The Department of Transportation shall prescribe such rules as may be necessary for determining the eligibility and priority of such entities for transportation projects in order to receive loans made pursuant to the National Highway System Designation Act of 1995, credit assistance pursuant to the Transportation Infrastructure Finance and Innovation Act of 1998 and the State Infrastructure Bank Revolving Fund. At a minimum, such rules shall:

1. Ensure the fair and equitable prioritization of entities eligible for loans made pursuant to the provisions of this act;

2. Be in conformance with applicable provisions of the National Highway System Designation Act of 1995 and the Transportation Infrastructure Finance and Innovation Act of 1998;

3. Require that, to be approved, an applicant needs or will need the transportation project loan to comply with regulations and standards adopted by the Department; and

4. Require the transportation project to:

a.be designed to enhance the economic development of this state and provide safety to its citizens,

b.meet the established criteria of the Department as provided for by the National Highway System Designation Act of 1995 and the Transportation Infrastructure Finance and Innovation Act of 1998,

c.comply with all applicable federal, state, and local laws and rules, and

d.meet any other consideration deemed necessary by the Department.

Added by Laws 1998, c. 292, § 6, eff. Nov. 1, 1998. Amended by Laws 2012, c. 356, § 5, eff. Nov. 1, 2012.