(a) Application.--The following shall apply:
(1) All proceeds received from any bonds, notes or other obligations issued under this chapter shall be applied solely to the payment of:
(i) the cost of the department; and
(ii) bond-related expenses.
(2) The commission may provide by resolution that until proceeds received from any bonds, notes or other obligations issued under this chapter is applied under paragraph (1), a lien shall exist upon the proceeds in favor of holders of the bonds, notes or other obligations or a trustee provided for in respect to the bonds, notes or other obligations.
(b) Design-build arrangements.--
(1) To facilitate the timely completion of projects to be financed by the department with bond proceeds, the department may utilize design-build arrangements for each project to be financed with bond proceeds if the project value is estimated by the department to exceed $100,000,000.
(2) Notwithstanding the provisions of any other law, the department may utilize design-build arrangements for the following:
(i) projects to be financed by the department with bond proceeds for projects estimated by the department to have a value of $100,000,000 or less; and
(ii) all other construction projects of the department not included under subparagraph (i) or paragraph (1).
(3) The selection of the party for a design-build arrangement under this subsection must be conducted in a manner consistent with the procurement and public bidding laws applicable to the department.
(c) Capital projects.--All projects financed by the department with bond proceeds shall be included in any submission the department is already required to make to the General Assembly with respect to the expenditure of funds for highway projects.
(d) Investment.--Pending the application of proceeds to cost of the department and bond-related expenses, the commission may invest the funds in permitted investments as defined under any trust indenture.
(July 18, 2007, P.L.169, No.44, eff. imd.)
2007 Amendment. Act 44 added section 9511.5.
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