Maine Statutes
§ 23 §1615 — Pledge of federal highway funds
The Department of Transportation may transfer, assign or pledge any or all of the funds paid to it, directly or indirectly, by the United States Department of Transportation, Federal Highway Administration with respect to the qualified transportation projects. Any such pledge does not constitute a debt or liability on behalf of, a loan of the credit of or a pledge of the faith and credit of the State or of any political subdivision of the State. A decision by the Department of Transportation not to allocate such federal transportation funds for the payment of such bonds or notes or related costs and expenses may not be construed to constitute an action impairing any contract entered into by the bank under this section.
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Maine § 23 §1615 (Pledge of federal highway funds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
PL 2007, c. 329, Pt. P, §1 (NEW).
Nearby Sections
15
§ 23 §160
Property management§ 23 §1601
Expenditure of proceeds; appropriation§ 23 §161
Incidental expense payments§ 23 §1611
Definitions§ 23 §1612
GARVEE bonding authorized§ 23 §1613
Bank resolution; pledge; bond terms§ 23 §1614
Power and duty of the bank§ 23 §1615
Pledge of federal highway funds§ 23 §1616
Contracts are subject to continuing federal appropriations of federal transportation funds§ 23 §1617
State agency powers§ 23 §1619
Receipt of federal appropriation money