|
SCS/HB 1008 - Under this act, the State Highways and Transportation Commission may enter into binding highway infrastructure improvement agreements to reimburse or repay, in an amount and in such terms agreed upon by the parties, any funds advanced by or for the benefit of a county, political subdivision, or private entity to expedite state road construction or improvement. Such highway infrastructure improvement agreements may provide for the assignment of the State Highways and Transportation Commission's reimbursement or repayment obligations in order to facilitate the funding of such improvements. The funds advanced shall be repaid by the commission from funds from the state road fund in a manner, time period, and interest rate agreed to upon by the respective parties. The commission may condition the reimbursement or repayment of such advanced funds upon projected highway revenues only if terms of the contract explicitly state such a condition. The contract shall further provide for a date or dates certain for repayment of funds and the commission may delay repayment of the advanced funds if highway revenues fall below the projections used to determine the repayment schedule, or if repayment would jeopardize the receipt of federal highway moneys, only if terms of the contract state such a condition and the contract provides for a date or dates certain for repayment of funds. STEPHEN WITTE
|
