§ 23 §1968 — Issuance of bonds

Maine § 23 §1968

• Jurisdiction: Maine
• Title 23: TRANSPORTATION
• Part 1: STATE HIGHWAY LAW
• Ch. 24: MAINE TURNPIKE

Text

The authority may issue bonds as follows.
1.
Turnpike revenue bonds.
In addition to bonds outstanding pursuant to any other provision of this chapter, the authority may provide by resolution from time to time for the issuance of turnpike revenue bonds, including notes or other evidences of indebtedness or obligations defined to be bonds under this chapter, but not exceeding $600,000,000 in the principal amount at any one time outstanding exclusive of refundings, for any purpose described in section 1969, subsection 1.
2.
Bonds for construction and reconstruction of interchanges.
2-A.
Bonds for Department of Transportation projects.
In addition to bonds outstanding pursuant to any other provision of this chapter, the authority may provide by resolution from time to time but no later than June 30, 1997 for the issuance of special obligation bonds, including notes or other evidences of indebtedness or obligations defined to be bonds under this chapter, not exceeding $40,000,000 in aggregate principal amount exclusive of refundings, to pay to the Department of Transportation the costs, or a portion of the costs, of Department of Transportation projects. Department of Transportation projects paid for with bonds in accordance with this subsection must be determined by the Department of Transportation and the authority to have sufficient relationship to the public's use of the turnpike in accordance with section 1974, subsection 6.
2-B.
Bonds for turnpike widening.
2-C.
Bonds for purchase of interstate in Kittery.
In addition to bonds outstanding pursuant to any other provision of this chapter, the authority may provide by resolution for the issuance of special obligation or subordinate bonds, including notes or other evidences of indebtedness or obligations defined to be bonds under this chapter, not exceeding $35,000,000 in aggregate principal amount exclusive of refundings, to purchase a section of Interstate 95 in Kittery from the Department of Transportation.
2-D.
Bonds for construction of a connector to Gorham.
In addition to bonds outstanding pursuant to any other provision of this chapter, the authority may provide by resolution for the issuance of special obligation or subordinate bonds, including notes or other evidences of indebtedness or obligations defined to be bonds under this chapter, not exceeding $150,000,000 in aggregate principal amount exclusive of refundings, to pay for planning, design and construction of a connector to Gorham as described in section 1965‑C.
3.
Bonds; negotiable; not debt of State.
The bonds of the authority do not constitute a debt of the State or of any agency or political subdivision of the State and are payable solely from the operating revenues of the turnpike. Notwithstanding any provision of law, any bonds issued pursuant to this chapter are fully negotiable. If any of the members or officers of the authority whose signatures appear on the bonds or coupons cease to be members or officers before the delivery of the bonds, the signature is, nevertheless, valid and sufficient for all purposes as if the members or officers had remained in office until that delivery.

Legislative History

PL 1981, c. 595, §3 (NEW). PL 1987, c. 457, §5 (AMD). IB 1991, c. 1, §7 (AMD). PL 1993, c. 410, §MM7 (AMD). PL 1995, c. 138, §1 (RPR). PL 1995, c. 504, §C5 (AMD). PL 1997, c. 646, §1 (AMD). PL 1997, c. 646, §§1-3 (AMD). PL 1997, c. 646, §2 (AMD). PL 1997, c. 646, §3 (AMD). PL 1999, c. 132, §1 (AMD). PL 2001, c. 311, §1 (AMD). PL 2003, c. 32, §§1-3 (AMD). PL 2003, c. 566, §1 (AMD). PL 2007, c. 59, §1 (AMD). PL 2007, c. 270, §3 (AMD). PL 2013, c. 586, Pt. F, §1 (AMD). PL 2017, c. 68, §4 (AMD). P&SL 2019, c. 16, §1 (AMD).