-401
et seq.; and
(ii)
Section
26-56-802
; and
(5)
"Highway improvements" or "highway improvement projects" means restoration and improvements to the Interstate Highway System and other routes within the National Highway System within the state, including roadways, bridges, or rights-of-way under the jurisdiction of the commission and includes the acquisition, construction, reconstruction, renovation of the Interstate Highway System and other routes within the National Highway System within the state and facilities appurtenant or pertaining to the Interstate Highway System and other routes within the National Highway System.
Acts 2011, No. 773, § 3.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 5 - ARKANSAS HIGHWAY FINANCING ACT OF 2011 (§§ 27-64-501 — 27-64-514) › Section 27-64-504 - Authorization - Purposes

(a)
(1)
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., the Arkansas Interstate Highway Financing Act of 2005, §
27-64-301
et seq., and the Arkansas Interstate Highway Financing Act of 2007, §
27-64-401
et seq., does not at any time exceed one billion one hundred million dollars ($1,100,000,000).
(2)
The bonds will be issued in one (1) or more series of various principal amounts with the last series being issued no later than December 31, 2017.
(b)
The purpose of the bond issuance shall be to:
(1)
Accelerate highway improvement projects already underway or scheduled;
(2)
Fund new highway improvement projects;
(3)
Finance the restoration, reconstruction, and renovation of highway improvements within the State of Arkansas; and
(4)
Pay the costs of issuance of the bonds or other credit enhancement.
Acts 2011, No. 773, § 3.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 5 - ARKANSAS HIGHWAY FINANCING ACT OF 2011 (§§ 27-64-501 — 27-64-514) › Section 27-64-506 - 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 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)
(1)
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.
(2)
The trust indenture or trust indentures are binding upon the commission and the state and their respective officers and officials.
Acts 2011, No. 773, § 3.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 5 - ARKANSAS HIGHWAY FINANCING ACT OF 2011 (§§ 27-64-501 — 27-64-514) › Section 27-64-507 - 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)
(A)
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.
(B)
The respective series of bonds shall be designated by the year in which the bonds are issued.
(C)
If more than one (1) series of bonds is to be issued in a particular year, the series shall be designated alphabetically;
(2)
(A)
The bonds of each series shall have the date or dates as the State Highway Commission shall determine.
(B)
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.
(C)
Refunding bonds issued under §
27-64-512
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 the original bonds 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.
(B)
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.
(C)
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)
(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 the seal of the commission shall be affixed or imprinted on the bond.
(B)
Delivery of executed bonds shall be valid, notwithstanding any change in the persons holding the offices that occurs after the bonds have been executed.
Acts 2011, No. 773, § 3.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 5 - ARKANSAS HIGHWAY FINANCING ACT OF 2011 (§§ 27-64-501 — 27-64-514) › Section 27-64-508 - 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)
(A)
The bonds may be sold at a price acceptable to the commission.
(B)
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.
Acts 2011, No. 773, § 3.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 5 - ARKANSAS HIGHWAY FINANCING ACT OF 2011 (§§ 27-64-501 — 27-64-514) › Section 27-64-509 - Employment of professionals

The State Highway Commission may retain any professionals 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.
Acts 2011, No. 773, § 3.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 5 - ARKANSAS HIGHWAY FINANCING ACT OF 2011 (§§ 27-64-501 — 27-64-514) › Section 27-64-510 - 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 United States Government as federal highway assistance funding allocated to the state; and
(2)
Revenues derived from the distillate special fuel tax levied under:
(A)
Section
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., the Arkansas Interstate Highway Financing Act of 2005, §
27-64-301
et seq., and the Arkansas Interstate Highway Financing Act of 2007, §
27-64-401
et seq.; and
(B)
Section
26-56-802
.
(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)
(1)
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.
(2)
It is not necessary for the funds to be deposited into the State Treasury.
(e)
The additional distillate special fuel tax levied under §
26-56-802
shall terminate as provided under §
26-56-802(c)(3)
.
Acts 2011, No. 773, § 3.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 5 - ARKANSAS HIGHWAY FINANCING ACT OF 2011 (§§ 27-64-501 — 27-64-514) › Section 27-64-511 - Investment of proceeds

(a)
Designated revenues and 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.
Acts 2011, No. 773, § 3.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 5 - ARKANSAS HIGHWAY FINANCING ACT OF 2011 (§§ 27-64-501 — 27-64-514) › Section 27-64-512 - Refunding bonds

(a)
The State Highway Commission may issue bonds for the purpose of refunding the State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds previously issued pursuant to this subchapter if the total amount of bonds outstanding after the refunding is completed does not exceed the total amount authorized by this subchapter.
(b)
The refunding bonds shall be general obligations of the State of Arkansas and shall be secured and sold in accordance with the provisions of this subchapter.
Acts 2011, No. 773, § 3.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 5 - ARKANSAS HIGHWAY FINANCING ACT OF 2011 (§§ 27-64-501 — 27-64-514) › Section 27-64-513 - Tax exemption

(a)
All State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds issued under this subchapter and interest on the bonds 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.
Acts 2011, No. 773, § 3.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 64 - GENERAL PROVISIONS (§§ 27-64-101 — 27-64-514) › Subchapter 5 - ARKANSAS HIGHWAY FINANCING ACT OF 2011 (§§ 27-64-501 — 27-64-514) › Section 27-64-514 - Powers of the State Highway Commission

(a)
All powers granted to the State Highway Commission under this subchapter are in addition to the powers of the commission under 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 the State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds pursuant to this subchapter unless the member acts with corrupt intent.
Acts 2011, No. 773, § 3.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 65 - ARKANSAS STATE HIGHWAY AND TRANSPORTATION DEPARTMENT - STATE HIGHWAY COMMISSION (§§ 27-65-101 — 27-65-148) › Section 27-65-101 - Penalties

(a)
(1)
Any person under color of any official position connected with the State Highway Commission or under color of authority derived therefrom who shall perform any act detrimental to the public interest or against any private right shall be deemed guilty of a misdemeanor, unless the act shall be plainly authorized by law.
(2)
Every such offense shall be punished by fine of not over five hundred dollars ($500) and by imprisonment for not over six (6) months.
(b)
Any offense prohibited by this act and termed a felony shall be punishable by imprisonment in the penitentiary for not less than one (1) year nor more than five (5) years.
Acts 1913, No. 302, §§ 84, 85; C. & M. Dig., §§ 5219, 5220; Acts 1929, No. 65, § 60; Pope's Dig., §§ 6910, 6934, 6935; A.S.A. 1947, §§ 76-222, 76-529, 76-530.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 65 - ARKANSAS STATE HIGHWAY AND TRANSPORTATION DEPARTMENT - STATE HIGHWAY COMMISSION (§§ 27-65-101 — 27-65-148) › Section 27-65-102 - Administration of department

The administrative control of the Arkansas Department of Transportation shall be vested in the State Highway Commission.
Amended by Act 2017, No. 707,§ 361, eff. 8/1/2017.
Acts 1953, No. 123, § 1; A.S.A. 1947, § 76-201.1.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 65 - ARKANSAS STATE HIGHWAY AND TRANSPORTATION DEPARTMENT - STATE HIGHWAY COMMISSION (§§ 27-65-101 — 27-65-148) › Section 27-65-103 - Office locations

(a)
The main office of the State Highway Commission shall be located in the City of Little Rock.
(b)
The Arkansas Department of Transportation shall have its office in Little Rock, where complete records shall be kept.
Amended by Act 2017, No. 707,§ 362, eff. 8/1/2017.
Acts 1953, No. 123, §§ 1, 9; A.S.A. 1947, §§ 76-201.1, 76-201.9.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 65 - ARKANSAS STATE HIGHWAY AND TRANSPORTATION DEPARTMENT - STATE HIGHWAY COMMISSION (§§ 27-65-101 — 27-65-148) › Section 27-65-104 - Members

(a)
All appointments to the State Highway Commission shall be made so as to assure that the commission shall be composed of:
(1)
One (1) member from each of the four (4) congressional districts as the districts exist at the time of a member's appointment; and
(2)
One (1) member from the state at large.
(b)
The members of the commission shall each receive one hundred dollars ($100) per diem and their actual expenses while engaged in the work of the commission.
Amended by Act 2019, No. 331,§ 1, eff. 7/24/2019.
Acts 1953, No. 123, § 8; 1975, No. 693, § 14; 1979, No. 794, § 26; 1979, No. 932, § 1; 1981, No. 932, § 26; A.S.A. 1947, §§ 76-201.1a, 76-201.8.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 65 - ARKANSAS STATE HIGHWAY AND TRANSPORTATION DEPARTMENT - STATE HIGHWAY COMMISSION (§§ 27-65-101 — 27-65-148) › Section 27-65-105 - Organization

The commissioners of the State Highway Commission, appointed pursuant to Arkansas Constitution, Amendment 42, shall organize by selecting one of their members as Chair of the State Highway Commission and another as vice chair. The vice chair shall have all the powers of the chair in the event of the chair's absence or disability or of a vacancy in the office.
Acts 1953, No. 123, § 2; A.S.A. 1947, § 76-201.2.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 65 - ARKANSAS STATE HIGHWAY AND TRANSPORTATION DEPARTMENT - STATE HIGHWAY COMMISSION (§§ 27-65-101 — 27-65-148) › Section 27-65-106 - Meetings

(a)
The State Highway Commission shall meet at least one (1) time every two (2) months and at such other times, on the call of the Chair of the State Highway Commission or of a majority of the members, as may be deemed reasonable and proper to transact such business as may properly be brought before it.
(b)
Three (3) members shall constitute a quorum of the commission for all purposes, except as provided in §
27-65-122
.
(c)
It shall be the duty of the commission to keep accurate minutes of all meetings of the commission in which shall be set forth all acts and proceedings of the commission.
Acts 1953, No. 123, §§ 6, 7; A.S.A. 1947, §§ 76-201.6, 76-201.7.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 65 - ARKANSAS STATE HIGHWAY AND TRANSPORTATION DEPARTMENT - STATE HIGHWAY COMMISSION (§§ 27-65-101 — 27-65-148) › Section 27-65-108 - Agreements for promoting highway programs

(a)
The State Highway Commission is authorized to enter into agreements with groups or associations for the promotion of highway programs.
(b)
Such agreements may contain provisions for collection and assessments of dues or contributions.
Acts 1987, No. 742, § 21.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 65 - ARKANSAS STATE HIGHWAY AND TRANSPORTATION DEPARTMENT - STATE HIGHWAY COMMISSION (§§ 27-65-101 — 27-65-148) › Section 27-65-109 - Transfer agreements

(a)
The State Highway Commission is authorized to enter into agreements to exchange or agreements to transfer highways with appropriate county and municipal authorities.
(b)
County and municipal authorities are authorized to enter into agreements with the commission to exchange or agreements to transfer highways in their respective highway systems.
(c)
An exchange or transfer under this section shall include all property interests held by the transferring party.
(d)
An exchange or transfer under this section does not require an exchange of money or other consideration.
(e)
This section does not affect the authority of the commission under §
27-67-321
or §
27-67-322
.
Amended by Act 2015, No. 378,§ 1, eff. 7/22/2015.
Amended by Act 2013, No. 764,§ 1, eff. 8/16/2013.
Acts 1961, No. 150, § 4.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 65 - ARKANSAS STATE HIGHWAY AND TRANSPORTATION DEPARTMENT - STATE HIGHWAY COMMISSION (§§ 27-65-101 — 27-65-148) › Section 27-65-110 - Records and reports

(a)
The State Highway Commission shall submit annually to the Governor a report of its activities.
(b)
The commission shall make a biennial report to the General Assembly embodying a clear statement of all the questions that have arisen in that time and setting out such recommendations as it may think proper to make for the improvement of the road system of the state and for the efficiency of the Arkansas Department of Transportation.
(c)
(1)
The commission shall obtain and preserve such information, reports, maps, plats, books, records, and data of every kind as may be valuable on the subject of roads and highways. Its services in the matter of consultations and advice on the matter of public roads, and the improvement and maintenance thereof, shall be free to all officials of road improvement districts and to all state and county officers having need thereof.
(2)
Any member of the commission or any employee who shall charge or receive any compensation for furnishing any information or data to any state or county official for state or county officials' use only, or commissioner of any road district, shall be guilty of a misdemeanor and be fined in any sum not less than one hundred dollars ($100) nor more than one thousand dollars ($1,000).
Acts 1913, No. 302, § 34; C. & M. Dig., § 5206; Acts 1929, No. 65, § 17; Pope's Dig., §§ 6499, 6508; Acts 1953, No. 123, § 11; A.S.A. 1947, §§ 76-201.11, 76-223, 76-238.
Arkansas Code of 1987 (2023) › Title 27 - TRANSPORTATION (§§ 27-1-101 — 27-117-105) › Subtitle 5 - HIGHWAYS, ROADS, AND STREETS (§§ 27-64-101 — 27-76-713) › Chapter 65 - ARKANSAS STATE HIGHWAY AND TRANSPORTATION DEPARTMENT - STATE HIGHWAY COMMISSION (§§ 27-65-101 — 27-65-148) › Section 27-65-111 - Purchase of equipment and supplies

The following procedures shall be used by the State Highway Commission in the purchasing of all materials, supplies, and equipment:
(1)
The commission may at current prices purchase materials, supplies, and equipment where the cost does not exceed the amount of one thousand dollars ($1,000) without the formality of advertising or taking bids; and
(2)
(A)
In making purchases of materials, supplies, and equipment, the estimated total cost of which will exceed one thousand dollars ($1,000), the commission shall advertise in one (1) newspaper of statewide circulation seven (7) days prior to the date of receiving bids a notice to the effect that sealed bids will be received by the commission up to a time and date to be mentioned therein for furnishing the articles specified in the bid proposal.
(B)
Contracts shall be awarded to the lowest and best bidder, price, quality, delivery cost, and time being considered. The commission shall advertise for price quotations on maintenance materials to be used for a six-month period, location and delivery cost to be considered in computing bids. However, if, in the opinion of the commission, bids submitted are not in the best interest of the state, it may reject any or all bids and may readvertise for bids.
(C)
All bids received by the commission pursuant to this section shall be filed and preserved for a period of two (2) years.
Acts 1951, No. 247, §§ 1, 3; A.S.A. 1947, §§ 76-241, 76-242.