54-2-204 - Eligibility for access improvement loans. - Tennessee Statutes

54-2-204. Eligibility for access improvement loans.

(a)  Political subdivisions of this state are eligible for access improvement loans if the following conditions are met:

     (1)  An access improvement plan has been made and approved by the department of transportation within five (5) years of the date of the conveyance of surplus lands, or the department renews its approval within five (5) years of the date of the conveyance;

     (2)  The access improvement plan is a part of and complementary to the state system of highways;

     (3)  The political subdivision has agreed to and assumed the responsibility of constructing a portion of the plan; and

     (4)  The entire project is within two (2) highway miles of the point of access to surplus lands that were conveyed.

(b)  In the event two (2) or more political subdivisions are eligible to receive, and elect to receive, access improvement loans and the total amount requested for loans is greater than the amount that may be loaned for specific access improvement projects, the available funds shall be apportioned among the political subdivisions in direct proportion as the individual projects bear to the sum of all eligible projects.

[Acts 1971, ch. 262, § 4; impl. am. Acts 1972, ch. 829, § 7; T.C.A., § 54-216; Acts 1981, ch. 264, § 12.]