[§264-19]  Transportation improvement
special fund.  (a)  There is created within the state treasury the
transportation improvement special fund to fund qualified transportation
projects and to receive reimbursements from private developers who have been advanced
public funds to fulfill the conditions of land use development relating to
transportation.



The director may expend from the special fund
such sums as are necessary to advance transportation projects, including
administrative expenses, to the extent permissible:



(1)  When such projects:



(A)  Have been identified in or are consistent
with the statewide transportation plan adopted pursuant to chapter 279A; and



(B)  Satisfy all applicable federal and state
eligibility requirements; or



(2)  When the director determines that funds
previously authorized for the aforementioned projects are inadequate or any
delay in the completion of such projects would unnecessarily increase their
cost or intensify undesirable transportation conditions.



(b)  Expenditures from the special fund shall
be made on vouchers approved by the director or such other officer as may be
designated by the director.



(c)  There shall be credited to the special
fund all reimbursements and any interest earned or penalty accrued on late payments
thereon received from developers who have been advanced public funds to fulfill
the conditions of land use development relating to transportation or other
transportation requirements imposed upon such developers.



(d)  Expenditures from the special fund may not
be made by the director without appropriation by the legislature.  No
expenditure shall be made from, and no obligation shall be incurred against,
the special fund in excess of the amount standing to the credit of the special
fund or for any purpose for which moneys from the special fund may not lawfully
be expended.



(e)  The department of transportation shall
prepare and submit an annual report to the legislature on the use of the
transportation improvement special fund which shall include, but not be limited
to:



(1)  The [special] fund balance and the expenses made
from the [special] fund for the immediately preceding fiscal year; and



(2)  Proposed appropriations from the [special] fund
for the next fiscal year.



This report shall be submitted to the
legislature no later than twenty days prior to the convening of each
legislative session.



(f)  The director may adopt rules pursuant to
chapter 91 necessary to effectuate the purposes of, and to administer, this
section.



(g)  As used in this section:



"Director" means the director of
transportation.



"Special fund" means the
transportation improvement special fund. [L 1997, c 370, §§2, 3]



 



Revision Note



 



  Subsection (e) added and subsections (f) and (g) redesignated
pursuant to §23G-15(1).