§ 76. Rail preservation and development fund. 1. There is hereby established in the custody of the state comptroller a special fund to be known as the "rail preservation and development fund."

2. Such fund shall consist of all monies received by the state from the sale of bonds pursuant to the rail preservation bond act of nineteen hundred seventy-four and the energy conservation through improved transportation bond act of nineteen hundred seventy-nine together with all monies paid to the state by the federal government or a county, city, town, village, special transportation district, public benefit corporation, or other public corporation, or two or more of the foregoing acting jointly, as reimbursement for payments made by the state pursuant to such acts.

3. Monies of the fund, following appropriation made by the legislature and allocation by the director of the budget, shall be available only for reimbursement of the expenditures made from appropriations for the purposes set forth in the rail preservation bond act of nineteen hundred seventy-four and the energy conservation through improved transportation bond act of nineteen hundred seventy-nine.