§ 27-76-405 - Expenditures for feasibility studies.
27-76-405. Expenditures for feasibility studies.
(a) A regional mobility authority may pay the expenses of studying the cost and feasibility and any other expenses relating to the preparation and issuance of bonds for a proposed transportation project by:
(1) Using legally available revenue derived from an existing transportation project;
(2) Borrowing money, issuing bonds, or entering into a loan agreement payable out of legally available revenue anticipated to be derived from the operation of an existing transportation project;
(3) Pledging to the payment of the bonds or a loan agreement legally available revenue anticipated to be derived from the operation of a transportation project; or
(4) Pledging to the payment of the bonds or loan agreement legally available revenue to the regional mobility authority from another source.
(b) Money spent by a regional mobility authority under this section for a proposed transportation project shall be reimbursed to the transportation project from which the money was spent from the proceeds of bonds issued for the acquisition and construction of the proposed transportation project.
(c) The use of any money of a transportation project to study the feasibility of another transportation project or used to repay any money used for that purpose does not constitute an operating expense of the transportation project producing the revenue and may be paid only from the surplus money of the transportation project as determined by the regional mobility authority.