Section 76. Rail preservation and development fund

1. There is hereby
  established in the custody of the state comptroller a special fund to be
  known as the "rail preservation and development fund."
    2. Such fund shall consist of all monies received by  the  state  from
  the sale of bonds pursuant to the rail preservation bond act of nineteen
  hundred  seventy-four  and  the  energy  conservation  through  improved
  transportation bond act of nineteen hundred seventy-nine  together  with
  all  monies  paid  to  the  state by the federal government or a county,
  city, town, village, special  transportation  district,  public  benefit
  corporation,  or  other  public  corporation,  or  two  or  more  of the
  foregoing acting jointly, as reimbursement  for  payments  made  by  the
  state pursuant to such acts.
    3. Monies of the fund, following appropriation made by the legislature
  and  allocation  by  the director of the budget, shall be available only
  for reimbursement of the expenditures made from appropriations  for  the
  purposes set forth in the rail preservation bond act of nineteen hundred
  seventy-four and the energy conservation through improved transportation
  bond act of nineteen hundred seventy-nine.