CHAPTER 43

S.P. 758 - L.D. 1922

An Act To Preserve Transportation Projects Statewide by

Using Federal GARVEE Financing for the Waldo-Hancock

Bridge Replacement

Be it enacted by the People of the State of Maine as follows:

Sec. 1. Definitions. As used in this Act, unless the context otherwise indicates, the following terms have the following meanings.

1. Bank. "Bank" means the Maine Municipal Bond Bank.

2. GARVEE. "GARVEE" means grant anticipation revenue vehicle debt financing.

3. Qualified transportation project. "Qualified transportation project" means all projects associated with the replacement of the Waldo-Hancock Bridge and approved by the Federal Highway Administration.

4. Revenues. "Revenues" means, in the case of bonds or notes issued by the bank to finance the qualified transportation project, payments of funds derived from the Federal Highway Administration and other investments, gifts, grants, contributions, appropriations, income and any other amounts pledged to secure payment of such bonds or notes.

Sec. 2. Qualified transportation project costs. Costs of the qualified transportation project include, without limitation, costs related to:

A. The purchase price or acquisition of any property or interests in those properties or other rights necessary or convenient for such projects;