| 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. |