§ 27-72-408 - Apportionment and transfer of funds. - Arkansas Statutes

27-72-408. Apportionment and transfer of funds.

(a) Apportionment of state aid street funds, as provided in 27-72-407, shall be based upon the ratio that the population of each municipality bears to the total municipal population in the state, as determined by the last available census. However, no municipality shall be apportioned more than ten percent (10%) of the revenues.

(b) The balance of revenue-sharing and other funds in the State Aid Street Account standing to the credit of any municipality that does not have a project on which work is underway on April 1, 1981, or provisions made therefor, under the provisions of this subchapter shall be transferred to the street fund of that municipality, there to be used for the construction, maintenance, or repair of the streets of the municipality in such manner as the municipality shall deem appropriate and in accordance with pertinent federal laws and regulations. The municipality shall be forever released from further obligation to the Arkansas State Highway and Transportation Department under the provisions of this subchapter.

(c) Following completion of the work and final payment of all allowable costs on each municipality's projects that were in progress on or after April 1, 1981, under the provisions of this subchapter, the outstanding revenue-sharing and other moneys remaining in the State Aid Street Account to the credit of the municipality shall be transferred to the street fund of that municipality, there to be used for the construction, maintenance, or repair of the streets of the municipality in such a manner as the municipality shall deem appropriate and in accordance with pertinent federal laws and regulations. The municipality shall be forever released from further obligation to the Arkansas State Highway and Transportation Department under the provisions of this subchapter.

(d) In the event that revenue-sharing money shall become available to the municipalities under the provisions of this subchapter subsequent to the calendar year 1981, then the moneys shall be apportioned to the municipalities as above provided and paid to the municipalities in the same manner and for the same purposes as provided herein for the funds credited to the municipalities on April 1, 1981.