Sec. 7. (a) An eligible entity may apply to the department or to a metropolitan planning organization to receive exchanged funds if:
(1) the project:
(A) is eligible under federal law; or
(B) is part of a transportation asset management plan approved by the department; and
(2) using any available revenue source, the eligible entity commits to a local match of twenty percent (20%), or a match consistent with federal law, of the amount of the exchanged funds the eligible entity is requesting to receive.
(b) The department shall consider the following before awarding exchanged funds to an eligible entity:
(1) The amount of exchanged funds the eligible entity has requested.
(2) A brief description of each project the eligible entity wants to fund, including the estimated cost of the project.
(3) The benefit to a project described in subdivision (2) in receiving exchanged funds due to the project's size, type, location, or other features.
(4) The nature of the project and whether it has an economic significance for the region in which the eligible entity is located.
(5) Whether or not the eligible entity wishes to carry over its award of exchanged funds to the following year.
As added by P.L.141-2013, SEC.1. Amended by P.L.218-2017, SEC.99.