(a) There is created a transit project fund to be used by the authority for the administration of this chapter, to carry out the powers and duties of the authority, and for any other lawful purpose by the authority.
(b) (1) Fees imposed pursuant to § 65-13-704(a)(10) that are paid by an operator must be allocated to and deposited in the fund.(2) All other appropriations, grants, gifts, and other revenue received by the authority must be deposited in the fund.
(1) Fees imposed pursuant to § 65-13-704(a)(10) that are paid by an operator must be allocated to and deposited in the fund.
(2) All other appropriations, grants, gifts, and other revenue received by the authority must be deposited in the fund.
(c) (1) Moneys in the fund must be invested by the state treasurer in accordance with § 9-4-603.(2) Remaining moneys in the fund at the end of a fiscal year do not revert to the general fund but must remain available for the purposes set forth in subsection (a). Interest accruing on investments of and deposits into the fund must be credited to the fund, do not revert to the general fund, and must be carried forward into each subsequent fiscal year.
(1) Moneys in the fund must be invested by the state treasurer in accordance with § 9-4-603.
(2) Remaining moneys in the fund at the end of a fiscal year do not revert to the general fund but must remain available for the purposes set forth in subsection (a). Interest accruing on investments of and deposits into the fund must be credited to the fund, do not revert to the general fund, and must be carried forward into each subsequent fiscal year.