(a) The legislature assents to the Act of Congress approved July 11, 1916 (39 Stat. 355) entitled, “An Act to provide that the United States shall aid the states in the construction of rural post roads, and for other purposes.” The department may make all contracts and do all things necessary to cooperate with the federal government in the construction of highways under the provisions of that Act, and all Acts amending or supplementing it, and any other Act of Congress that may be enacted, including the Federal-Aid Highway Act of 1956 (Public Law 627, 85th Congress, 2nd Session).
Terms Used In Alaska Statutes 19.15.020
Contract: A legal written agreement that becomes binding when signed.
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
(b) The department may incur a line of credit or indebtedness to the Federal Highway Administration, United States Department of Transportation, under 23 U.S.C. § 601 – 609 (Transportation Infrastructure Finance and Innovation Act of 1998), as amended, and may enter into a contract or agreement with any public or private person, governmental unit or agency, corporation, or other business entity to secure the indebtedness.
