Title 28, Transportation

A. The members of the board or a person executing the bonds is not personally liable for the payment of the bonds. B. The bonds are valid and binding obligations of the department notwithstanding the fact that before the delivery of the bonds any of the officers whose signatures …

The board may purchase bonds out of any monies available for the purchase, and these bonds shall then be canceled, at a price of not more than either of the following: 1. If the bonds are then redeemable, the redemption price then applicable plus accrued interest to the next inte…

A. The board shall publish a notice of its intention to issue bonds under this article for at least five consecutive days in a newspaper published in this state. The last day of publication shall be at least ten days before the issuance of the bonds. B. The notice shall state the…

A. A member of the board or employee of the department shall not have a direct or indirect financial interest in any real property for future highway needs that is purchased from monies made available by the issuance of bonds. B. A person who violates this section is guilty of a …

A. The highway bond proceeds fund is established. After deducting the necessary fees, charges and expenses incurred in the issuance and sale of the bonds and any amounts necessary to provide for the payment of refunded bonds, the department shall promptly deposit, pursuant to sec…

A. The board may issue parity bonds only when all of the payments due on the principal and interest on the outstanding bonds are current. B. The board may not issue parity bonds unless the monies subject to pledge for payment of the bonds for the preceding twelve months exceed by…

A. A city or town may issue general obligation bonds for the purpose of planning, undertaking and carrying out projects for the elimination of present slum and blighted areas and the prevention of the development of those conditions in the future by mitigating the effects of exis…

A. This state pledges to and agrees with the holders of the bonds that this state will not limit or alter the rights vested in the board to collect the fees, excises and taxes as may be necessary to produce sufficient revenue to meet the expense of the state highway system and to…

The board is regarded as performing a governmental function in carrying out the purposes of this article and is not required to pay taxes or assessments on any of the property acquired or constructed for these purposes or on the activities of the board in maintaining and caring f…

A. The board may submit to the attorney general any bonds to be issued under this article after all proceedings for the authorization of the bonds have been taken. On the submission of the proceedings to the attorney general, the attorney general shall investigate and determine t…

A. Bonds issued pursuant to this article: 1. Are obligations of the board issuing the bonds. 2. Are payable only pursuant to the terms of the bonds. 3. Are not obligations that are general, special or otherwise of this state. 4. Are not a legal debt of this state. 5. Are not enfo…

Bonds issued under this article are made securities: 1. In which all of the following may properly and legally invest monies including capital in their control or belonging to them: (a) Public officers and bodies of this state. (b) Political subdivisions of this state. (c) Insura…

A. The powers provided by this article are in addition to the powers conferred by any other general or special law. Without reference to any other provision of this title or to any other general or special law, this article is authority for the completion of the purposes prescrib…

A. The board is designated as the body having sole and exclusive power to authorize and issue bonds or incur long-term obligations payable in whole or in part from monies in a regional area road fund established by chapter 17, article 1 of this title. The board may act for and on…

A. The bonds authorized by this article shall: 1. Be authorized by resolution of the board. 2. Bear such date or dates and mature at such time or times, not exceeding the earlier of twenty years from their respective dates or the date the transportation excise taxes securing the …

In connection with the issuance of the bonds authorized by this article or to secure the payment of the bonds and interest on the bonds, the board by resolution may: 1. Provide that bonds issued under this article may be paid with and secured by a pledge on all or any part of the…

A. A pledge made pursuant to this article is valid and binding from the time when the pledge is made. The monies pledged pursuant to this article when placed in the bond account, bond proceeds account or construction account of the respective regional area road fund are immediate…

A. The members of the board or a person executing the bonds authorized by this article are not personally liable for the payment of the bonds. B. The bonds are valid and binding obligations of the board notwithstanding the fact that before the delivery of the bonds any of the off…

The board may purchase bonds authorized by this article out of any monies available, and these bonds may then be canceled, at a price of not more than either of the following: 1. If the bonds are then redeemable, the price then applicable plus accrued interest to the next interes…

A. The board shall publish a notice of its intention to issue bonds under this article for at least five consecutive days in a newspaper published in this state. The last day of publication shall be at least ten days before the issuance of the bonds. B. The notice shall state the…

A. After deducting the necessary costs and expenses of the issuance and sale of the bonds and any amounts necessary to provide for the payment of refunded bonds, the department shall promptly deposit, pursuant to sections 35-146 and 35-147, the proceeds received from the sale and…

A. This state pledges to and agrees with the holders of the bonds issued under this article that this state will not limit or alter the transportation excise taxes in a way that adversely affects the rights of the holders of the bonds, limit or alter the authority of the respecti…

The board is regarded as performing a governmental function in carrying out the purposes of this article and is not required to pay taxes or assessments on any of the property acquired or constructed or on the activities of the board in maintaining and caring for the real propert…

A. The board may submit to the attorney general any bonds to be issued under this article after all proceedings for the authorization of the bonds have been taken. On the submission of the proceedings to the attorney general, the attorney general shall investigate and determine t…

Bonds issued pursuant to this article: 1. Are obligations of the board issuing the bonds. 2. Are payable only pursuant to the terms of the bonds. 3. Are not obligations general, special or otherwise of this state. 4. Are not a legal debt of this state or of the respective county …

Bonds issued under this article are made securities: 1. In which all of the following may properly and legally invest monies including capital in their control or belonging to them: (a) Public officers and bodies of this state. (b) Political subdivisions of this state. (c) Insura…

In this article, unless the context otherwise requires: 1. "Grant agreement" means a written agreement between the director and the United States of America or any of its departments or agencies by which the director will receive a grant to construct a project or to reimburse the…

After the director has entered into one or more grant agreements, the board may issue and sell grant anticipation notes. The principal, premium, if any, and interest on the notes shall be paid solely from any of the following: 1. The grant revenues. 2. If provided by the board at…

The board may issue grant anticipation notes to refund grant anticipation notes previously issued and other obligations, the proceeds of which were or are to be applied to the financing of the project to which the grant agreement relates.

The amount of grant anticipation notes secured by grant revenues issued by the director shall not exceed the aggregate of all uncollected grant revenues to be received by the board.

A. On the issuance of any grant anticipation notes, the grant revenues to be received by the director pursuant to the applicable grant agreement shall be collected and, as provided by the board at the time of authorizing the issuance of the grant anticipation notes, used for any …

The proceeds from the sale of the notes shall be used by the director for payment of any of the following: 1. Costs and expenses incurred in the construction or acquisition of the project for which the grant or grants are being made. 2. Legal and financial costs and expenses incu…

A. Grant anticipation notes issued under this article are not general obligations of the department, any public officer or employee of the department or this state. B. The notes are limited obligations payable solely from grant revenues received by the director and, if provided b…

A. The board may submit to the attorney general any notes to be issued under this article after all proceedings for the authorization of the notes have been taken. On the submission of the proceedings to the attorney general, the attorney general shall investigate and determine t…

In this article, unless the context otherwise requires: 1. "Bond" means a bond secured solely by bridge construction revenues or a bond secured solely by highway improvement revenues as authorized and issued pursuant to this article. 2. "Bridge construction revenues" means monies…

A. The department and a county with a population of more than two million persons may enter into an intergovernmental agreement pursuant to title 11, chapter 7, article 3 for the construction of a bridge to provide direct access to commercial, residential and recreational facilit…

A. If a majority of the members of the county board of supervisors authorizes the issuance of bonds secured by bridge construction revenues by resolution dated before July 1, 1998, the county may issue the bonds so authorized in the manner provided in this article. The bonds secu…

A. The county board of supervisors is authorized to issue bonds secured by a pledge of bridge construction revenues. B. The county board of supervisors is authorized to issue bonds secured by a pledge of highway improvement revenues. C. Any bonds issued pursuant to this article m…

The bonds issued under this article: 1. Are fully negotiable within the meaning and for all purposes provided by title 47. 2. Are payable only according to their terms from bridge construction revenues or highway improvement revenues, as applicable, and are not general, special o…

A. The treasurer of the county issuing bonds secured by bridge construction revenues shall establish an interest fund and a redemption fund for paying the bonds. The treasurer shall deposit into the funds bridge construction revenues in amounts sufficient to pay the interest and …

A. Notwithstanding any other provision of this article, a county that receives bridge construction revenues may pledge, by separate covenant included in the resolution authorizing the issuance of bridge construction revenue bonds under this article or obligations it may incur, fu…

A. This state pledges to and agrees with the holders of the bonds secured by bridge construction revenues and highway improvement revenues that it will not limit, alter or impair the rights vested in a county under this article to receive bridge construction revenues or highway i…

This article is supplemental and alternative to any other provision of law that also enables a county to issue any form or type of bonds.

In this article, unless the context otherwise requires: 1. "Eligible highway project" means a highway project that is both: (a) On the federal aid system, national highway system or state route or state highway system. (b) Included in either: (i) The department's state highway co…

A. The transportation board may: 1. Make loans or provide other financial assistance to political subdivisions, Indian tribes or this state or its agencies, including the department, from monies in the fund for eligible projects. 2. Enter into a loan repayment agreement with an e…

A. The highway expansion and extension loan program fund is established. The fund constitutes a state infrastructure bank under the federal SIB act. The state treasurer shall receive in trust, hold and disburse monies in the fund solely for the purposes authorized by this article…