Maine Revised Statutes Title 23 Sec. 1977 – Trust funds
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Terms Used In Maine Revised Statutes Title 23 Sec. 1977
- 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
- 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
- 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
Subject to any agreement with the bondholders, all revenue received from the operation of the turnpike after deducting expenditures required for the construction, reconstruction, operation and maintenance of the turnpike and for the payment of the principal and the interest on the bonds of the authority or otherwise in accordance with the provisions thereof, and after deducting the amount provided to the department pursuant to section 1961, subsection 7, must be held and invested by the authority to establish trust funds for reserve and sinking funds for the retirement of bonded indebtedness. [PL 2011, c. 302, §16 (AMD).]
SECTION HISTORY
PL 1981, c. 595, §3 (NEW). IB 1991, c. 1, §9 (AMD). PL 2011, c. 302, §16 (AMD).