§ 27-76-611 - Revolving fund.
27-76-611. Revolving fund.
(a) A regional mobility authority may maintain a revolving fund to be held in trust by a banking institution chosen by the regional mobility authority separate from any other funds and administered by the regional mobility authority's board of directors.
(b) A regional mobility authority may transfer into its revolving fund money from any permissible source, including:
(1) Funds from a transportation project if the transfer does not diminish the money available for the project to less than any amount required to be retained by the bond proceedings pertaining to the project;
(2) Funds received by the regional mobility authority from any source and not otherwise committed, including money from the transfer of a transportation project or system as provided under 27-76-408 or the sale of surplus assets of the regional mobility authority;
(3) Funds received from the Arkansas State Highway and Transportation Department and the State Highway Commission; and
(4) Contributions, loans, grants, or assistance from any governmental entity, private entity, or person.
(c) The regional mobility authority may use money in the revolving fund to:
(1) Finance the acquisition, construction, maintenance, or operation of a transportation project of a regional mobility authority including the extension, expansion, or improvement of a transportation project;
(2) Provide matching money required in connection with any federal, state, local, or private aid, grant, or other funding, including aid or funding by or with public-private partnerships;
(3) Provide credit enhancement either directly or indirectly for bonds issued to acquire, construct, extend, expand, or improve a transportation project or a transportation system;
(4) Provide security for or payment of future or existing debt for the design, acquisition, construction, operation, maintenance, extension, expansion, or improvement of a transportation project or a transportation system;
(5) Borrow money and issue promissory notes or other indebtedness payable out of the revolving fund for any purpose authorized by this chapter; and
(6) Provide for any other reasonable purpose that assists in the financing of a regional mobility authority as authorized by this chapter.
(d) (1) Money spent or advanced from the revolving fund for a transportation project or a transportation system must be reimbursed from the money of that transportation project or transportation system.
(2) At the time that the expenditure or advancement is authorized, a reasonable expectation of repayment must exist.