A. The highway expansion and extension loan program fund is established. The fund constitutes a state infrastructure bank under the federal SIB act. The state treasurer shall receive in trust, hold and disburse monies in the fund solely for the purposes authorized by this article. The department shall administer the fund as a continuing appropriation in accordance with this article and the federal SIB act. Monies in the fund are exempt from the provisions of section 35-190 relating to lapsing of appropriations.
Terms Used In Arizona Laws 28-7674
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the transportation board. See Arizona Laws 28-101
- Department: means the department of transportation acting directly or through its duly authorized officers and agents. See Arizona Laws 28-101
- Fund: means the highway expansion and extension loan program fund established by section 28-7674. See Arizona Laws 28-7671
- highway: means the entire width between the boundary lines of every way if a part of the way is open to the use of the public for purposes of vehicular travel. See Arizona Laws 28-101
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Political subdivision: means a county, city, town or special taxing district authorized by law to construct or assist in the construction of an eligible highway project or a county, city, town or special taxing district established pursuant to section 48-5102 to construct or assist in the construction of a transportation project. See Arizona Laws 28-7671
- Population: means the population according to the most recent United States decennial census. See Arizona Laws 1-215
- Right-of-way: when used within the context of the regulation of the movement of traffic on a highway means the privilege of the immediate use of the highway. See Arizona Laws 28-101
- State: means a state of the United States and the District of Columbia. See Arizona Laws 28-101
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
B. The fund consists of:
1. Monies appropriated by the legislature.
2. Monies derived from board funding obligations delivered pursuant to section 28-7678. These monies shall be separately accounted for and invested.
3. Monies designated for deposit in the fund by the transportation board, a state agency or a political subdivision.
4. Monies received from the United States government under SIB cooperative agreements, including capitalization grants.
5. Monies received from political subdivisions, Indian tribes or this state or its agencies pursuant to agreements entered into pursuant to this article.
6. Interest and other income received from investing monies in the fund.
7. Gifts, grants, donations or other amounts received from any public or private source for deposit in the fund.
C. The board may use monies in the fund for the following purposes in connection with providing financial assistance under this article:
1. Making eligible project loans or providing other financial assistance to political subdivisions, Indian tribes and this state or its agencies under section 28-7676.
2. Subsidizing interest rates.
3. Providing other forms and methods of financial assistance that are approved by the board and, to the extent required by the federal SIB act, by the United States secretary of transportation and that relate to the eligible project with respect to which the assistance is being provided.
4. Paying the costs to administer the fund, except that no more than the percentage of the aggregate of federal capitalization grants pursuant to the federal SIB act may be used to pay these costs. Monies from other sources may be used without limit to pay these costs.
D. Except for monies received pursuant to subsection B, paragraph 4 of this section, up to ten million dollars of the monies in the fund may be used for eligible transit capital projects in municipalities with a population of less than fifty thousand persons.
E. On notice from the board, the state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall be credited to the fund.
F. The board shall use the monies and other assets in the fund solely for the purposes authorized by this article.
G. The board may establish any accounts or subaccounts in the fund as it determines are necessary or appropriate to carry out the purposes of this article.
H. All proceeds of capitalization grants received from the United States pursuant to the federal SIB act and title 23, United States Code, shall be deposited in the fund and shall be used only to make loans or provide other financial assistance to political subdivisions, Indian tribes and this state or its agencies to design, construct, acquire right-of-way for, restore or rebuild eligible projects, for the purposes prescribed in subsection C of this section or for any other purposes permitted by the federal SIB act and title 23, United States Code.