§ 47.26.330. Advance right-of-way acquisition -- Management of properties and funds
(1) After any properties or property rights are acquired through funds in the city and county advance right-of-way revolving fund, the acquiring city or county is responsible for the management of the properties in accordance with sound business practices and shall provide annual status reports to the board. Funds received by the city or county from the interim management of the properties must be deposited into the city and county advance right-of-way revolving fund.
(2) When the city or county proceeds with the construction of an arterial project that will require the use of any of the property so acquired, the city or county shall reimburse the city and county advance right-of-way revolving fund. Reimbursement must reflect the original cost of the acquired property or property rights required for the project plus an interest rate as determined annually by the board. The board shall report on the interest rate set to the transportation committees through its annual report.
(3) When the city or county determines that any properties or property rights acquired from funds in the city and county advance right-of-way revolving fund will not be required for an arterial construction project or the property has been held by the city or county for more than six years, the city or county shall either sell the property at fair market value or reimburse the fund at fair market value. All proceeds of the sale must be deposited in the city and county advance right-of-way revolving fund. At the board's discretion, a portion of savings on transportation improvement board projects realized through the use of the city and county advance [right-of-way] revolving fund may be deposited back into the city and county advance right-of-way revolving fund.
(4) Deposits in the fund may be reexpended without further or additional appropriations.
[2001 c 201 § 3.]
Sections: Previous 47.26.260 47.26.270 47.26.282 47.26.300 47.26.305 47.26.320 47.26.325 47.26.330 47.26.340 47.26.345 47.26.400 47.26.401 47.26.402 47.26.403 47.26.404 NextLast modified: April 7, 2009