Sections 39-2701 to 39-2705 shall be known and may be cited as the Build Nebraska Act.

For purposes of the Build Nebraska Act:

(1) Department means the Department of Transportation;

(2) Fund means the State Highway Capital Improvement Fund; and

(3) Surface transportation project means (a) expansion or reconstruction of a road or highway which is part of the state highway system, (b) expansion or reconstruction of a bridge which is part of the state highway system, or (c) construction of a new road, highway, or bridge which, if built, would be a part of the state highway system.

(1) The State Highway Capital Improvement Fund is created. The fund shall consist of money credited to the fund pursuant to subsection (4) of section 39-2215, proceeds of bonds issued pursuant to subsection (3) of section 39-2223, and any other money as determined by the Legislature.

(2) The department may create or direct the creation of accounts within the fund as the department determines to be appropriate and useful in administering the fund.

(3) Any money in the fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act. Investment earnings from investment of money in the fund shall be credited to the fund.

(1) The money credited to the fund pursuant to subsection (4) of section 39-2215 shall be used for repayment of bonds issued pursuant to subsection (3) of section 39-2223. If any of the money credited to the fund pursuant to subsection (4) of section 39-2215 exceeds the amount of the annual principal and interest requirements for such bonds which are issued, such money shall be used as follows:

(a) At least twenty-five percent of the money shall be used, as determined by the department, for construction of the expressway system and federally designated high priority corridors; and

(b) The remaining money shall be used to pay for surface transportation projects of the highest priority as determined by the department.

(2) The proceeds of bonds issued pursuant to subsection (3) of section 39-2223 which are credited to the fund shall be used as follows:

(a) At least seventy-five percent of the proceeds from such bonds shall be used, as determined by the department, for construction of the expressway system and federally designated high priority corridors; and

(b) The remaining proceeds shall be used to pay for surface transportation projects of the highest priority as determined by the department.

The department may adopt and promulgate rules and regulations to carry out the Build Nebraska Act.