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23 U.S.C. § 156Proceeds from the sale or lease of real property

submitted 39 years ago by Pub. L. 100-17 to r/title-23-HIGHWAYS · 122 words · no verdicts yet

in plain englishAI-generated · not legal advice

States must charge at least fair market value when they sell or lease federally funded highway property, with some exceptions the Secretary can grant. States must use their share of the income for eligible transportation projects.

(a) Minimum charge. Subject to section 142(f), a state must charge at least fair market value when it sells, leases, renews a lease, or otherwise lets someone use real property bought with federal highway money from the Highway Trust Fund (other than the Mass Transit Account). This rule does not apply to utility use and occupancy, or to a transportation project that qualifies for funding under this title. (b) Exceptions. The Secretary can excuse a state from the fair-market-value requirement for a social, environmental, or economic reason. (c) Use of federal share of income. The state must spend the federal government's share of the net income it earns under subsection (a) on projects that qualify for funding under this title.
the actual law source: uscode.house.gov ↗public domain
(a)Minimum Charge.—

Subject to section 142(f), a State shall charge, at a minimum, fair market value for the sale, use, lease, or lease renewal (other than for utility use and occupancy or for a transportation project eligible for assistance under this title) of real property acquired with Federal assistance made available from the Highway Trust Fund (other than the Mass Transit Account).

(b)Exceptions.—

The Secretary may grant an exception to the requirement of subsection (a) for a social, environmental, or economic purpose.

(c)Use of Federal Share of Income.—

The Federal share of net income from the revenues obtained by a State under subsection (a) shall be used by the State for projects eligible under this title.

Source credit: (Added Pub. L. 100–17, title I, § 126(a), Apr. 2, 1987, 101 Stat. 167; amended Pub. L. 102–240, title I, § 1027(f), Dec. 18, 1991, 105 Stat. 1967; Pub. L. 105–178, title I, § 1303(a), June 9, 1998, 112 Stat. 227.)

history & why it existsrecord from the source credit
  • 1987Enacted · Pub. L. 100-17 · 101 Stat. 167
  • 1991Amended · Pub. L. 102-240 · 105 Stat. 1967
  • 1998Amended · Pub. L. 105-178 · 112 Stat. 227

A history note hasn’t been published yet. The record shows enactment by Pub. L. 100-17 on 1987-04-02.

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