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IN HB1317
Bill
Status
1/12/2016
Primary Sponsor
John Price
Click for details
AI Summary
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Department of Transportation must make available at least 25% of federal transportation funding received to eligible entities during each annual funding cycle.
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Federal funds are allocated to eligible entities using the same formula as the local road and street account under IC 8-14-2-4.
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Eligible entities may exchange federal funds for state funds at a rate of $0.90 of state funds for each $1.00 of federal funds.
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Eligible entities must establish a separate nonreverting federal exchange fund for each exchange agreement to receive and use state funds only for approved purposes.
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Eligible entities participating in the program must submit annual reports to the department by July 1 accounting for how exchanged funds are being spent on programs or projects.
Legislative Description
Federal fund exchange program. Amends the federal fund exchange program as follows: (1) Requires the department of transportation (department) to make available to eligible entities at least 25% of federal funding received by the department. (2) Allocates the federal funds to eligible entities under the local road and street distribution formula. (3) Allows eligible entities to exchange federal funds for state funds at a rate of $0.90 for $1. (4) Requires an eligible entity to establish a federal exchange fund to receive state funds exchanged through the federal fund exchange program.
Last Action
First reading: referred to Committee on Roads and Transportation
1/12/2016