Disposition of fund money. (1) As used in this section: (a) "Council of governments" means a decision-making body in each county composed of membership including the county governing body and the mayors of each municipality in the county. (b) "Metropolitan planning organization" has the same meaning as defined in Section 72-1-208.5. (2) There is created the Local Highway and Transportation Corridor Preservation Fund. (3) The fund shall be funded from the following sources: (a) a local option highway construction and transportation corridor preservation fee imposed under Section 41-1a-1222; (b) appropriations made to the fund by the Legislature; (c) contributions from other public and private sources for deposit into the fund; (d) all money collected from rents and sales of real property acquired with fund money; (e) proceeds from general obligation bonds, revenue bonds, or other obligations issued as authorized by Title 63B, Bonds; and (f) sales and use tax revenues deposited into the fund in accordance with Title 59, Chapter 12, Part 22, Local Option Sales and Use Taxes for Transportation Act. (4) (a) The State Tax Commission shall allocate and distribute the revenues: (i) provided under Subsection (3)(a) to each county imposing a local option highway construction and transportation corridor preservation fee under Section 41-1a-1222; (ii) provided under Subsection 59-12-2217(2) to each county imposing a county option sales and use tax for transportation; and (iii) provided under Subsection (3)(f) to each county of the second class or city or town within a county of the second class that imposes the sales and use tax authorized by Section 59-12-2218. (b) The money allocated and distributed under this Subsection (4): (i) shall be used for the purposes provided in this section for each county, city, or town; (ii) is allocated to each county, city, or town as provided in this section with the condition that the state will not be charged for any asset purchased with the money allocated and distributed under this Subsection (4), unless there is a written agreement in place with the department before the purchase of the asset stipulating a reimbursement by the state to the county, city, or town of no more than the original purchase price paid by the county, city, or town; and (iii) is considered a local matching contribution for the purposes described under Section
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