§ 8-14-10-10 — Grant anticipation fund

(a) The grant anticipation fund is established
to construct and reconstruct state highways. The grant anticipation fund
consists of distributions of federal highway revenues (as defined in IC 8-14.5-7-2) made under IC 8-23-3-11.
(b) The grant anticipation fund shall be administered by the
department. The treasurer of state shall invest the money in the grant
anticipation fund not currently needed to meet the obligations of the
grant anticipation fund in the same manner as other public funds may
be invested.
(c) Money in the grant anticipation fund at the end of a state fiscal
year does not revert to the state general fund.
(d) The department may use the money in the grant anticipation
fund only to pay the following costs:
(1) The cost of construction or reconstruction of a highway
improvement project.
(2) The cost of acquisition of all land, rights-of-way, property,
rights, easements, and any other legal or equitable interests
acquired by the department for the construction or reconstruction
of a highway improvement project, including the cost of any
relocations incident to the acquisition.
(3) The cost of demolishing or removing any buildings, structures,
or improvements on property acquired by the department for the
construction or reconstruction of a highway improvement project.
(4) Engineering and legal expenses and the costs of plans,
specifications, surveys, estimates, and any necessary feasibility
studies.
(5) Payment of rentals and performance of other obligations under
contracts or leases relating to highway improvement projects
securing grant anticipation revenue bonds or notes issued under
IC 8-14.5-7. However, amounts in the grant anticipation fund may
not be pledged to such payments.
(e) A holder of grant anticipation revenue bonds or notes issued
under IC 8-14.5-7 may not compel the payment of federal highway
revenues to the department.

Legislative History

As added by P.L.246-2005, SEC.79.