40-721. TRANSPORTATION EXPANSION AND CONGESTION MITIGATION PROGRAM CAPITAL PROJECT FUND — TRANSPORTATION EXPANSION AND CONGESTION MITIGATION PROGRAM DEBT SERVICE FUND. (1) There is hereby established in the state treasury the transportation expansion and congestion mitigation program capital project fund that shall include any draw by the Idaho transportation board of proceeds from the transportation bonds or notes issued by the Idaho housing and finance association in accordance with chapter 62, title 67, Idaho Code, to finance improvements described in section 40-720, Idaho Code. Interest earned on the investments of idle moneys in the transportation expansion and congestion mitigation program capital project fund shall be paid to the transportation expansion and congestion mitigation program capital project fund. Disbursements from this fund shall be paid over as requested by the Idaho transportation board and shall be made for projects in accordance with section 40-720, Idaho Code. All moneys in the fund are hereby continuously appropriated to the department.
(2) There is hereby established in the state treasury the transportation expansion and congestion mitigation program debt service fund for the purpose of paying the principal, interest, and other amounts required for transportation bonds or notes of the Idaho housing and finance association in accordance with chapter 62, title 67, Idaho Code, issued to finance improvements described in section 40-720, Idaho Code. The fund shall include amounts distributed pursuant to sections 40-720(7) and 63-3638(16), Idaho Code, provided that such moneys distributed to the transportation expansion and congestion mitigation program debt service fund pursuant to this subsection shall be used for payment of principal, interest, and other amounts required for transportation bonds or notes issued by the Idaho housing and finance association for improvements described in section 40-720, Idaho Code. Interest earned on the investment of idle moneys in the transportation expansion and congestion mitigation program debt service fund shall be paid to the transportation expansion and congestion mitigation program debt service fund. From moneys within this fund, there are hereby continuously appropriated such amounts as from time to time shall be certified by the Idaho housing and finance association to the state controller, the state treasurer, and the Idaho transportation board as necessary for payment of principal, interest, and other amounts required for transportation bonds or notes of the Idaho housing and finance association in accordance with chapter 62, title 67, Idaho Code, issued for improvements described in section 40-720, Idaho Code, which amounts shall be paid over as directed by the association. Any funds in excess of the amount necessary to meet the payment authorized in this section shall be transferred to the transportation expansion and congestion mitigation fund established in section 40-720, Idaho Code.
History:
[40-721, added 2019, ch. 307, sec. 2, p. 920.]
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