§ 8-3-1.7-2 — Creation of fund; use

Indiana § 8-3-1.7-2

• Jurisdiction: Indiana
• Art. 3: RAILROADS GENERALLY
• Ch. 1.7: Industrial Rail Service Fund

Text

(a) There is created a fund known as the
industrial rail service fund. The fund shall consist of money distributed
to the fund by IC 6-2.5-10-1 and IC 8-3-1.5-20. Amounts held in the
fund may only be used to do the following:
(1) Provide loans to railroads that will be used to purchase or
rehabilitate real or personal property that will be used by the
railroad in providing railroad transportation services.
(2) Pay operating expenses of the Indiana department of
transportation, subject to appropriation by the general assembly.
(3) Provide fifty thousand dollars ($50,000) annually to the
Indiana department of transportation for rail planning activities.
Money distributed under this subdivision does not revert back to
the state general fund at the end of a state fiscal year.
(4) Provide money for the high speed rail development fund under
IC 8-23-25.
(5) Provide grants to a railroad owned or operated by a port
authority established under IC 8-10-5.
(6) Make grants to a Class II or a Class III railroad for the
rehabilitation of railroad infrastructure or railroad construction.
(b) A grant made under subsection (a)(5) may not exceed twenty
percent (20%) of the gross sales and use tax receipts deposited in the
fund under IC 6-2.5-10-1 during the fiscal year preceding the fiscal
year in which the grant is made.
(c) A grant program under subsection (a)(6) must:
(1) provide a grant to a recipient of not more than seventy-five
percent (75%) of the cost of the project; and
(2) require a grant recipient to pay for not less than twenty-five
percent (25%) of the cost of a project.
As added by Acts 1982, P.L.51, SEC.2. Amended by
P.L.96-1985, SEC.1; P.L.95-1987, SEC.4; P.L.84-1988, SEC.2;
P.L.18-1990, SEC.37; P.L.83-1991, SEC.1; P.L.100-1993, SEC.1;
P.L.87-1997, SEC.2; P.L.121-2001, SEC.1; P.L.49-2024,
SEC.2.