74-1420.01 Light-Density Rail Line Assistance Revolving Fund; created; use; investment. - Nebraska Statutes

74-1420.01. Light-Density Rail Line Assistance Revolving Fund; created; use; investment.(1) There is hereby created the Light-Density Rail Line Assistance Revolving Fund which shall be used by the council to carry out its responsibilities under the Light-Density Rail Line Assistance Act. The revolving fund shall consist of any money credited to the revolving fund pursuant to section 74-1420, any loan repayment money received, any interest received on such money, and other funds as the council may designate. Any money in the fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.(2) The revolving fund may be used to carry out the purposes of the Light-Density Rail Line Assistance Act.(3) State and federal light-density rail line assistance funds shall not be commingled. The use of federal funds held in the revolving fund is restricted by rules and regulations of the Federal Railroad Administration. No loans or grants using the revolving fund shall be disbursed until written approval is received from the Federal Railroad Administration. SourceLaws 1991, LB 783, § 25; Laws 1994, LB 1066, § 77; Laws 1996, LB 463, § 27. Cross ReferencesNebraska Capital Expansion Act, see section 72-1269.Nebraska State Funds Investment Act, see section 72-1260.