§ 27-90-201 - Definitions. - Arkansas Statutes

27-90-201. Definitions.

As used in this subchapter, unless the context otherwise requires:

(1) "Bonds", "turnpike revenue bonds", or "revenue bonds" means revenue bonds or notes of the State Highway Commission authorized under and issued under this subchapter;

(2) "Commission" means the State Highway Commission;

(3) (A) "Costs" or "project costs" means all direct and indirect costs incurred in connection with the acquisition of rights-of-way for and constructing and equipping turnpike projects, including, without limitation:

(i) The cost of the acquisition of all lands, rights-of-way, property, rights, easements, and interests acquired by the commission;

(ii) The cost of demolishing or removing buildings or structures on the land so acquired;

(iii) The cost of acquiring any lands to which those buildings or structures may be moved;

(iv) The cost of all machinery and equipment;

(v) Financing charges, interest prior to and during construction and for a period after construction;

(vi) The establishment of necessary funds and reserves;

(vii) The cost of traffic estimates, engineering fees, legal fees, plans, specifications, surveys, and estimates of cost and revenues;

(viii) Any other expenses or expenditures necessary or incidental to determining the feasibility or practicability of a turnpike project, administration expense; and

(ix) Any other expense, cost, or expenditure necessary or incidental to the construction of a turnpike project, the finance of the construction, and the placement of the turnpike project into operation.

(B) Any obligation, expense, or expenditure incurred or made by the commission or any other state agency or department for matters pertaining to a turnpike project, including, without limitation, feasibility studies, traffic surveys, borings, preparation of plans and specifications, engineering services, and any other expenses, costs, or expenditures of whatever nature that shall be regarded as part of the costs of a turnpike project and that may be reimbursed to the commission or other agency or department of the state out of the proceeds of revenue bonds or out of any other available funds of the commission;

(4) "Debt service" means the amounts necessary for paying principal, interest, trustee's and paying agent's fees, rebate costs, and the amounts necessary to establish and maintain debt service reserves as provided in the authorizing resolution or trust indenture identified under this subchapter;

(5) "Owner" means all individuals, partnerships, associations, corporations, or organizations having any title or interest in any property, rights, easements, and interest authorized to be acquired by and under the authority of this subchapter;

(6) "Person" means any individual, partnership, corporation, or other entity recognized by law as having power to contract;

(7) "Project" or "turnpike project" means any express highway or highway on or a part of the state highway system constructed, reconstructed, or rehabilitated under the provisions of this subchapter by the commission, including, without limitation, lands, rights-of-way, bridges, tunnels, overpasses, underpasses, interchanges, entrance plazas, approaches, toll houses, administration buildings, storage buildings, other buildings, and facilities which the commission may deem necessary or desirable for the operation of a turnpike project, together with all property, rights, easements, rights-of-way, and interest that may be acquired by the commission for or in connection with the construction or operation of a turnpike project; and

(8) "Revenues" or "turnpike project revenues" means, without limitation, all tolls, rentals, license and permit revenues, contractual receipts, gifts, grants, moneys, charges, and other funds, including federal aid highway funds, and property of whatever nature coming into the possession of or under the control of the commission by virtue of this subchapter, except the proceeds derived from the sale of revenue bonds issued under this subchapter.