IN HB1067

Establishes a federal fund exchange program administered by the Indiana Department of Transportation allowing counties and municipalities to exchange federal surface transportation funds for state funds

Requires Department of Transportation to determine available state funds by considering whether adequate funds exist without risking other transportation activities and whether federal funds received can be readily used

Sets exchange rate at minimum 75 cents of state funds for each dollar of federal funds exchanged, with eligible entities required to provide local matching funds of at least 10% of project costs

Requires exchange agreements to be approved by the Office of Management and Budget and Attorney General, and by the fiscal body of the eligible entity before execution

Mandates the Department submit annual reports to the General Assembly by November 1 summarizing exchange agreements and project implementation status