C. Construction, reconstruction, paving, repaving, building, alteration, repair, restoration, environmental review or remediation, enlargement or other improvement, including all labor, materials, machinery, fixtures and equipment, including rolling stock or vehicles;

D. Engineering, architectural, legal and other professional services;

E. Reserves, insurance, letters of credit or other financial guarantees for payment of future debt service on bonds or notes; and

F. All other costs or expenses necessary or convenient to such projects, including the financing or refinancing of the projects.

Sec. 3. GARVEE financing authorized. Notwithstanding any other provision of law, upon certification, the bank shall issue from time to time up to $50,000,000 of GARVEE bonds to be repaid solely from annual federal transportation appropriations for funding of projects associated with the replacement of the Waldo- Hancock Bridge and approved by the Federal Highway Administration and any matching funds of the State as provided in this Act.

The bank shall issue GARVEE bonds from time to time pursuant to a resolution to be adopted by the bank. The GARVEE bonds issued must be secured pursuant to a pledge and certificate issued by the Department of Transportation and approved by the State Budget Officer. The pledge and certificate must contain provisions that dedicate and pledge receipt of future federal transportation funds to secure the payment of the GARVEE bonds, including principal, interest and issuance costs. The terms of the GARVEE bonds, their repayment schedule and other provisions to facilitate their creditworthiness are determined by the bank in consultation with the Department of Transportation and the State Budget Officer. The pledge and certificate are a part of the contract with the holders of the GARVEE bonds to be authorized.

The GARVEE bonds must be in the form, bear the date or dates, mature at the time or times and have such other terms as determined by the bank and approved by the Department of