Title 28, Transportation

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…

A. The transportation board shall annually cause a financial audit to be made of the fund. The financial audit shall be conducted by a certified public accountant within six months after the end of each fiscal year. The board shall immediately file a certified copy of the audit w…

A. A political subdivision or this state or its agencies, including the department, may apply to the transportation board for any loan or other financial assistance from the fund to support an eligible project. B. An Indian tribe may apply to the board for any loan or other finan…

A. If the department enters into an agreement with a political subdivision or Indian tribe for accelerated right-of-way acquisition, design or construction of an eligible highway project, the agreement may provide for the advancing to the department by the political subdivision o…

In this article, unless the context otherwise requires: 1. "Excise taxes" means all unrestricted excise, transaction, franchise, privilege and business taxes, state shared sales and income taxes, fees for licenses and permits and state revenue sharing that are validly imposed by …

A. After entering into a highway project advance agreement that has been previously approved by the governing body of the political subdivision and by the transportation board, a political subdivision may issue and sell highway project advancement notes either competitively or by…

A. The aggregate outstanding principal amount of highway project advancement notes issued by a political subdivision and secured by highway project advance revenues shall not be more than the aggregate of all uncollected highway project advance revenues to be received by the poli…

A. After issuance of highway project advancement notes, revenues the political subdivision receives under the applicable highway project advance agreement shall be collected and, as provided by the political subdivision at the time of authorizing the issuance of the highway proje…

A political subdivision shall use the proceeds from the sale of highway project advancement notes for payment of any of the following: 1. Advances to the department under the highway project advance agreement to which the highway project advancement notes relate. 2. Legal and fin…

A political subdivision may issue highway project advancement notes to refund highway project advancement notes previously issued and other obligations if the proceeds of the previously issued highway project advancement notes and other obligations were or are applied to the fina…

A. Highway project advancement notes issued pursuant to this article are not general obligations of a political subdivision, any public officer or employee of a political subdivision or this state. B. Highway project advancement notes are limited obligations of the issuer of the …

In this article, unless the context otherwise requires: 1. "Excise taxes" means all unrestricted excise, transaction, franchise, privilege and business taxes, state shared transaction privilege and income taxes, fees for licenses and permits and state revenue sharing that are lev…

A. A regional planning agency, metropolitan planning organization or council of governments or a designated grant recipient may enter into a transportation project advance agreement with each other, a political subdivision, the department or a regional public transportation autho…

The aggregate outstanding principal amount of transportation project advancement notes issued by a political subdivision and secured by transportation project advance revenues shall not be more than the aggregate of all uncollected transportation project advance revenues to be re…

After issuance of transportation project advancement notes, the revenues the political subdivision receives under the applicable transportation project advance agreement shall be used as set forth in the agreement, including the payment when due or on redemption in advance of mat…

A political subdivision shall use the proceeds from the sale of transportation project advancement notes for payment of any of the following: 1. Advances for a transportation project included in the state's transportation improvement program or a plan, as defined in section 28-63…