| | | F. All other costs or expenses necessary or convenient to | | such projects, including the financing or refinancing of the | | projects. |
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| | | 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. |
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| | | 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. |
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| | | 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 | | Transportation and the State Budget Officer, except that a GARVEE | | bond may not mature more than 20 years from the date of its | | issue. |
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| | | GARVEE bonds issued under the provisions of this Act do not | | constitute a debt or liability of the State or of any political | | subdivision of the State, or a pledge of the full faith and | | credit of the State or of any political subdivision of the State, | | but are payable solely from the funds and revenues pledged for | | that purpose. |
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| | | The proceeds from the sale of the GARVEE bonds are to be | | deposited into the appropriate highway fund capital account or | | other appropriate dedicated revenue account. |
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| | | Sec. 4. Maine Municipal Bond Bank provisions. The bank has all the | | powers and duties provided by the Maine Revised Statutes, Title | | 30-A, chapter 225, modified and supplemented as provided in this | | section for the purposes set forth in this section. All words, | | terms and phrases have the same meaning as provided in |
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