28-7011. Statewide infrastructure trust fund; definition

A. The statewide infrastructure trust fund is established. The state treasurer shall administer the fund. Monies in the fund are subject to legislative appropriation and are exempt from the provisions of section 35-190 relating to lapsing of appropriations. The state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall be credited to the fund. The fund consists of the following:

1. Monies appropriated by the legislature.

2. Any nonfederal gifts, grants, donations or other monies received by the state treasurer from any public or private source for transportation projects.

B. The monies in the fund shall be used to fund any phase of development or construction of transportation projects in the current fiscal year or next fiscal year.

C. Before any expenditure is made from the fund, the state treasurer and the department shall submit an expenditure plan for review to the joint committee on capital review.

D. For the purposes of this section, "transportation project" means any project that constructs a new federal or state highway or makes improvements to any existing federal or state highway.