§ 27-88-115. Operation and maintenance fund
(a) All revenues of the bridge or ferry not required under the provisions of this chapter to be paid into the sinking fund provided in the resolution authorizing the issuance of bonds shall be paid into an operation and maintenance fund and be used by the State Highway Commission in the operation and maintenance of […]
§ 27-88-116. Tolls, rates, and fees
(a) The State Highway Commission is authorized, and it shall be its duty, by resolution to establish, maintain, and collect just and equitable tolls, rates, fees, and other charges for the use of and the services rendered by the bridge or ferry. (b) The commission may change and readjust the tolls, rates, fees, and other […]
§ 27-88-117. Bonds payable solely from bridge or ferry revenues
(a) Bonds issued under the provisions of this chapter shall be payable solely from the revenues derived from the bridge or ferry. These bonds shall not in any event constitute an indebtedness of the State of Arkansas within the meaning of the constitutional provisions or limitations. (b) It shall be plainly stated on the face […]
§ 27-88-118. Additional bond issues — Equality
(a) The State Highway Commission may provide in its resolution authorizing the issuance of the bonds or in the trust indenture executed in connection therewith that additional bonds may thereafter be authorized and issued, at one (1) time or from time to time, when necessary for the completion of the construction or reconstruction of any […]
§ 27-88-119. Contracts with United States or other states
For the purpose of carrying into effect the objects and purposes of this chapter, the State Highway Commission shall have full power and authority to negotiate and enter into contracts with the United States and any of its agencies and with the state highway commission or other comparable authority of any adjoining state where a […]
§ 27-88-120. Conformity to federal law
All interstate bridges constructed or reconstructed under the terms of this chapter and all tolls, rents, fees, and other charges established for services rendered by the bridge or ferry shall be subject and conform to the terms and provisions of the Act of Congress known as the “General Bridge Authority Act”, approved August 2, 1946, […]
§ 27-88-121. Right of eminent domain
For the purpose of acquiring any land, rights, easements, franchises, or other real or personal property deemed to be necessary or convenient for the construction and reconstruction of any bridge or ferry, or for the acquisition of the approaches thereto, the State Highway Commission shall have the right of eminent domain, as is provided in […]
§ 27-88-112. Notes and bonds as negotiable instruments
All bonds and notes issued under the provisions of this chapter shall be, and shall have, all the qualities and incidents of negotiable instruments under the negotiable instruments law of this state.
§ 27-88-113. Tax exemption
The bonds issued under this chapter shall be exempt from the state income taxes.
§ 27-88-114. Sinking fund for payment of bonds
At or before the issuance of any bonds, the State Highway Commission shall: (1) By resolution provide for a sinking fund for the payment of the principal of the bonds and the interest thereon and for the payment of the charges of banks or trust companies for making payment of the principal and interest; and […]