Use of fund

1. The fund is appropriated for and shall be used in the establishment, construction, improvement and maintenance of roads and streets which promote economic development in the state by having any of the following effects: a. Improving or maintaining highway access to specific development sites, including existing and future industrial locations. b. Improving or maintaining highway access between urban centers or between urban centers and the interstate road system as defined in section 306.3. c. Improving or maintaining highway access to economically depressed areas of the state. d. Improving or maintaining highway access to points of shipment or processing of products. e. Improving or maintaining highway access to trucking terminals and places of embarkation or shipment by other transportation modes. f. Improving or maintaining highway access to scenic, recreational, historic and cultural sites or other locations identified as tourist attractions. 2. The fund is also appropriated and shall be used for the reimbursement or payment to cities or counties of all or part of the interest and principal on general obligation bonds issued by cities or counties for the purpose of financing approved road and street projects meeting the requirements of subsection 1. 3. a. If the state transportation commission receives and files a letter from the director of transportation certifying that federal funding is not forthcoming due to the failure of the United States Congress to pass and the president of the United States to approve legislation providing long-term federal transportation funding to the state of Iowa, the commission may authorize the temporary transfer of funds from the RISE fund to the primary road fund. Transferred funds shall be repaid to the RISE fund within three months of transfer. b. If the state transportation commission receives and files a letter from the director of transportation certifying that the cash flow funding of the department may be inadequate to meet anticipated road construction costs, the commission may authorize the temporary transfer of funds from the RISE fund to the primary road fund. Funds transferred under this paragraph shall be repaid to the RISE fund within six months of transfer. c. The commission shall manage the RISE fund to ensure that funds will be available to meet contract obligations on approved RISE projects.