Arizona § 28-7674 - Highway expansion and extension loan program fund

§ 28-7674. Highway expansion and extension loan program fund

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.

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.