28-7673. Powers and duties of the board and department

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 entity if in the board's judgment the loan repayment agreement is in furtherance of funding eligible projects pursuant to this article.

3. Apply for, accept and administer grants and other financial assistance from the United States government and from other public and private sources that are made for deposit in the fund.

B. The Arizona department of transportation may enter into SIB cooperative agreements or capitalization grant agreements with the United States department of transportation.

C. The board or the department shall deposit, pursuant to sections 35-146 and 35-147, any monies received pursuant to subsection A, paragraphs 2 and 3 and subsection B in the fund.

D. The board and the department may each enter into contracts, execute any agreements or instruments and do any other act necessary or appropriate to carry out the purposes of this article, including exercising any power granted to them pursuant to this title in conjunction with, to facilitate or to otherwise assist the financing or operation of the fund or an eligible project.

E. If a SIB cooperative agreement and the federal SIB act apply, the board and the department shall each comply with the requirements of the SIB cooperative agreement and the federal SIB act in carrying out their powers and duties pursuant to this article.

F. In providing financial assistance pursuant to this article, the board shall not make a gift, grant or donation of monies in the fund, and any financial assistance provided shall be repaid to the fund.

G. This article does not increase the board's bonding authority.