60-11-115. Revolving loan account -- statutory appropriation -- rulemaking. (1) There is a revolving loan account to be administered by the department. Any interest or income that is earned by the account and loan repayments must be deposited into the revolving loan account unless revenue bonds are issued to fund a loan, in which case the loan repayments must be deposited in the debt service account. The department may request the board of investments to issue revenue bonds, as provided in 60-11-117 through 60-11-119, for the purpose of providing funds for a loan.
(2) The department may make loans from the account pursuant to 60-11-120.
(3) Funds in the account that are deposited pursuant to former 49 U.S.C. 1654 must continue to be managed as local rail freight assistance program funds. Any additional federal funds received for local rail freight assistance programs or for railroad projects must be deposited in the account.
(4) There is statutorily appropriated, as provided in 17-7-502, to the department up to $2 million annually for the purposes of making loans pursuant to 60-11-120.
(5) Loans may not be made if the loan would cause the balance in the account to be less than $500,000.
(6) The department may adopt rules to implement 60-11-113 through 60-11-116.
History: En. Sec. 3, Ch. 602, L. 2005.