Sec. 5. (a) As used in this section, "authority" refers to the Indiana finance authority established under IC 5-1.2-3.

(b) The northern Indiana commuter rail account is established within the next level connections fund. The budget agency shall transfer one hundred eighty-five million dollars ($185,000,000) from the next level connections fund to the northern Indiana commuter rail account and, subject to the approval of the governor, may transfer up to an additional twenty million dollars ($20,000,000) from the next level connections fund to the northern Indiana commuter rail account. The account shall be administered by the department.

(c) Money in the account may be used only for the purpose of paying the costs of construction of a rail project (as each such term is defined in IC 5-1.3-2). The department may collaborate with other state agencies, the treasurer of state, and the authority, including transferring funds to other agencies, the treasurer of state, or the authority, with the approval of the budget director, to accomplish the purpose described in this section.

(d) If the authority notifies the department and the budget agency that the money in the account is no longer needed for paying the costs of construction of a rail project, the budget agency shall transfer any money remaining in the account back to the next level connections fund. Once a rail project, for which federal funds have been granted pursuant to the capital investment grant program outlined in 49 U.S.C. 5309, has commenced, such a transfer may not occur until the rail project is substantially complete.

(e) Money in the account at the end of a state fiscal year does not revert to the state general fund.

(f) Money in the account is continuously appropriated for the purpose of the account.

As added by P.L.108-2019, SEC.155.