[§51D-3] Transit capital development fund; establishment. (a) There is created in the treasury of the State a special fund to be known as the transit capital development fund, into which shall be deposited each year and from time to time, moneys as shall be appropriated by the legislature. All interest earned or accrued on moneys deposited in the transit fund shall become part of the transit fund. The director of finance shall administer the transit fund and shall direct the comptroller to expend available moneys from the transit fund as provided by a development agreement between the executive branch of a county and the governor, subject to the disapproval of the legislature pursuant to section 51D-5.

(b) The transit fund shall be used solely to provide financial assistance to the counties for capital and construction costs, including costs related to acquiring land, reconstructing, improving, extending, equipping, or furnishing mass transportation. Moneys in the transit fund shall not be used for operational costs for mass transportation.

(c) Expenditures from the transit fund shall be limited to projects authorized by a development agreement between the executive branch of a county and the governor, subject to the disapproval of the legislature pursuant to section 51D-5 and shall be subject to section 37-31. [L 1990, c 183, pt of §2]