| The Commissioner of Transportation shall use the state |
infrastructure bank to make loans to counties and municipalities, |
state agencies and quasi-state government agencies and public and |
private utility districts eligible for the financial assistance |
program for utilities under section 256 upon such terms as the |
commissioner shall determine, including secured and unsecured |
loans, and in connection with the secured and unsecured loans, to |
enter into loan agreements, subordination agreements and other |
agreements; accept notes and other forms of obligation to |
evidence the indebtedness, and mortgages, liens, pledges, |
assignments or other security interest to secure the |
indebtedness, which may be prior or subordinate to or on a parity |
with other indebtedness, obligations, mortgages, pledges, |
assignments, other security interests or liens or encumbrances, |
and take such actions as are appropriate to protect the security |
and safeguard against losses, including foreclosure and the |
bidding upon and purchase of property upon foreclosure or other |
sale. Repayments of a federal share loan may be obligated by the |
commissioner for any transportation purpose, including the |
reloaning of such repaid funds for other projects. Reloaned |
funds are considered state loans, not federal share loans. |