Maine § 30-A §6006-G TransCap Trust Fund

Maine Statutes

§ 30-A §6006-G — TransCap Trust Fund

Maine·Title 30-A MUNICIPALITIES AND COUNTIES·Part 2 MUNICIPALITIES·Ch. 225 MAINE MUNICIPAL BOND BANK

1.Establishment; purposes. The TransCap Trust Fund, referred to in this section as "the fund," is established in the custody of the bank to provide transportation capital investment for the Department of Transportation and municipalities in accordance with this section. The purpose of the fund is to provide financial assistance for the planning, design, acquisition, reconstruction and rehabilitation of transportation capital improvements of all modes including improvements that will forward the asset management goals set forth in Title 23, section 73, subsection 7 and Title 23, section 4210‑B, subsection 3.

2.Administration. The bank shall administer the fund. The fund must be invested in the same manner as permitted for investment of funds belonging to the State or held in the State Tre

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1.
Establishment; purposes.
The TransCap Trust Fund, referred to in this section as "the fund," is established in the custody of the bank to provide transportation capital investment for the Department of Transportation and municipalities in accordance with this section. The purpose of the fund is to provide financial assistance for the planning, design, acquisition, reconstruction and rehabilitation of transportation capital improvements of all modes including improvements that will forward the asset management goals set forth in Title 23, section 73, subsection 7 and Title 23, section 4210‑B, subsection 3.
2.
Administration.
The bank shall administer the fund. The fund must be invested in the same manner as permitted for investment of funds belonging to the State or held in the State Treasury. The fund must be established and held separate from any other funds or money of the State or the bank and used and administered exclusively for the purpose of this section. The fund consists of the following:
3.
Bond terms; authorized levels.
Bonds issued pursuant to this section may not have terms of more than 15 years. Commencing with the budget presented for the fiscal year beginning July 1, 2009, each new authorization of TransCap revenue bonding must be presented for review and approval by the Legislature as part of the Highway Fund budget, except that review and approval by the Legislature is not required for TransCap revenue bonds issued to refund previously issued TransCap revenue bonds that have been issued with approval by the Legislature, if the issuance of those refunding bonds results in net present value savings and those refunding bonds have a final maturity date that is not later than the date that is 15 years after the date of issuance of the TransCap revenue bonds being refunded.
4.
Uses.
Revenues deposited in the fund from sources enumerated in the Constitution of Maine, Article IX, Section 19 may be used or applied only in accordance with that provision. Within this limitation, the fund may be used for one or more of the following purposes:
5.
Establishment of accounts.
The bank may establish accounts and subaccounts within the fund as it determines desirable to effectuate the purposes of this section, including, but not limited to, accounts to segregate a portion of the fund for grants and as security for bonds issued by the bank for deposit in the fund and to be invested for the benefit of specified projects receiving financial assistance from the fund.

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Legislative History

PL 2007, c. 470, Pt. D, §1 (NEW). PL 2009, c. 411, §§1, 2 (AMD). PL 2009, c. 413, Pt. X, §1 (AMD). PL 2009, c. 652, Pt. A, §43 (AMD). PL 2011, c. 610, Pt. B, §§3, 4 (AMD). PL 2015, c. 268, Pt. J, §1 (AMD). PL 2021, c. 224, Pt. D, §1 (AMD). PL 2021, c. 239, §§8, 9 (AMD). PL 2025, c. 9, Pt. F, §§5-7 (AMD).