§ 27-64-403 - Definitions.
27-64-403. Definitions.
As used in this subchapter:
(1) "Act" shall mean this Arkansas Interstate Highway Financing Act of 2007;
(2) "Bonds" shall mean the "State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds" or "GARVEE bonds", as authorized herein;
(3) "Commission" shall mean the State Highway Commission, created and existing pursuant to Arkansas Constitution, Amendment 42;
(4) "Debt service" shall mean all amounts required for the payment of principal, interest, and premium, if any, due with respect to the bonds in any fiscal year, along with all associated costs, including the fees and costs of paying agents and trustees, remarketing agent fees, credit enhancement costs, and other amounts necessary in connection with the bonds;
(5) "Designated revenues" shall mean:
(A) That portion designated by the commission of funds received or to be received from the federal government as federal highway assistance funding allocated to the state designated as federal highway interstate maintenance funds; and
(B) Revenues derived from the increase in taxes levied on distillate special fuels pursuant to the Arkansas Distillate Special Fuel Excise Tax Act of 1999 and the Motor Fuel Excise Tax Act of 1999; and
(6) "Highway improvements" or "highway improvement projects" shall mean restoration and improvements to all of the interstate highway system within the state, including roadways, bridges, or rights-of-way under the jurisdiction of the commission, and shall also include the acquisition, construction, reconstruction, and renovation of such interstate system and facilities appurtenant or pertaining thereto.