Title 27 — Transportation

(1) As used in this subchapter, unless the context otherwise requires:(1) “Bonds”, “turnpike revenue bonds”, or “revenue bonds” means revenue bonds or notes of the State Highway Commission authorized under and issued under this subchapter;(2) “Commission” means the State Highway …

(a) The State Highway Commission is authorized and empowered to:(1) (A) Acquire by purchase or exercise of its powers of eminent domain sites and rights-of-way for, and construct, maintain, repair, and operate, turnpike projects at such locations as it shall determine in accordan…

(a) The State Highway Commission is authorized to fix, revise, charge, and collect tolls for the use of each turnpike project and the different parts or sections thereof and to contract with any person, partnership, association, corporation, or organization desiring the use of an…

(a) Revenues derived from any turnpike project that are used to secure revenue bonds shall be deposited into a bank or banks selected by the State Highway Commission. (b) The turnpike project revenues are declared to be cash funds, restricted in their use, and dedicated and to be…

(a) The State Highway Commission may issue turnpike revenue bonds from time to time in principal amounts sufficient to pay the costs of a turnpike project. (b) For a turnpike project:(1) There may be more than one (1) issue of bonds;(2) There may be one (1) issue sold and deliver…

(a) Turnpike revenue bonds shall be authorized by resolution of the State Highway Commission, the authorizing resolution. (b) The bonds may be registrable as to both principal and interest without coupons and may be made exchangeable for bonds of another denomination. (c) The bon…

(a) The authorizing resolution may provide for the execution by the State Highway Commission 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 and among successive issues and series …

(a) Bonds issued under this subchapter may be sold at public or private sale, as determined by the State Highway Commission. (b) If sold at public sale, the bonds shall be sold on electronic or sealed bids, and notice of the sale shall be published one (1) time in a newspaper pub…

(a) Bonds shall be executed by the manual or facsimile signatures of the chair of the State Highway Commission and the secretary of the commission or otherwise as specified in the resolution authorizing the bonds. (b) In case any of the officers or the secretary whose signatures …

(a) It shall be plainly stated on the face of each bond that it has been issued under this subchapter, and the bonds issued shall be obligations only of the State Highway Commission and shall be special obligations, secured solely by pledges of turnpike project revenues or specif…

(a) (1) The principal of and interest on all bonds issued under this subchapter shall be secured by a pledge of, and shall be payable from turnpike project revenues.(2) The pledge of revenues to the payment of the principal of and interest on the bonds shall be valid and binding …

(a) Revenue bonds may be issued for the purpose of refunding any bonds issued under this subchapter. (b) Refunding bonds may be combined into a single issue with revenue bonds issued for the purpose of completing, reconstructing, or extending the turnpike project. (c) Refunding b…

(a) Revenue bonds issued under this subchapter 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 their control …

(a) The principal of and interest on bonds issued under this subchapter shall be exempt from all state, county, and municipal taxes, and this exemption shall include income, inheritance, and estate taxes. (b) All turnpike projects and all the properties thereof are legislatively …

(a) (1) This subchapter shall be construed liberally.(2) All acts and activities authorized by this subchapter are legislatively determined and declared to be essential governmental functions. (1) This subchapter shall be construed liberally. (2) All acts and activities authorize…