(a)There is established a fund to be known as the "transportation modernization fund." The fund is a segregated account within the state treasury and includes accounts and subaccounts in the fund.
(b)Notwithstanding another law to the contrary, and subject to appropriation in the general appropriations act, the fund is composed of:
(1)Effective July 1, 2023, a sum of three billion dollars ($3,000,000,000), to be divided as follows:
(A)Seven hundred fifty million dollars ($750,000,000) for projects within region 1 of the department;
(B)Seven hundred fifty million dollars ($750,000,000) for projects within region 2 of the department;
(C)Seven hundred fifty million dollars ($750,000,000) for projects within region 3 of the department; and (D) Seven hundred fifty million dollars ($750,00
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(a) There is established a fund to be known as the "transportation modernization fund." The fund is a segregated account within the state treasury and includes accounts and subaccounts in the fund. (b) Notwithstanding another law to the contrary, and subject to appropriation in the general appropriations act, the fund is composed of: (1) Effective July 1, 2023, a sum of three billion dollars ($3,000,000,000), to be divided as follows: (A) Seven hundred fifty million dollars ($750,000,000) for projects within region 1 of the department; (B) Seven hundred fifty million dollars ($750,000,000) for projects within region 2 of the department; (C) Seven hundred fifty million dollars ($750,000,000) for projects within region 3 of the department; and (D) Seven hundred fifty million dollars ($750,000,000) for projects within region 4 of the department; (2) Effective July 1, 2023, a sum of three hundred million dollars ($300,000,000), to be distributed to local governments as grants, as determined by the commissioner; provided, that a local government shall not use grants distributed from the sum described in this subdivision (b)(2) to supplant other state or local moneys appropriated or allotted for building, maintaining, or improving county roads or bridges; (3) Other revenues or moneys that the general assembly may appropriate to the fund; and (4) Other moneys received by the department for the purposes of the fund that are not otherwise allocated to the department by law. (c) The fund must be administered by the department of transportation and be kept separate and apart from all other funds, including the state highway fund. Any portion of the fund must not be transferred or otherwise diverted to another department or agency of state government and must only be drawn out of the state treasury as provided in this part. (d) Amounts remaining in the fund at the end of each fiscal year must not revert to the general fund. Moneys in the fund must be invested by the state treasurer pursuant to title 9, chapter 4, part 6, for the sole benefit of the fund, and interest accruing on investments and deposits of the fund must be returned to and remain part of the fund. (e) The fund may be used for the following purposes: (1) To fund strategic transportation initiatives, including, but not limited to, congestion mitigation, rural interstate widening, and the accelerated delivery of strategic transportation improvements over and above the transportation improvements program generally supported by the state highway fund; (2) To respond to a transportation system failure, an imminent threat of a failure, or other emergency as provided in § 54-1-135 , which use may be eligible for reimbursement from the federal government; and (3) Another purpose for which the state highway fund may be lawfully used.