Indiana Code 8-3-1.7-2. Creation of fund; use
(1) Provide loans to railroads that will be used to purchase or rehabilitate real or personal property that will be used by the railroad in providing railroad transportation services.
Terms Used In Indiana Code 8-3-1.7-2
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- 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.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) Provide fifty thousand dollars ($50,000) annually to the Indiana department of transportation for rail planning activities. Money distributed under this subdivision does not revert back to the state general fund at the end of a state fiscal year.
(4) Provide money for the high speed rail development fund under IC 8-23-25.
(5) Provide grants to a railroad owned or operated by a port authority established under IC 8-10-5.
(6) Make grants to a Class II or a Class III railroad for the rehabilitation of railroad infrastructure or railroad construction.
(b) A grant made under subsection (a)(5) may not exceed twenty percent (20%) of the gross sales and use tax receipts deposited in the fund under IC 6-2.5-10-1 during the fiscal year preceding the fiscal year in which the grant is made.
(c) A grant program under subsection (a)(6) must:
(1) provide a grant to a recipient of not more than seventy-five percent (75%) of the cost of the project; and
(2) require a grant recipient to pay for not less than twenty-five percent (25%) of the cost of a project.
As added by Acts 1982, P.L.51, SEC.2. Amended by P.L.96-1985, SEC.1; P.L.95-1987, SEC.4; P.L.84-1988, SEC.2; P.L.18-1990, SEC.37; P.L.83-1991, SEC.1; P.L.100-1993, SEC.1; P.L.87-1997, SEC.2; P.L.121-2001, SEC.1; P.L.49-2024, SEC.2.