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Arkansas Code Title 27. Transportation § 27-72-407. State Aid Street Fund

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

(a) There is created in the State Treasury a fund to be known as the “State Aid Street Fund”, there to be used for construction, reconstruction, and improvements of the state aid street system.

(b)(1) All revenues deposited into the fund shall be apportioned to the municipalities as prescribed in § 27-72-413 for the distribution on the state aid street system among the various municipalities.

(2) The apportioned funds shall remain for a period of two (2) years from the date they are apportioned.

(3) Any unused funds shall be returned to the fund for redistribution in accordance with § 27-72-413.

(4)(A) For a municipality to receive these funds, the municipality must be matched in the ratio of ninety percent (90%) of moneys from the fund to not less than ten percent (10%) municipal matching funds for all municipalities with a population in excess of twenty-five thousand (25,000) residents.

(B) For all other municipalities, the state aid street project shall be funded at one hundred percent (100%), and all municipalities receiving moneys from the fund shall comply with the provisions of this subchapter.

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Cite this article: FindLaw.com - Arkansas Code Title 27. Transportation § 27-72-407. State Aid Street Fund - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-27-transportation/ar-code-sect-27-72-407/

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