§ 27-76-705 - Surplus revenue. - Arkansas Statutes

27-76-705. Surplus revenue.

(a) Each year, a regional mobility authority shall determine whether it has surplus revenue from tolls, fees, or fares collected from the operation of its transportation projects.

(b) If a regional mobility authority determines that it has surplus revenue, then it shall either:

(1) Reduce the tolls, fees, or fares; or

(2) Spend the surplus revenue on other transportation projects in the counties or municipalities within the jurisdictional boundaries of the regional mobility authority as provided under subsection (c) of this section.

(c) Consistent with other laws and the rules and resolutions of the regional mobility authority, a regional mobility authority may spend surplus revenue on other transportation projects by:

(1) Constructing a transportation project located within the county or counties of the authority;

(2) Assisting in the financing of a toll or toll-free transportation project of another governmental entity; or

(3) Constructing a toll or toll-free transportation project and, on completion of the project, transferring the project to another governmental entity if:

(A) The other governmental entity authorizes the regional mobility authority to construct the project and agrees to assume all liability and responsibility for the maintenance and operation of the project on its transfer; and

(B) The project is constructed in compliance with all laws applicable to the governmental entity.