§ 76. Rail preservation and development fund. 1. There is hereby
established in the custody of the state comptroller a special fund to be
known as the "rail preservation and development fund."

2. Such fund shall consist of all monies received by the state from
the sale of bonds pursuant to the rail preservation bond act of nineteen
hundred seventy-four and the energy conservation through improved
transportation bond act of nineteen hundred seventy-nine together with
all monies paid to the state by the federal government or a county,
city, town, village, special transportation district, public benefit
corporation, or other public corporation, or two or more of the
foregoing acting jointly, as reimbursement for payments made by the
state pursuant to such acts.

3. Monies of the fund, following appropriation made by the legislature
and allocation by the director of the budget, shall be available only
for reimbursement of the expenditures made from appropriations for the
purposes set forth in the rail preservation bond act of nineteen hundred
seventy-four and the energy conservation through improved transportation
bond act of nineteen hundred seventy-nine.