23 CFR 1275.6 – Reservation of funds
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(a) On October 1 of each fiscal year, if a State has not enacted or is not enforcing a law that complies with § 1275.4, FHWA will reserve an amount equal to 2.5 percent of the funds apportioned to the State for that fiscal year under each of 23 U.S.C. § 104(b)(1) and (b)(2).
Terms Used In 23 CFR 1275.6
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(b) The reservation of funds will be made based on proportionate amounts from each of the apportionments under 23 U.S.C. § 104(b)(1) and (b)(2). The State’s Department of Transportation will have 30 days from the date the funds are reserved under this section to notify FHWA, through the appropriate Division Administrator, if it would like to change the distribution of the amounts reserved between 23 U.S.C. § 104(b)(1) and (b)(2).