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

The director may expend from the special fundsuch sums as are necessary to advance transportation projects, includingadministrative expenses, to the extent permissible:

(1)  When such projects:

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

(B)  Satisfy all applicable federal and stateeligibility requirements; or

(2)  When the director determines that fundspreviously authorized for the aforementioned projects are inadequate or anydelay in the completion of such projects would unnecessarily increase theircost or intensify undesirable transportation conditions.

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

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

(d)  Expenditures from the special fund may notbe made by the director without appropriation by the legislature.  Noexpenditure 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 specialfund or for any purpose for which moneys from the special fund may not lawfullybe expended.

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

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

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

This report shall be submitted to thelegislature no later than twenty days prior to the convening of eachlegislative session.

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

(g)  As used in this section:

"Director" means the director oftransportation.

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

 

Revision Note

 

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