§ 27-76-602 - Authority to issue bonds. - Arkansas Statutes

27-76-602. Authority to issue bonds.

(a) If a regional mobility authority created under this chapter owns or operates a transportation system and desires to construct improvements, betterments, and extensions thereto, the regional mobility authority may issue revenue bonds pursuant to a bond resolution and under the provisions of this chapter to pay the cost of a transportation project or to pay all or part of the cost of a transportation project that will become part of a transportation system.

(b) If a regional mobility authority pursues the development of a toll facility project, the regional mobility authority may issue revenue bonds pursuant to a bond resolution and under the provisions of this chapter to pay the toll facility project costs with toll facility project revenues.