Sec. 10. (a) The grant anticipation
fund is established to construct and reconstruct state highways. The grant anticipation fund consists of distributions of federal
highway revenues (as defined in
IC 8-14.5-7-2) made under
IC 8-23-3-11.
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Terms Used In Indiana Code 8-14-10-10
- department: refers to the Indiana department of transportation. See Indiana Code 8-14-10-1
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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.
- fund: refers to the state highway road construction and improvement fund. See Indiana Code 8-14-10-2
- Highway: includes county bridges and state and county roads, unless otherwise expressly provided. See Indiana Code 1-1-4-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- reconstruction: includes the improvement, enlargement, or extension of a highway, but does not include maintenance or repairs. See Indiana Code 8-14-10-3
(c) Money in the grant anticipation fund at the end of a state fiscal year does not revert to the state general fund.
(d) The department may use the money in the grant anticipation fund only to pay the following costs:
(1) The cost of construction or reconstruction of a highway improvement project.
(2) The cost of acquisition of all land, rights-of-way, property, rights, easements, and any other legal or equitable interests acquired by the department for the construction or reconstruction of a highway improvement project, including the cost of any relocations incident to the acquisition.
(3) The cost of demolishing or removing any buildings, structures, or improvements on property acquired by the department for the construction or reconstruction of a highway improvement project.
(4) Engineering and legal expenses and the costs of plans, specifications, surveys, estimates, and any necessary feasibility studies.
(5) Payment of rentals and performance of other obligations under contracts or leases relating to highway improvement projects securing grant anticipation revenue bonds or notes issued under IC 8-14.5-7. However, amounts in the grant anticipation fund may not be pledged to such payments.
(e) A holder of grant anticipation revenue bonds or notes issued under IC 8-14.5-7 may not compel the payment of federal highway revenues to the department.
As added by P.L.246-2005, SEC.79.
