23 §256. Financial assistance program for utilities - Maine Statutes

Title 23: HIGHWAYS

Part 1: STATE HIGHWAY LAW

Chapter 5: PARKWAYS AND FREEWAYS

§256. Financial assistance program for utilities

In order to assist water utilities and combination water and sewer utilities that have annual revenues of $15,000,000 or less in the relief of extreme financial hardship caused by the relocation of utility facilities that are part of bridge and highway projects, the Department of Transportation shall loan to those utilities, interest free, 90% of the utility relocation cost, excluding the cost of upgrades, when the cost of the utility relocation is 5% or more of the utility's prior fiscal year revenues. The term of the loans may not exceed 20 years. The maximum amount of all outstanding loans to eligible utilities may not exceed $3,000,000. In any fiscal year, the amount loaned for the purposes of this section may not exceed the amount allocated by the Legislature in that fiscal year plus the unencumbered balance from previous years. [1993, c. 656, §1 (RPR).]

SECTION HISTORY

1991, c. 860, §1 (NEW). 1993, c. 656, §1 (RPR).