Rail Transportation Restricted Account -- Grants for railroad crossing safety.
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(1) As used in this section, "eligible entity" means:
(a) a public entity; or
(b) a private entity that is exempt from federal income taxation under Section 501(c)(3), Internal Revenue Code.
(2) There is created in the Transit Transportation Investment Fund, created in Section 72-2-124, the Rail Transportation Restricted Account.
(3) The account shall be funded by:
(a) appropriations to the account by the Legislature;
(b) private contributions;
(c) donations or grants from public or private entities; and
(d) interest earned on money in the account.
(4) Upon appropriation, the department shall:
(a) use an amount equal to 10% of the money deposited into the account to provide grants in accordance with Subsection (5);
(b) use an amount equal to 10% of the money deposited into the account to pay:
(i) the costs of performing environmental impact studies in connection with construction, reconstruction, or renovation projects related to railroad crossings on class A, class B, or class C roads; or
(ii) the appropriate debt service or sinking fund for the repayment of bonds issued under Subsection 63B-31-101(6); and
(c) use the remaining money deposited into the account to pay:
(i) the costs of construction, reconstruction, or renovation projects related to railroad crossings on class A, class B, or class C roads;
(ii) debt service related to a project described in Subsection (4)(b); or
(iii) the appropriate debt service or sinking fund for the repayment of bonds issued under Subsection 63B-31-101(5).
(5)
(a) The department may award grants to one or more eligible entities to be used for the purpose of improving safety at railroad crossings on class A, class B, or class C roads.
(b) An eligible entity may use grant money for any expense related to improving safety at railroad crossings on class A, class B, or class C roads, including:
(i) signage; and
(ii) safety enhancements to a railroad crossing.
(c) The department shall prioritize, in the following order, grants to applicants that propose projects impacting railroad crossings that:
(i) have demonstrated safety concerns, including emergency services access; and
(ii) have high levels of vehicular and pedestrian traffic.