(1) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “Arkansas Public Transit Trust Fund”.
(2) The fund shall consist of seventy-five percent (75%) of the net revenues derived from the additional rental vehicle tax imposed by § 26-63-302.
(3) The fund shall be used by the Arkansas Department of Transportation for: The purpose of acquiring federal matching funds for the purchase of public transportation vehicles;
(4) Public transit equipment or facilities; and
(5) The operation of the United States Department of Transportation Federal Transit Administration assistance programs.