Money from the local road and street account shall be used exclusively by the cities, towns, and counties for:

1. (1) engineering, land acquisition, construction, resurfacing, maintenance, restoration, or rehabilitation of both local and arterial road and street systems;
2. (2) the payment of principal and interest on bonds sold primarily to finance road, street, or thoroughfare projects;
3. (3) any local costs required to undertake a recreational or reservoir road project under IC 8-23-5 ; or

4. (4) the purchase, rental, or repair of highway equipment.

   Formerly: Acts 1969, c.392, s.5; Acts 1971, P.L.98, SEC.6; Acts 1973, P.L.71, SEC.4; Acts 1974, P.L.33, SEC.2; Acts 1975, P.L.91, SEC.1. As amended by Acts 1978, P.L.58, SEC.6; Acts 1981, P.L.41, SEC.51; P.L.18-1990, SEC.111; P.L.76-1990, SEC.1.