Kansas Statutes 75-5047. Rail service assistance program loan guarantee fund; establishment
Terms Used In Kansas Statutes 75-5047
- 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
- Fund: means the Kansas communication system revolving fund established by Kan. See Kansas Statutes 75-5073
- Secretary: means the secretary of the department of transportation or designee. See Kansas Statutes 75-5034
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
- Transportation: means the movement of individuals and meals in a four or more wheeled motorized vehicle designed to carry passengers. See Kansas Statutes 75-5034
(a) The rail service assistance program loan guarantee fund is hereby established in the state treasury which shall be for the purpose of facilitating the financing, acquisition and rehabilitation of railroads pursuant to the rail service assistance program in Kan. Stat. Ann. §§ 75-5040 through 75-5047 and for the refinancing thereof. The secretary of transportation shall administer the rail service assistance program loan guarantee fund. All expenditures from the rail service assistance program loan guarantee fund shall be made in accordance with appropriation acts upon warrants of the director of accounts and reports issued pursuant to vouchers approved by the secretary of transportation or by a person or persons designated by the secretary.
(b) The secretary of transportation shall pay from the rail service assistance program loan guarantee fund to a lender of a qualified entity, the amounts for any loan which is in default, which is for the financing, acquisition or rehabilitation of railroads pursuant to the provisions of Kan. Stat. Ann. § 75-5046.