CRT disappointed with trail fund forfeiture.The Coalition for Recreational Trails (CRT) sent a letter urging Dan Flowers, the executive director of the Arkansas Arkansas, indigenous people of North AmericaArkansas, Native North Americans: see Quapaw.Arkansas, state, United StatesArkansas (är`kənsô', ärkăn`zŭs), state in the south-central United States. It is bordered by Tennessee and Mississippi, across the Mississippi R. Highways and Transportation Department, to "rectify" a fund rescissionRescission The right of an individual involved within a contract to return to the identical state as before they entered into the agreement, due to courts not recognizing the contract as legally binding.Notes: This is an important factor in the business world, as contracts are commonplace. Should a contract not be legally binding, most often courts will try to return the non-liable parties affected to the state they were in before the contract was entered. that resulted in the forfeiture Forfeiture The loss of an asset, or rights to an asset, as a result of defaulting on contractual obligations or conditions.Notes: The party who did not fulfill the required obligations must give up the asset, or cash flows from the asset, as a form of compensation for the resulting losses to the other party. See also: Asset, Credit Report, Default, Lien, Restricted Stock, Tangible New Worth of trail funds. Arkansas gave up the $1 million in Recreational Trails Program (RTP RTP - Radiation Therapy PlanningRTP - Rádio Televisão Portuguesa RTP - Rapid Thermal Process(ing) RTP - Rapid Transport Protocol (IBM) RTP - Read the Prospectus RTP - Ready to Print (publishing) RTP - Real-Time Protocol RTP - Real-Time Transmission Period RTP - Real-Time Transport Protocol (digital switched telephony) RTP - Reappointment, Tenure, and Promotion RTP - Recreational Trails Program RTP - Red Tart Pitted (cherries)) funds in order to achieve state rescission obligations. The letter says that all states were affected by Congressional rescissions in late 2005, but Arkansas is "virtually alone in targeting RTP allocation. The removal of funds from RTP will cause a noticeable effect on building, maintaining and planning recreational trails in Arkansas." RTP distributes about $90 million per year to states to plan and build trails, install signage and repair damage, among many other purposes. For more information on RTP funding, go to www.fhwa.dot.gov/environment/rectrails/. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion