Revenue sources

(a) The following sources may be used to capitalize the bank and for the bank to carry out its purposes: (1) Appropriations by the General Assembly; (2) Federal funds available to the state, as approved by the Department of Transportation; (3) Contributions, donations, and deposits from government units, private entities, and any other source as may become available to the bank; (4) All moneys paid or credited to the bank, by contract or otherwise, payments of principal and interest on loans or other financial assistance made from the bank, and interest earnings which may accrue from the investment or reinvestment of the bank’s moneys; (5) Proceeds from the issuance of bonds as provided in this part; and (6) Other lawful sources not already dedicated for another purpose as determined appropriate by the board. (b) Without limiting the provisions of subsection (a) of this Code section, it shall be specifically provided that any local government may use the proceeds of any local funds which may be hereafter made 478 32-10-127 available by law for the purposes of this part, including without limitation the funding of eligible projects and contributions, donations, and deposits to the bank. History. — Code 1981, § 32-10-125, enacted by Ga. L. 2008, p. 73, § 2/HB 1019. 32-10-126. Earnings; establishment of accounts subaccounts; commingling of funds. and (a) Earnings on balances in the federal accounts must be credited and invested according to federal law. Earnings on state and local accounts must be credited to the state and local roadway account or state and local nonroadway account that generates the earnings. The bank may establish accounts and subaccounts within the state and local accounts and federal accounts as considered desirable to effectuate the purposes of this part, or to meet the requirements of any state or federal programs. (b) For necessary and convenient administration of the bank, the board shall establish federal and state and local accounts and subaccounts within the bank necessary to meet any applicable federal law requirements or as the bank shall determine necessary or desirable in order to implement the provisions of this part. (c) The bank shall comply with all applicable federal laws and regulations prohibiting the commingling of certain federal funds deposited in the bank. History. — Code 1981, § 32-10-126, enacted by Ga. L. 2008, p. 73, § 2/HB 1019. 32-10-127. Loans and other financial assistance; determination of eligible projects. (a) The bank may provide loans and other financial assistance to a government unit to pay for all or part of the eligible costs of a qualified project. The term of the loan or other financial assistance shall not exceed the useful life of the project. The bank may require the government unit to enter into a financing agreement in connection with its loan obligation or other financial assistance. The board shall determine the form and content of loan applications, financing agreements, and loan obligations including the term and rate or rates of interest on a financing agreement. The terms and conditions of a loan or other financial assistance from federal accounts shall comply with applicable federal requirements. 479 32-10-127 HIGHWAYS, BRIDGES, AND FERRIES 32-10-128 (b)(1) The board shall determine which projects are eligible projects and then select from among the eligible projects qualified projects. When determining eligibility, the board shall make every effort to balance any loans or other financial assistance among all regions of this state. (2) Preference for loans may be given to eligible projects in tier 1 and tier 2 counties, as defined in Code Section 48-7-40 and by the Department of Community Affairs. (3) Preference for grants and other financial assistance may be given to eligible projects which have local financial support. History. — Code 1981, § 32-10-127, enacted by Ga. L. 2008, p. 73, § 2/HB 1019; Ga. L. 2015, p. 236, § 6-1/HB 170. Editor’s notes. — Ga. L. 2015, p. 236, § 8-1/HB 170, not codified by the General Assembly, provides: ‘‘This Act shall be known and may be cited as the ‘Transportation Funding Act of 2015.’ ’’ Ga. L. 2015, p. 236, § 8-2/HB 170, not codified by the General Assembly, provides: ‘‘It is the intention of the General Assembly, subject to appropriations and other constitutional obligations of this state, that year to year revenue increases be prioritized to fund education, transportation, and health care in this state.’’ Ga. L. 2015, p. 236, § 9-1(b)/HB 170, not codified by the General Assembly, provides: ‘‘Tax, penalty, and interest liabilities and refund eligibility for prior taxable years shall not be affected by the passage of this Act and shall continue to be governed by the provisions of Title 48 of the Official Code of Georgia Annotated as it existed immediately prior to the effective date of this Act.’’ This Act became effective July 1, 2015.