(1) There is hereby created the state rail bank fund to which shall be allocated such revenues as the general assembly may from time to time determine. Moneys in the state rail bank fund may be used for the acquisition, maintenance, improvement, or disposal of rail lines or railroad rights-of-way or any other purpose necessary to carry out the implementation of this part 13. All unappropriated balances in the fund at the end of any fiscal year shall remain therein and shall not revert to the general fund.
Notwithstanding any provision of subsection (1) of this section to the contrary, onMarch 27, 2002, the state treasurer shall deduct five hundred thousand dollars from the state rail bank fund and transfer such sum to the general fund.
Notwithstanding any provision of subsection (1) of this section to the contrary, onApril 20, 2009, the state treasurer shall deduct one million five hundred forty-three thousand nine hundred thirty-seven dollars from the state rail bank fund and transfer such sum to the general fund.
Notwithstanding any provision of subsection (1) of this section to the contrary, thestate treasurer shall transfer to the general fund any unexpended and unencumbered moneys remaining in the state rail bank fund as of June 30, 2012.
Source: L. 97: Entire part added, p. 1623, § 2, effective June 4. L. 2002: Entire section amended, p. 160, § 22, effective March 27. L. 2009: (3) added, (SB 09-208), ch. 149, p. 628, § 36, effective April 20. L. 2012: (4) added, (HB 12-1343), ch. 157, p. 558, § 1, effective May 3.