Arkansas Code Title 27. Transportation § 27-76-405. Expenditures for feasibility studies

(a) A regional mobility authority may pay the expenses of studying the cost and feasibility and any other expenses relating to the preparation and issuance of bonds for a proposed transportation project by:

(b) Money spent by a regional mobility authority under this section for a proposed transportation project may be reimbursed to the transportation project from which the money was spent from the proceeds of bonds issued for the acquisition and construction of the proposed transportation project.

(c) The use of any money of a transportation project to study the feasibility of another transportation project or used to repay any money used for that purpose does not constitute an operating expense of the transportation project producing the revenue and may be paid only from the surplus money of the transportation project as determined by the regional mobility authority.