Introduced House Bill (H)

Authored by

Co-Authored by

DIGEST

Federal fund exchange program. Amends the federal fund exchange program as follows: (1) Requires the department of transportation (department) to make available to eligible entities at least 25% of federal funding received by the department. (2) Allocates the federal funds to eligible entities under the local road and street distribution formula. (3) Allows eligible entities to exchange federal funds for state funds at a rate of $0.90 for $1. (4) Requires an eligible entity to establish a federal exchange fund to receive state funds exchanged through the federal fund exchange program. Federal fund exchange program. Amends the federal fund exchange program as follows: (1) Requires the department of transportation (department) to make available to eligible entities at least 25% of federal funding received by the department. (2) Allocates the federal funds to eligible entities under the local road and street distribution formula. (3) Allows eligible entities to exchange federal funds for state funds at a rate of $0.90 for $1. (4) Requires an eligible entity to establish a federal exchange fund to receive state funds exchanged through the federal fund exchange program.