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The 192nd General Court of the Commonwealth of Massachusetts

Section 67: Issue and sale of bonds or notes of the department

Section 67. (a)(1) The department may issue and sell bonds or notes of the department for the purpose of providing funds to carry out sections 62 to 73, inclusive, with respect to the development, financing or operation of a transportation facility or the refunding of any bonds or notes, together with any costs associated with the transaction.

(2) Any bond or note issued under this section:

(A) constitutes the corporate obligation of the department;

(B) shall not constitute a debt of the commonwealth within the meaning or application of the constitution of the commonwealth; and

(C) shall be payable solely as to both principal and interest from:

(i) the revenues from a lease to the department, if any;

(ii) proceeds of bonds or notes, if any;

(iii) investment earnings on the proceeds of bonds or notes; or

(iv) other funds available to the department for such purpose.

(b)(1) For the purpose of financing a transportation facility, the department and operator may apply for, obtain, issue and use private activity bonds available under any Federal law or program.

(2) Any bonds, debt, other securities or other financing issued for the purposes of sections 62 to 73, inclusive, shall not be considered a debt of the commonwealth or any political subdivision thereof state or a pledge of the faith and credit of the state or any political subdivision of the commonwealth.

(c) Nothing in this section shall limit a local government or any authority of the commonwealth to issue bonds for transportation projects.