5 §1742-F. Capital Construction and Improvement Reserve Fund
Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES
Part 4: FINANCE
Chapter 153: PUBLIC IMPROVEMENTS
Subchapter 1: POWERS; BIDS AND CONTRACTS GENERALLY
§1742-F. Capital Construction and Improvement Reserve Fund
1. Fund. The Capital Construction and Improvement Reserve Fund, referred to in this section as the "fund," is established as a program account in the Highway Fund within the Department of Administrative and Financial Services, Bureau of General Services. The purpose of the fund is to maintain control and accountability over the receipt and expenditures of funds earmarked for the building renovation project at the Department of Transportation main facility in the Capitol Complex. Funds appropriated, allocated, transferred or deposited in the fund accrue interest earnings that must be used for construction and improvements of the building renovation project.
[ 2001, c. 83, Pt. E, §1 (NEW) .]
2. Use of funds. The money deposited into the fund may be used for, but is not limited to, the cost of preconstruction consultant services, preconstruction operational costs, any direct or indirect costs for repairs, renovations and construction associated with the actual project described in subsection 1 and for any debt service costs that may be incurred.
[ 2001, c. 83, Pt. E, §1 (NEW) .]
3. Nonlapsing account. Any unexpended money remaining in the fund may not lapse but must be carried forward.
[ 2001, c. 83, Pt. E, §1 (NEW) .]
4. Transfer authority. The Commissioner of Administrative and Financial Services may transfer funds from the Building Renovations Account, established in Title 23, section 1655, subsection 1 to the Capital Construction and Improvement Reserve Fund within the Department of Administrative and Financial Services, Bureau of General Services for the purpose of accruing interest earnings to be used for the Department of Transportation building renovation project. These funds may be transferred and allotted at any time during the fiscal year by financial order upon recommendation of the State Budget Officer and approval of the Governor.
[ 2001, c. 83, Pt. E, §1 (NEW) .]
SECTION HISTORY
2001, c. 83, §E1 (NEW).