Title 14, Local Government

(a) Any city of the first class may by ordinance create a municipal tollway authority, herein sometimes referred to as “the authority,” composed of five (5) citizens who are qualified electors of the city involved. (b) The ordinance creating the authority shall appoint the member…

(a) The authority shall elect from among its members a chairman and a secretary who shall serve for such terms as the authority shall determine. (b) The secretary shall be the authority's disbursing agent and executive officer. The secretary shall furnish bond, with a corporate s…

(a) Meetings of the authority shall be held on call by the chairman or by any three (3) or more members, upon reasonable advance notice to each member, at such places as may suit the authority's convenience. (b) A quorum for the transaction of business at any meeting shall consis…

(1) An authority is authorized and empowered to:(1) Acquire, by purchase or exercise of eminent domain, sites, and rights-of-way for and to construct, reconstruct, extend, maintain, repair, and operate tollway projects as defined in this chapter at such locations within the city …

(1) No tollway project shall be undertaken unless and until the tollway project involved shall have been thoroughly studied with respect to traffic, engineering, costs, and financing, and unless the authority involved makes, by resolution entered in the records of that authority,…

(a) An authority, and its authorized agents and employees, may enter upon any lands, waters, and premises for the purposes of making such surveys, soundings, drillings, and examinations as they may deem necessary or desirable for the purposes of carrying out the authority conferr…

(a) The power of eminent domain is expressly conferred upon authorities, created pursuant to the provisions of this chapter. (b) In the event that any lands, or interest therein, determined by an authority to be necessary for any tollway project cannot be acquired by negotiation,…

In connection with the construction of any tollway project, an authority is authorized to construct grade separations at intersections of any tollway project with public highways and to change and adjust the lines and grades of public highways so as to accommodate the lines and g…

An authority shall not change the location of any portion of a public highway which is a part of the state highway system without the prior approval of the State Highway Commission, nor a public highway subject to the exclusive jurisdiction of a county court without the prior app…

Any public highway affected by the construction of a tollway project may be vacated or relocated by an authority in the manner provided by law for the vacation or relocation of public roads. Any damages awarded on account thereof shall be paid by the authority involved as part of…

Whenever an authority shall determine that it is necessary for transmission facilities, including tracks, pipes, mains, conduits, cables, wires, towers, poles, and other equipment and appliances of whatever nature existing or used in connection with public and private utilities, …

(a) An authority is authorized to fix, revise, charge, and collect tolls for the use of each tollway project and the different parts or sections thereof; to contract with any person, partnership, association, corporation, or organization desiring the use of any part thereof, incl…

The tolls and all other revenues derived from the tollway project involved, sometimes collectively referred to as “tollway project revenues,” shall be deposited, as and when received, into special accounts of the authority in those depository banks or trust companies as may be de…

(a) The tollway project revenues are to be used solely as authorized in this chapter. (b) The tollway project revenues shall be used:(1) To pay the reasonable expenses of maintenance, repair, and operation of the tollway project involved, including, without limitation, reimbursin…

(a) The pledge of tollway project revenues to the payment of the principal of and interest on the revenue bonds shall be valid and binding from the time the pledge is made. (b) The tollway project revenues so pledged shall immediately be subject to the lien of the pledge without …

(a) Reference is made to Acts 1967, No. 43 [repealed], and particularly to § 12 of Acts 1967, No. 43 [repealed]. (b) It is intended and is provided that any tollway project hereunder shall participate in “turnpike gasoline tax revenues” to the same extent as though the tollway pr…

(a) An authority is authorized and empowered to issue from time to time tollway revenue bonds in principal amounts sufficient to pay the costs of a tollway project. (b) No more than one (1) tollway project may be involved as to any issue of tollway revenue bonds hereunder, but fo…

(a) Tollway revenue bonds shall be authorized by resolution of the authority involved. (b) They may be coupon bonds payable to bearer; may be registrable as to principal only with interest coupons; or may be registrable as to both principal and interest without coupons; and may b…

(a) The resolution of an authority authorizing the issuance of bonds may provide for the execution, by the authority involved with a bank or trust company within or without the State of Arkansas, of a trust indenture. (b) The trust indenture may control the priority between succe…

(a) Bonds issued under the authority of this chapter shall be sold at public sale or at private sale, upon the written approval of the State Securities Commissioner based on his finding that a private sale will be in the best interest of the authority involved. (b) Any sale of th…

(a) Bonds shall be executed by the manual or facsimile signature of the chairman and by the manual signature of the secretary of the authority involved. (b) Coupons attached to the bonds shall be executed by the facsimile signature of the chairman. In case any of the officers who…

(a) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter, and the bonds issued hereunder shall be obligations only of the authority involved. In no event shall they constitute an indebtedness of the State of Arkansas or …

(a) The principal of, and interest on, all revenue bonds issued under the authority of this chapter shall be secured solely by a pledge of, and shall be payable solely from, tollway project revenues. (b) They shall not be secured by a statutory or forecloseable mortgage lien on t…

(a) In the event of a default in the payment of the principal of, or interest on, any revenue bonds issued under this chapter, any court having jurisdiction may appoint a receiver to take charge of the tollway project involved. (b) The receiver shall have the power to:(1) Operate…

(a) Revenue bonds may be issued for the purpose of refunding any bonds issued under the authority of this chapter. (b) Such refunding bonds may be combined into a single issue with revenue bonds issued for the purpose of completing, reconstructing, or extending the tollway projec…

(a) Revenue bonds issued under the authority of this chapter are made securities in which all insurance companies, trust companies, banks, investment companies, executors, administrators, trustees, and other fiduciaries may properly and legally invest funds, including capital in …

The principal of, and interest on, bonds issued under the authority of this chapter shall be exempt from all state, county, and municipal taxes. This exemption shall include income, inheritance, and estate taxes.

(a) Except as provided in this section, when the principal of, and interest on, all bonds issued under the authority of this chapter in connection with a particular tollway project shall have been paid, or the required provision made for their payment, and upon resolution of the …

(a) An authority and the State Highway Commission are authorized to enter into arrangements or to enter into agreements, as may be determined by them to be necessary or desirable for:(1) The investigation and study of any proposed tollway project;(2) The use of State Highway Comm…