§1616. Contracts are subject to continuing federal appropriations of federal transportation funds
Every contract relating to the issuance of bonds or notes to finance all or a part of the costs of qualified transportation projects must provide that all financial obligations of the State or of any agency or department of the State in regard to the portion of the principal of and interest on the bonds or notes and the related costs and expenses that may be paid from federal transportation funds pursuant to federal law and any agreement between the United States Department of Transportation, Federal Highway Administration or any agency of the Federal Highway Administration and the Department of Transportation that is or will be the initial recipient of such federal transportation funds are subject to continuing federal appropriations of federal transportation funds at a level equal to or greater than the amount needed to pay the federal share of principal, interest and costs and expenses on any such bonds or notes. [PL 2007, c. 329, Pt. P, §1 (NEW).]
SECTION HISTORY
PL 2007, c. 329, Pt. P, §1 (NEW).
Structure Maine Revised Statutes
Subchapter 3-A: GARVEE BONDING
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 §1618. Exception to prohibited acts and limitation of powers