Section 17. (a) The department may provide by resolution at 1 time or from time to time for the issuance of bonds of the department to refinance the bonds issued prior to July 1, 2009 pursuant to chapter 81A and the financing obligations of the Massachusetts Turnpike Authority relating to the turnpike and the metropolitan highway system. Any such bonds shall be special obligations of the department payable solely from monies credited to the fund. Bonds issued pursuant to this section shall not be general obligations of the commonwealth or any political subdivision thereof and shall not constitute a debt or a pledge of the faith and credit of the commonwealth or any such political subdivision.
(b) Bonds may be issued and sold in such manner and on such terms and conditions as the department may determine, with the approval of the secretary of administration and finance. The bonds shall be signed by the chairperson and treasurer of the department or shall bear their facsimile signature and shall bear the official seal of the department or a facsimile thereof, attested to by the signature of a duly appointed officer of the department.
(c) Bonds may be secured by a trust agreement entered into by the department, which trust agreement may pledge or assign all or part of the monies credited to the fund and rights to receive the same, whether existing or coming into existence and whether held or thereafter acquired, and the proceeds thereof. The department may enter into additional security, insurance or other forms of credit enhancement which may be secured on a parity or subordinate basis with the bonds. A pledge in any such trust agreement or credit enhancement agreement shall be valid and binding from the time such pledge shall be made without any physical delivery or further act, and the lien of such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise, whether or not such parties have received notice thereof.
Any such pledge shall be perfected by filing of the trust agreement or credit enhancement agreement in the records of the department, and no filing need be made pursuant to chapter 106. Any such trust agreement or credit enhancement agreement may establish provisions defining defaults and establishing remedies and other matters relating to the rights and security of the holders of the bonds or other secured parties as may be reasonable and proper, including provisions relating to the establishment of reserves, acceleration of maturities, restrictions on the individual right of action by bondholders and covenants setting forth the duties of and limitations on the department, and may regulate the custody, investment and application of monies.
(d) Any such bonds shall be deemed to be investment securities pursuant to chapter 106, shall be securities in which any public officer, fiduciary, insurance company, financial institution or investment company may properly invest funds and shall be securities which may be deposited with any public custodian for any purpose for which the deposit of bonds is authorized by law.
(e) Any such bonds, their transfer and the income therefrom, including profit on the sale thereof, shall at all times be exempt from taxation by and within the commonwealth.
(f) The provisions hereof relating to bonds shall also be applicable to the issuance of notes insofar as such provisions may be appropriate therefore.
(g) Notwithstanding the foregoing, no existing rights of the holders of the bonds issued by the Massachusetts Turnpike Authority pursuant to chapter 81A shall be impaired hereby, and the department, as successor in interest to the Massachusetts Turnpike Authority, shall maintain the covenants of the trust indentures pertaining to such bonds so long as such bonds shall remain outstanding.
(h) The department shall be subject to section 98 of chapter 6.
Structure Massachusetts General Laws
Part I - Administration of the Government
Title II - Executive and Administrative Officers of the Commonwealth
Chapter 6c - Massachusetts Department of Transportation
Section 2 - Creation; Board of Directors; Officers and Employees
Section 4 - Massachusetts Transportation Trust Fund
Section 6 - Office of Performance Management and Innovation; Duties
Section 6a - Office of Performance Management and Innovation; Goals
Section 7 - Employee Performance Evaluation Program
Section 8 - Money Received to Be Held as Trust Funds
Section 9 - Internal Special Audit Unit
Section 10 - Office of Transportation Planning
Section 11a - Project Selection Advisory Council
Section 12 - Integrated Asset Management System
Section 12a - Performance and Asset Management Advisory Council
Section 14 - Department as Public Agency for Purposes of State Contracts
Section 15 - Department as Public Agency for Purposes of State Finance Law
Section 16 - Annual Finance Plan
Section 19 - Eminent Domain Powers of Department
Section 20 - Sale of Real Property; Procedure; Sale of Buildings or Other Structures
Section 21 - Abandoned, Mislaid or Lost Property; Sale of Unclaimed Property
Section 22 - Enforcement by Superior Court Department
Section 23 - Termination of Department
Section 25 - Conduct of Secretary, Administrators and Directors
Section 26 - Application of Chapter 12a
Section 27 - Exemption From Taxes or Assessments
Section 28 - Annual Revenue and Expenditure Report
Section 29 - Office of Planning and Programming; Secretary
Section 31 - Administrative Units Within the Office of Planning and Programming
Section 32 - Federal Gifts, Loans or Grants-in-Aid for Improved Transportation Management Systems
Section 33 - Healthy Transportation Compact
Section 35 - Annual Report of Department's Activities
Section 36 - Definitions Applicable to Secs. 41 to 56
Section 37 - Division of Highways; Administrator
Section 38 - Duties of the Division of Highways
Section 40 - Procedure for Recommending Approval or Disapproval of Contracts
Section 41 - Engineering Internship Program
Section 42 - Co-Operative Engineer Program
Section 43 - Real Estate Appraisal Review Board
Section 50 - Regional Mobility Assistance Program
Section 51 - Definitions Applicable to Secs. 52 to 54
Section 52 - Mass Transit Division; Administrator
Section 53 - Duties of the Mass Transit Division
Section 54 - Administrative Units Within the Mass Transit Division; Statement of Organization
Section 55 - Definitions Applicable to Secs. 56 to 57
Section 56 - Registry of Motor Vehicles; Administrator
Section 57 - Administrative Units Within the Registry of Motor Vehicles; Statement of Organization
Section 57a - Motor Vehicle Insurance Merit Rating Board
Section 58 - Definitions Applicable to Secs. 59 to 61
Section 59 - Aeronautics Division; Administrator
Section 60 - Duties of the Aeronautics Division
Section 61 - Administrative Units Within the Aeronautics Division; Statement of Organization
Section 62 - Definitions Applicable to Secs. 62 to 73
Section 64 - Request for Proposals; Content of Public–private Agreement
Section 65 - End of Term or Termination of Public–private Agreement
Section 66 - Rights of Department Upon Material Default by an Operator
Section 67 - Issue and Sale of Bonds or Notes of the Department
Section 68 - Acceptance of Funds From the United States and Other Sources
Section 69 - Application of Sec. 26
Section 70 - Exercise of Power of Eminent Domain
Section 71 - Powers and Jurisdiction of Law Enforcement Officers
Section 72 - Waiver of Sovereign Immunity Not Limited
Section 73 - Public-Private Partnership Infrastructure Oversight Commission
Section 75 - Contracts With Fuel Providers to Provide for the Consumption of Alternative Fuel
Section 76 - Removal and Storage of Vehicle Left Unattended at State-Owned Park and Ride Facility