Maine § 23 §1974 Use of turnpike revenues

Maine Statutes

§ 23 §1974 — Use of turnpike revenues

Maine·Title 23 TRANSPORTATION·Part 1 STATE HIGHWAY LAW·Ch. 24 MAINE TURNPIKE

1.Expenditures. Expenditure of all tolls collected from the Maine Turnpike toll facilities and all other revenues derived from the turnpike operations after the effective date of this chapter shall be limited to the following purposes:

2.Sinking fund for payment of bonds. The tolls and all other revenues derived from the turnpike, except such part thereof as may be required to pay the cost of maintaining, repairing and operating the turnpike and to provide such reserves therefor as may be provided for in a resolution authorizing the issuance of the bonds or in the related trust indenture or loan or other security agreement, shall be set aside at such regular intervals as may be provided in the resolution or trust indenture or loan or other security agreement, in a sinking fund which is p

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1.
Expenditures.
Expenditure of all tolls collected from the Maine Turnpike toll facilities and all other revenues derived from the turnpike operations after the effective date of this chapter shall be limited to the following purposes:
2.
Sinking fund for payment of bonds.
The tolls and all other revenues derived from the turnpike, except such part thereof as may be required to pay the cost of maintaining, repairing and operating the turnpike and to provide such reserves therefor as may be provided for in a resolution authorizing the issuance of the bonds or in the related trust indenture or loan or other security agreement, shall be set aside at such regular intervals as may be provided in the resolution or trust indenture or loan or other security agreement, in a sinking fund which is pledged to, and charged with, the payment of:
3.
Revenues for additional interchanges.
4.
Revenues for access roads and the state highway system.
5.
Payment for State Police services on the Maine Turnpike.
Payment for State Police services on the Maine Turnpike shall be as follows.
6.
Revenues to secure special obligation bonds for department projects; determination of project eligibility for funding.
Subject to the terms and conditions of this chapter, the authority may authorize turnpike revenues to be transferred to a trustee or agent designated by the authority and that trustee or agent shall hold these revenues in trust to secure or to be applied to the payment of obligations issued pursuant to section 1968, subsection 2-A and as provided for in a resolution authorizing the issuance of these bonds or in a related trust indenture or loan or other security agreement.

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Legislative History

PL 1981, c. 595, §3 (NEW). PL 1981, c. 698, §§103-105 (AMD). PL 1987, c. 457, §§6,7 (AMD). PL 1987, c. 793, §A8 (AMD). IB 1991, c. 1, §8 (AMD). PL 1991, c. 9, §§E16,17 (AMD). PL 1993, c. 410, §MM9 (AMD). PL 1993, c. 680, §A26 (AMD). PL 1995, c. 504, §C7 (AMD). PL 2011, c. 302, §15 (AMD). PL 2015, c. 5, §8 (AMD).