571120. Revenues credited to the State NonFederal Aid Highway Fund pursuant to this section must be used exclusively for highway, road, and bridge maintenance, construction, and repair State Highway Fund as established by Section 571120. (B) The Department of Transportation shall transfer to the South Carolina Transportation Infrastructure Bank an amount equal to the revenue credited to the State Highway Fund pursuant to subsection (A). The revenue transferred to the bank shall be derived from nontax sources, including, but not limited to, the user fee imposed pursuant to Section 1228310. (1) The first fifty million dollars in revenue transferred to the bank shall be used to finance bridge replacement, rehabilitation projects, and expansion and improvements on existing roads in the State Highway System. (2) Funds in excess of fifty million dollars transferred to the bank shall be used to finance expansion and improvements to existing mainline interstates. (C) The department shall submit a list of bridge and road projects for the bank to consider when the bank is identifying projects to finance pursuant to subsection (B). (D) Funds transferred to the bank pursuant to this section may not be used to finance projects approved by the bank before July 1, 2013. The bank shall submit all projects proposed to be financed pursuant to subsection (B) to the Joint Bond Review Committee as provided in Section 1143180, prior to approving a project for financing. (E) Projects financed utilizing funds transferred pursuant to this section shall not require a local match.” SECTION 2. This act takes effect upon approval by the Governor. XX
571120. Revenues credited to the State NonFederal Aid Highway Fund pursuant to this section must be used exclusively for highway, road, and bridge maintenance, construction, and repair State Highway Fund as established by Section 571120. (B) The Department of Transportation shall transfer to the South Carolina Transportation Infrastructure Bank an amount equal to the revenue credited to the State Highway Fund pursuant to subsection (A). The revenue transferred to the bank shall be derived from nontax sources, including, but not limited to, the user fee imposed pursuant to Section 1228310. (1) The first fifty million dollars in revenue transferred to the bank shall be used to finance bridge replacement, rehabilitation projects, and expansion and improvements on existing roads in the State Highway System. (2) Funds in excess of fifty million dollars transferred to the bank shall be used to finance expansion and improvements to existing mainline interstates. (C) The department shall submit a list of bridge and road projects for the bank to consider when the bank is identifying projects to finance pursuant to subsection (B). (D) Funds transferred to the bank pursuant to this section may not be used to finance projects approved by the bank before July 1, 2013. The bank shall submit all projects proposed to be financed pursuant to subsection (B) to the Joint Bond Review Committee as provided in Section 1143180, prior to approving a project for financing. (E) Projects financed utilizing funds transferred pursuant to this section shall not require a local match.” SECTION 2. This act takes effect upon approval by the Governor. XX
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