§ 27-76-406 - Reimbursement for feasibility studies. - Arkansas Statutes

27-76-406. Reimbursement for feasibility studies.

(a) The following are allowable reimbursable expenses for studying the cost and feasibility of a transportation project as provided under this section:

(1) The preparation and issuance of bonds for the acquisition or construction of a proposed transportation project by a regional mobility authority; or

(2) The improvement, extension, or expansion of an existing transportation project of the regional mobility authority.

(b) Any of the following may pay all or part of the expenses under this section related to a transportation project and be reimbursed as provided under this section:

(1) One (1) or more municipalities, counties, or other governmental entities;

(2) A combination of municipalities, counties, or other governmental entities;

(3) A governmental entity or private entity with its place of business in this state; or

(4) An individual who resides in this state.

(c) (1) Funds expended under this section for a proposed transportation project are reimbursable without interest and with the consent of the regional mobility authority to the person paying the expenses as provided under this section.

(2) The reimbursements shall be paid out of the proceeds from revenue bonds issued for or other proceeds that may be used for the acquisition, construction, improvement, extension, expansion, maintenance, repair, or operation of the transportation project.