§1611. Definitions As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2007, c. 329, Pt. P, §1 (NEW).] 1. Bank. “Bank” means the Maine Municipal Bond Bank, established under Title 30-A, chapter 225. [PL 2007, c. 329, Pt. P, §1 (NEW).] 2. GARVEE bond. […]
§1612. GARVEE bonding authorized Notwithstanding any other provision of law, upon certification, the bank may issue from time to time GARVEE bonds for qualified transportation projects and qualified transportation project costs in such amounts as are authorized by the Legislature by a 2/3 vote in each House of the Legislature, as long as the rolling, […]
§1613. Bank resolution; pledge; bond terms 1. Issuance. The bank shall issue GARVEE bonds from time to time pursuant to a resolution adopted by the bank. The GARVEE bonds issued must be secured pursuant to a pledge and certificate issued by the Department of Transportation and approved by the State Budget Officer. The pledge and […]
§1614. Power and duty of the bank The powers and duties of the bank provided under Title 30-A, chapter 225 are modified and supplemented as set out in this section. [PL 2007, c. 329, Pt. P, §1 (NEW).] 1. Qualified transportation projects. The bank may assist the State by borrowing money to finance or […]
§1615. Pledge of federal highway funds The Department of Transportation may transfer, assign or pledge any or all of the funds paid to it, directly or indirectly, by the United States Department of Transportation, Federal Highway Administration with respect to the qualified transportation projects. Any such pledge does not constitute a debt or liability on […]
§1616. Contracts are subject to continuing federal appropriations of federal transportation funds Every contract relating to the issuance of bonds or notes to finance all or a part of the costs of qualified transportation projects must provide that all financial obligations of the State or of any agency or department of the State in regard […]
§1617. State agency powers 1. Transportation projects. The Department of Transportation, and all other agencies or departments of the State working in conjunction with the Department of Transportation, for the purpose of aiding and cooperating in the financing, construction, operation or maintenance of qualified transportation projects, may: A. Sell, lease, loan, donate, grant, convey, […]
§1618. Exception to prohibited acts and limitation of powers Notwithstanding Title 30‑A, section 5958, the bank may make loans to the State or any agency or department of the State in connection with the financing of qualified transportation projects. Notwithstanding Title 30‑A, section 6003, the bank may issue its bonds from time to time in […]
§1619. Receipt of federal appropriation money The Treasurer of State may receive from the Federal Government any amount of money as appropriated, allocated, granted, turned over or in any way provided for the purposes of this subchapter. In connection with the financing of qualified transportation projects, these amounts must be credited to and deposited in […]
§1620. Remedies of holders of bonds and notes In addition to all other rights or remedies set forth in Title 30-A, section 6023, subsection 2, the trustee appointed pursuant to Title 30-A, section 6023 may, and upon written request of the holders of 25% in principal amount of all bonds then outstanding that have been […]
