26Moneys deemed to have been expended on approved project

26 Moneys deemed to have been expended on approved project

(1) Subject to subsection (2), a State may, for the purposes of this Act (other than section 19), treat moneys expended by the State in the year to which this Act applies directly in connection with the provision or maintenance of roads in the State, not being moneys expended on particular road works, as having been expended in that year by the State on an approved project carried out by the State in that year. (2) Moneys treated as having been expended on an approved project in the year to which this Act applies by virtue of subsection (1): (a) shall not include any moneys treated, by virtue of that subsection, as having been expended in respect of any other approved project; and (b) shall not exceed, in the aggregate, 4% of the moneys otherwise expended on that project in that year. (3) In this section, approved project means an approved project within the meaning of Part II, III or IV.