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Arkansas Constitution of 1874 Amendment 91, § 2. Definitions

Current as of March 28, 2024 | Updated by Findlaw Staff

As used in this amendment:

(a) “Bonds” means the State of Arkansas General Obligation Four-Lane Highway Construction and Improvement Bonds as authorized in this amendment;

(b) “Chairman” means the chair of the Arkansas Highway Commission;

(c) “Chief fiscal officer” means the Director of the Department of Finance and Administration;

(d) “Commission” means the State Highway Commission;

(e) “Debt service” means all amounts required for the payment of principal of, interest on, and premium, if any, due with respect to the bonds in any fiscal year, along with all associated costs, including without limitation the fees and costs of paying agents and trustees, and remarketing agent fees;

(f) “Designated tax revenues” means:

(1) Taxes collected under this amendment and apportioned to the Arkansas State Highway and Transportation Department Fund under § 27-70-206 collected over an approximate ten-year period; and

(2) Other fees or taxes that are dedicated to the repayment of the bonds; and

(g)(1) “Four-lane highway improvements” means construction of and improvements to:

(A) Four-lane roadways;

(B) Bridges;

(C) Tunnels;

(D) Engineering;

(E) Rights-of-way; and

(F) Other related capital improvements and facilities appurtenant or pertaining thereto, including costs of rights-of-way acquisition and utility adjustments.

(2) “Four-lane highway improvements” also means the maintenance of four-lane highway improvements constructed with proceeds of the bonds.

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Cite this article: FindLaw.com - Arkansas Constitution of 1874 Amendment 91, § 2. Definitions - last updated March 28, 2024 | https://codes.findlaw.com/ar/arkansas-constitution-of-1874/ar-const-amend-91-sect-2/

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