§ 27-76-408 - Transfer of a transportation project or transportation system -- Procedure. - Arkansas Statutes

27-76-408. Transfer of a transportation project or transportation system -- Procedure.

(a) A regional mobility authority may sell, lease, or convey any of its transportation projects or transportation systems to one (1) or more governmental entities, or a governmental entity may convey a transportation project or a transportation system to a regional mobility authority if:

(1) The transferee has executed written commitments to assume jurisdiction over the transferred transportation project or transportation system;

(2) The property and contract rights in the transferred transportation project or transportation system and bonds issued for the project or system are not unfavorably affected by the transfer;

(3) The transfer is not prohibited under the bond proceedings applicable to the transferred transportation project or transportation system;

(4) An adequate provision has been made for the assumption of all debts, obligations, and liabilities relating to the transferred transportation project or transportation system by the regional mobility authority or governmental entity that is assuming jurisdiction over the transferred transportation project or transportation system;

(5) The transferee lawfully assumes:

(A) Jurisdiction over the transferred transportation project or transportation system; and

(B) The debts, obligations, and liabilities of the regional mobility authority relating to the transferred transportation project or transportation system; and

(6) The transfer has been approved by the board of directors of the regional mobility authority and the transferee or transferor.

(b) If the requirements of subsection (a) of this section are met, then a regional mobility authority or governmental entity may transfer its work product to determine the feasibility of the construction, improvement, extension, or expansion of a transportation system or transportation project, including without limitation:

(1) Traffic estimates;

(2) Revenue estimates;

(3) Plans;

(4) Specifications;

(5) Surveys;

(6) Appraisals;

(7) Financial work products; or

(8) Other work product developed by the regional mobility authority or governmental entity to determine the feasibility of the construction, improvement, extension, or expansion of a transportation project or transportation system.

(c) (1) A regional mobility authority or governmental entity that accepts a transfer under this section may reimburse the transferor for any expenditures that it made prior to the transfer and any other amounts expended under related agreements.

(2) The reimbursement may be made from the feasibility study fund or other lawful funding source to pay the costs of work product for a transferred transportation project or transportation system.

(3) The reimbursement may be made over time, as determined by the parties.