LD 1922
pg. 6
Page 5 of 7 An Act To Preserve Transportation Projects Statewide by Using Federal GARVEE Fi... Page 7 of 7
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LR 2815
Item 1

 
C. Fix and prescribe any form of application or procedure
to be required of the State or of any agency, political
subdivision, instrumentality or department of the State with
respect to the qualified transportation project and fix the
terms and conditions of the qualified transportation project
and may enter into agreements with the State or any agency,
political subdivision, instrumentality or department of the
State or of any political subdivision of the State in
connection with the qualified transportation project.

 
7. Exception to prohibited acts and limitation of powers.
Notwithstanding the provisions of the Maine Revised Statutes,
Title 30-A, section 5958, the bank may make loans to the State or
any agency, political subdivision, instrumentality or department
of the State in connection with the financing of the qualified
transportation project.

 
8. Bonds and notes of bank. Notwithstanding the provisions
of the Maine Revised Statutes, Title 30-A, section 6003, the bank
may issue its bonds from time to time in any principal amounts
that it considers necessary to provide funds for any of the
purposes authorized by this Act, including the financing or
refinancing of all or a portion of the costs of the qualified
transportation project.

 
9. 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 Act. In connection with the
financing of the qualified transportation project, these amounts
must be credited to and deposited in the Highway Fund and are
available to the bank.

 
10. Agreements with financial institutions. Notwithstanding
the provisions of the Maine Revised Statutes, Title 30-A, section
6019, the bank may enter into any agreements or contracts with
any commercial banks, trust companies or banking or other
financial institutions within or outside the State that are
necessary, desirable or convenient in the opinion of the bank to
provide any other services to the bank to assist the bank in
effectuating the purposes of this Act.

 
11. Remedies of holders of bonds and notes. In addition to
all other rights or remedies set forth in the Maine Revised
Statutes, Title 30-A, section 6023, subsection 2, the trustee as
appointed pursuant to that section may, and upon written request
of the holders of 25% in principal amount of all bonds then
outstanding that have been issued to finance or refinance all or
a portion of the costs of the qualified transportation project
shall, in the trustee's or the bank's own name, by mandamus or


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