§ 27-72-321 - Advance transfers to county special purpose road accounts.
27-72-321. Advance transfers to county special purpose road accounts.
(a) (1) Advance transfers may be made from time to time during the fiscal year to each of the several county special purpose road accounts maintained by the Treasurer of State.
(2) Special Purposes Road Accounts, as used in this section, shall include any and all county road construction provisions enacted by the General Assembly requiring a specified level of local, county, and cost matching funds, and shall include state aid road funds, federal-aid secondary road funds, and all other provisions of county special purpose road construction assistance which may be enacted by the General Assembly.
(3) Advance transfers may be made from time to time in such amounts as may be respectively requested by each of the several county courts.
(4) Advance transfer requests shall be duly recorded as county court orders in each of the respective counties and shall be filed in a manner and form prescribed by the Chief Fiscal Officer of the State.
(5) Requests shall be accompanied by a certified copy of all initiated contractual documentation or grant-in-aid award documentation required by the provisions of the applicable special purpose road construction assistance enacted by the General Assembly for which the advance transfer is requested.
(6) The contractual documentation or grant-in-aid award documentation shall specify the total dollar amount of the contract or award, the effective date of the contractual document, and the estimated date of termination or completion of all work specified in the contract or award.
(7) However, the aggregate amount of all advance transfers to each of the respective special purpose road construction accounts during any fiscal year shall not exceed fifty percent (50%) of the estimated total amount of county highway aid funds to be credited to each respective county for the current fiscal year, based on the then-current annual official estimate of county highway revenue distribution.
(b) (1) The full amount of all advance transfers authorized under subsection (a) of this section shall be repaid to the Road Revolving Fund in equal monthly installments from highway revenue moneys designated as county aid funds from the State Apportionment Fund for each of the respective counties receiving advance transfers.
(2) The repayment period may transcend one (1) or more fiscal years or one (1) or more calendar years. However, the full amount of all advance transfers authorized under subsection (a) of this section shall be repaid during the term of office of each of the respective county judges requesting such advance transfers as the county court of each of the several counties; all such transfers shall be repaid during the then-current appropriation biennium of the General Assembly.
(3) There shall be no exception to this mandate.
(c) The interfund transfers authorized to be made under subsection (a) of this section shall be made by the Treasurer of State upon certification of the Chief Fiscal Officer of the State at the request of each of the several county courts.
(d) (1) Advance transfers, pursuant to 27-72-320(a), may be made from time to time and in such amounts as may be respectively requested by each of the several county courts.
(2) Advance transfer requests shall be duly recorded as county court orders in each of the respective counties and shall be filed in a manner and form prescribed by the Chief Fiscal Officer of the State.