§ 14-334-114 - Public and private contributions permitted. - Arkansas Statutes

14-334-114. Public and private contributions permitted.

(a) Contributions may be made to authorities from time to time by the various public and private entities and persons, firms, or corporations that shall desire to do so.

(b) (1) In order to afford maximum opportunities for contributions, the agreement provided for under 14-334-103 may:

(A) Be treated as a cooperative agreement under the provisions of the Interlocal Cooperation Act, 25-20-101 et seq.;

(B) Contain language enabling the agreement to be treated as a formal compact under 14-165-201 -- 14-165-204, in which case the authority shall hold title to property in its powers and capacity as a public corporation rather than as a commission-trustee as provided in 14-165-201 -- 14-165-204; or

(C) Be treated as a less formal arrangement for the cooperative use of industrial development bond funds.

(2) All these treatments shall be to the end that the counties and municipalities may contribute to the authority funds derived from:

(A) General obligation bonds under Arkansas Constitution Amendments 13 and 49;

(B) Revenue bonds under 14-164-201 et seq.;

(C) Other available sources; and

(D) Funds derived from a combination of sources.

(c) (1) The entities defined in 14-334-102(4) are authorized and empowered to contribute to the cost of acquiring, constructing, equipping, maintaining, and operating a transit system.

(2) These entities are authorized and empowered to transfer and convey to the authorities property of any kind acquired by the entities.