Sec. 22. (a) Subject to subsection (b), if, before December 31, 2020, the proper applications for federal funding necessary and desired to complete commuter rail extensions and improvements described in an interlocal agreement entered into by Lake County units to support the extension and improvement of rail services have not been filed, after satisfaction of all obligations and liabilities that have been incurred, all resources on deposit to the credit of an account established by section 1(d) of this chapter must be distributed to each participating unit, entity, and nonentity donor based on the ratio of the contributions of each participating unit, entity, and nonentity donor to the total amount on deposit to the credit of the account.
(b) If the purposes of an interlocal agreement entered into by Lake County units to support the extension and improvement of rail services are achieved or abandoned, after allowing for any encumbrances and other lawful payables, any remaining balance in an account established by section 1(d) of this chapter that is unobligated, unassigned, and unreserved must be distributed to each participating unit, entity, and nonentity donor based on the ratio of the contributions of each participating unit, entity, and nonentity donor to the total amount on deposit to the credit of the account. After making the distributions, the fund must be defeased.
As added by P.L.259-2019, SEC.18.
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