Maine Revised Statutes Title 23 Sec. 1969 – Application of proceeds of bonds or notes in anticipation thereof
Current as of: 2023 | Check for updates
|
Other versions
Bonds shall be applied as follows. [PL 1981, c. 595, §3 (NEW).]
1. Application. All moneys received from any bonds or bond anticipation notes issued pursuant to this chapter shall be applied solely:
A. To the payment of the cost of the construction and reconstruction of the turnpike or to the payment to the Department of Transportation of the cost of department projects or to the payment of the cost of the purchase of a section of Interstate 95 in Kittery; [PL 2013, c. 586, Pt. F, §2 (AMD).]
B. To the repayment of grants or loans from the Federal Government that were used to construct or reconstruct the turnpike or portions of it or interconnecting access roads or portions of them but only to the extent that that repayment is required in order for the authority to maintain or establish tolls on the turnpike; [PL 1993, c. 410, Pt. MM, §8 (AMD).]
C. To the payment of the costs of constructing or reconstructing interchanges that are determined by the Department of Transportation and the authority to have a sufficient relationship to the public’s use of the turnpike and the orderly regulation and flow of traffic on the turnpike; [PL 2015, c. 5, §7 (AMD).]
D. To the payment of the costs of issuance of the bonds; [PL 1981, c. 595, §3 (NEW).]
E. To the creation of reasonable reserves for the payment of the principal of and interest on those bonds, and to meet the cost of extraordinary repairs to or maintenance of the turnpike; [PL 1981, c. 595, §3 (NEW).]
F. To the appurtenant fund; and [PL 1981, c. 595, §3 (NEW).]
G. To the payment of any temporary notes of the authority the proceeds of which were used for any of the foregoing purposes. [PL 1981, c. 595, §3 (NEW).]
[PL 2015, c. 5, §7 (AMD).]
Terms Used In Maine Revised Statutes Title 23 Sec. 1969
- Access roads: means any and all roads or highways in the state highway system, including bridges, overpasses and underpasses, which directly or indirectly connect with the turnpike and which shall have been designated as such by the Department of Transportation. See Maine Revised Statutes Title 23 Sec. 1964
- Authority: means the Maine Turnpike Authority, created by Private and Special Law 1941, chapter 69, and continued in existence by this chapter. See Maine Revised Statutes Title 23 Sec. 1964
- bonds: means and includes a bond or note or other evidence of indebtedness authorized under this chapter whether issued under or pursuant to a bond resolution, trust indenture or loan or other security agreement. See Maine Revised Statutes Title 23 Sec. 1964
- Department of Transportation: means the State Department of Transportation or its successor. See Maine Revised Statutes Title 23 Sec. 1964
- Lien: A claim against real or personal property in satisfaction of a debt.
- reconstruction: means any and all activities undertaken to maintain the Maine Turnpike, or any part thereof, as a modern, safe and efficient facility and includes, but is not limited to, any rebuilding, redesign, improvement or enlargement of the turnpike or any part thereof which the authority deems necessary to continuously, adequately, safely and swiftly facilitate vehicular traffic upon, to or from the Maine Turnpike. See Maine Revised Statutes Title 23 Sec. 1964
- Trustee: A person or institution holding and administering property in trust.
- Turnpike: means the roadway constructed between Kittery in York County and Augusta in Kennebec County pursuant to Private and Special Law 1941, chapter 69, sections 1 to 20, as amended, together with any expansion or extension of that roadway that is authorized by law, and includes not only the roadway and all rights-of-way, bridges, tunnels, overpasses, underpasses and interchanges either on the roadway or connected to or connecting with the roadway as expanded or extended, but also all buildings, toll facilities and other equipment, median barriers, shoulders, embankments, property rights, easements, leases and franchises relating to the roadway and such rights-of-way bridges, tunnels, overpasses, underpasses and interchanges and determined necessary or convenient for the construction, reconstruction, operation or maintenance of the turnpike. See Maine Revised Statutes Title 23 Sec. 1964
2. Lien created. There is created and granted a lien upon the moneys until so applied in favor of holders of those bonds or the trustee provided for under this chapter in respect of these bonds.
[PL 1981, c. 595, §3 (NEW).]
SECTION HISTORY
PL 1981, c. 595, §3 (NEW). PL 1993, c. 410, §MM8 (AMD). PL 1995, c. 504, §C6 (AMD). PL 2011, c. 302, §14 (AMD). PL 2013, c. 586, Pt. F, §2 (AMD). PL 2015, c. 5, §7 (AMD).