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Arkansas Code Title 27. Transportation § 27-76-601. Financing generally

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

(a) A regional mobility authority may be financed or supported by receiving the following:

(1) If requested and adopted, revenue from the levy by a member county of a sales tax under § 26-74-201 et seq., § 26-74-301 et seq., and § 26-74-401 et seq. for the benefit of the regional mobility authority;

(2) If requested and adopted, revenue from the levy by a member city of a sales tax under § 26-75-201 et seq. and § 26-75-301 et seq. for the benefit of the regional mobility authority;

(3) Revenue from a motor vehicle tax imposed by a county that is a member of a regional mobility authority under § 26-78-101 et seq.;

(4)(A) If authorized by law, requested, and adopted, revenue from the levy of an additional sales and use tax for the benefit of a regional mobility authority by a county or city not to exceed one-half of one percent (0.5%).

(B) A sales and use tax levied as described in this subdivision (a)(4) is in addition to any taxes levied under subdivisions (a)(1)--(3) of this section;

(5) Proceeds from tolls from toll facility projects owned by the regional mobility authority;

(6) Proceeds from charges and rates imposed on surface transportation systems owned by the regional mobility authority that are not toll facility projects;

(7) Proceeds from the sale of bonds;

(8) State turnback funds received from counties that are members of the regional mobility authority and cities that are within the boundaries of a regional mobility authority, under §§ 27-70-206 and 27-70-207;

(9) Other state funding that is appropriated; or

(10) Other funds from a state agency.

(b) Taxes and tolls imposed under subdivisions (a)(1)-(5) of this section shall be approved by voters pursuant to all applicable election laws.

(c)(1) A regional mobility authority shall not use revenue from a transportation project in a manner that is not authorized by this chapter or other law.

(2) Except as provided by this chapter, revenue derived from a transportation project shall not be applied for a purpose or to pay a cost other than a cost or purpose that is reasonably related to or anticipated to be for the benefit of a transportation project.

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Cite this article: FindLaw.com - Arkansas Code Title 27. Transportation § 27-76-601. Financing generally - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-27-transportation/ar-code-sect-27-76-601/

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