Maine Revised Statutes Title 23 Sec. 1617 – State agency powers
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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, pledge, assign or otherwise transfer to the bank any real or personal property or interests in any real or personal property; and [PL 2007, c. 329, Pt. P, §1 (NEW).]
B. Enter into agreements, including loan and pledge agreements, with any person for the joint financing, construction, operation or maintenance of the qualified transportation projects and agree to make payments, without limitation as to amount except as set forth in the agreements, from revenues received in one or more fiscal years by the Department of Transportation or with any person to defray the costs of the financing, construction, operation or maintenance of the qualified transportation projects. [PL 2007, c. 329, Pt. P, §1 (NEW).]
[PL 2007, c. 329, Pt. P, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 23 Sec. 1617
- Bank: means the Maine Municipal Bond Bank, established under Title 30-A, chapter 225. See Maine Revised Statutes Title 23 Sec. 1611
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal property: All property that is not real property.
- Qualified transportation project: means a project to reconstruct, rehabilitate or replace existing bridges and existing arterial highways that:
2. Federal transportation funds. To assist in the financing, construction, operation or maintenance of the qualified transportation project, a state agency or department may by contract or pledge assign or otherwise transfer to the Department of Transportation or otherwise or directed by the bank all or a portion of federal transportation funds paid to the state agency or department or the revenues from any other legally available source.
[PL 2007, c. 329, Pt. P, §1 (NEW).]
SECTION HISTORY
PL 2007, c. 329, Pt. P, §1 (NEW).