AR SB605

Distributes the first $525,000 of annual interest income from the State Highway and Transportation Department Fund equally to regional intermodal facility authorities for designated purposes.

Creates the Future Transportation Research Fund to receive up to $500,000 annually in interest income (after regional intermodal facility distributions) from the State Highway and Transportation Department Fund.

Establishes the Transportation-Related Research Grant Program to provide grants from the Future Transportation Research Fund to publicly funded institutions of higher education for transportation research including rail, public transit, aviation, and waterborne transportation.

Requires grant applicants to submit descriptions of research projects, cost-benefit estimates, and economic development projections to the Arkansas State Highway and Transportation Department.

Directs the department and State Highway Commission to promulgate rules governing the grant application process, fund disbursement, and award criteria.