§ 24-15-102 — Public transit account

(a) There is created a public transit account within the
highway fund. The department shall fund the program annually
with one million five hundred thousand dollars ($1,500,000.00)
using unrestricted state highway funds. Funds provided to the
state under the federal Transit Act and other funds that may
become available to assist urban and rural public transit
programs shall be in addition to funding provided from
unrestricted highway funds. Funds in the account shall be
distributed and expended in accordance with federal requirements
and department rules and regulations.
(b) Recipients of funds under the federal Transit Act may
transfer unused grant funds for the benefit of other public
transit programs in the state, subject to the following:
(i) Any transfer of funds under this paragraph shall
require the approval of the governor;
(ii) Transferred federal funds under this paragraph
shall be reimbursed to the transferor by the department from
unrestricted state highway funds to be used as local match for
federal funds at the rate of one dollar ($1.00) for every three
dollars ($3.00) of federal funds transferred by the transferor;
(iii) To the extent not reimbursed from unrestricted
state funds, the federal funds transferred shall be used for the
benefit of public transit program grantees for the acquisition
of new transit vehicles, replacement of transit vehicles or
rehabilitation of vehicles in the transit fleet;
(iv) Federal funds transferred by a program grantee
may be carried over into the following fiscal year by the
department or a recipient public transit program grantee.