Sec. I-1. 23 MRSA c. 19, sub-c. VIII is enacted to read:
SUBCHAPTER VIII
STATE INFRASTRUCTURE BANK
§1853. State infrastructure bank; finding
The legislature finds that new financing mechanisms are necessary to provide greater flexibility and additional funds for needed transportation infrastructure projects in the State. The creation of a financing mechanism, in conformance with the National Highway System Designation Act of 1995, Public Law 104-59, Section 350, relating to a state infrastructure bank program will enable the State, counties and municipalities to use federal and state highway funds to construct transportation projects eligible for assistance under Section 350. These funds must be deposited into specific accounts in the department. From these accounts, loans may be made to counties and municipalities for eligible transportation projects.
For purposes of this subchapter, a project is an "eligible transportation project" and is "eligible for assistance" when it complies with the eligibility criteria established in the National Highway System Designation Act of 1995, Public Law 104-59, Section 350.
§1854. State infrastructure bank created
The state infrastructure bank is created as a revolving fund in the department, to be administered by the department and used for the purposes described in this subchapter. The fund consists of certain federal highway funds and state highway funds and other funds eligible for deposit under applicable federal law; payments received by the department in connection with the state infrastructure bank; investment earnings on money in state infrastructure bank accounts; and other funds as may be provided by law. Separate accounts may be established within the state infrastructure bank if required for its proper administration.
The fund is a nonlapsing fund. All monies accruing to the credit of the fund must be allocated by the Legislature and expended by the department to effectuate the purposes of this subchapter. Money available in the fund may not be used to hire staff for the department.
The Commissioner of Transportation shall use the state infrastructure bank to make loans to counties and municipalities upon such terms as the commissioner shall determine, including secured and unsecured loans, and in connection with the secured and unsecured loans, to enter into loan agreements, subordination agreements and other agreements; accept notes and other forms of obligation to evidence the indebtedness, and mortgages, liens, pledges, assignments or other security interest to secure the indebtedness, which may be prior or subordinate to or on a parity with other indebtedness, obligations, mortgages, pledges, assignments, other security interests or liens or encumbrances, and take such actions as are appropriate to protect the security and safeguard against losses, including foreclosure and the bidding upon and purchase of property upon foreclosure or other sale. Repayments of a federal share loan may be obligated by the commissioner for any transportation purpose, including the reloaning of such repaid funds for other projects. Reloaned funds are considered state loans, not federal share loans.
The commissioner may adopt policies and procedures for the implementation and exercise of the authority granted by this section, including policies and procedures for receiving, reviewing, evaluating and selecting projects for which financial assistance will be approved.
Sec. I-2. Allocation. The following funds are allocated from the Federal Expenditures Fund to carry out the purposes of this Part.
1997-98
TRANSPORTATION, DEPARTMENT OF
State Infrastructure Bank
All Other $4,900,000
Provides for the allocation of funds to establish a state infrastructure bank. Funds will be used to satisfy financial commitments previously established with the Highway and Bridge Improvement Program, the Town Way Bridge Program and the Collector Road Development Award Program.
Sec. I-3. Allocation. The following funds are allocated from Other Special Revenue to carry out the purposes of this Part.
1997-98 1998-99
TRANSPORTATION, DEPARTMENT OF
State Infrastructure Bank
All Other $25,000 $200,000
Capital Expenditures 75,000 800,000
Provides for the allocation of funds to be used to fund infrastructure projects that will be financed through repayments to the state infrastructure bank program.
DEPARTMENT OF TRANSPORTATION ____________ ____________
TOTAL $100,000 $1,000,000
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