I. The state treasurer, as may be requested from time to time by the commissioner of the department of transportation, is hereby authorized to borrow upon the credit of the state not exceeding the sum of $200,000,000 and shall issue general obligation or revenue bonds, or both, in the name and on behalf of the state of New Hampshire in accordance with the provisions of RSA 6-A, to provide funds for the widening of Interstate 93 from Salem, New Hampshire to Manchester, New Hampshire. In addition, authorization is hereby granted to enter into the federal credit program known as the Transportation Infrastructure Finance and Innovation Act (TIFIA), 23 U.S.C. sections 601-609, including appropriate covenants and conditions necessary to secure favorable credit terms, including, without limitation, a pledge of revenue collected from adjustments under N.H. Rev. Stat. § 260:32-a for rates that exceed $.18 per gallon, less required “Apportionment A” distributions under N.H. Rev. Stat. § 235:23, I, on said revenues and to be used for the purposes set forth in N.H. Rev. Stat. § 260:32-b, II(a), III(a), and IV(a).
II. Payment of principal and interest on the bonds issued under paragraph I shall be paid when due from the highway funds collected and appropriated in accordance with N.H. Rev. Stat. § 260:32-a for rates that exceed $.18 per gallon and expended in accordance with N.H. Rev. Stat. § 260:32-b.