§ 972. Transportation Infrastructure Bonds

(a) The Treasurer may issue bonds pursuant to this subchapter from time to time in amounts authorized by the General Assembly in its annual transportation bill. Bonds issued under this section shall be referred to as "Transportation Infrastructure Bonds."

(b) As used in this subchapter, the term "debt service obligations" is as defined in section 951a of this title.

(c) Debt service obligations of the bonds shall be fulfilled or satisfied in accordance with the terms of any trust agreement pertaining to the bonds from the Transportation Infrastructure Bonds Debt Service Fund.

(d) Funds raised from bonds issued under this section may be used to pay for or fund:

(1) the rehabilitation, reconstruction, or replacement of State bridges and culverts;

(2) the rehabilitation, reconstruction, or replacement of municipal bridges and culverts;

(3) the rehabilitation, reconstruction, or replacement of State roads, railroads, airports, and necessary buildings which, after such work, have an estimated minimum remaining useful life of 30 years or more; and

(4) a permanent reserve required by a trust agreement entered into to secure the bonds.

(e) Pursuant to section 953 of this title, interest and the investment return on the bonds shall be exempt from taxation in this State.

(f) Bonds issued under this section shall be legal investments for all persons without limit as to the amount held, regardless of whether they are acting for their own account or in a fiduciary capacity. The bonds shall likewise be legal investments for all public officials authorized to invest in public funds. (Added 2009, No. 50, § 28; amended 2011, No. 63, § F.103, eff. June 2, 2011.)