OR Rev Stat § 367.620 (2021)
2021 Oregon Revised Statutes|Volume : 10 - Highways, Military|Chapter 367 - Transportation Financing; Projects|Section 367.620 - Limitation on bond amount.

(1) The principal amount of Highway User Tax Bonds issued under ORS 367.615 shall be subject to the provisions of ORS 286A.035. (2) Highway User Tax Bonds may be issued under ORS 367.615 for the purposes described in ORS 367.622 in an aggregate principal amount sufficient to produce net proceeds of not more than $500 million. (3)(a) Highway User Tax Bonds may be issued under ORS 367.615 for bridge purposes described in section 10 (1), chapter 618, Oregon Laws 2003, in an aggregate principal amount sufficient to produce net proceeds of not more than $1.6 billion. (b) Highway User Tax Bonds may be issued under ORS 367.615 for modernization purposes described in sections 10 (2) and 11, chapter 618, Oregon Laws 2003, in an aggregate principal amount sufficient to produce net proceeds of not more than $300 million. (c) Highway User Tax Bonds may be issued under ORS 367.615 for the purposes described in section 64, chapter 865, Oregon Laws 2009, in an aggregate principal amount sufficient to produce net proceeds of not more than $840 million. The proceeds from bonds issued as described in this paragraph that are not required for the purposes described in section 64, chapter 865, Oregon Laws 2009, shall be allocated to transportation projects, as defined in ORS 367.010. (d) Highway User Tax Bonds may be issued under ORS 367.615 for purposes described in section 71d, chapter 750, Oregon Laws 2017, in an aggregate principal amount sufficient to produce net proceeds of not more than $480 million. (e) The Department of Transportation, with the approval of the State Treasurer, may designate the extent to which a series of bonds authorized under this subsection is secured and payable on a parity of lien or on a subordinate basis to existing or future Highway User Tax Bonds. [1985 c.551 §4; 1999 c.1036 §4; 2001 c.669 §1; 2002 s.s.1 c.3 §1; 2003 c.618 §6; 2007 c.783 §171; 2009 c.865 §61; 2011 c.629 §2; 2017 c.191 §2; 2017 c.750 §71i] Note: Section 71d, chapter 750, Oregon Laws 2017, provides: Sec. 71d. (1) On and after January 1, 2020, the Oregon Transportation Commission shall use the proceeds of bonds, as defined in ORS 367.010, authorized under ORS 367.620 (3)(d) to finance the transportation projects listed in this section. The commission shall determine the order of completion for the projects listed in subsection (2) of this section. (2) No later than January 1, 2024, the commission shall allocate the following amounts to each region, as described in ORS 366.805, for the projects listed below, provided that the commission determines that the projects could constitutionally be funded by revenues described in Article IX, section 3a, of the Oregon Constitution: ______________________________________________________________________________ (a) Region 1: $ 249,700,000 (A) State Highway 211 improvements beginning where the highway intersects with State Highway 213 and ending where the highway intersects Molalla Avenue in the City of Molalla (B) WaNaPa Street improvements in the City of Cascade Locks (C) Port of Hood River bridge replacement environmental impact study (D) Columbia Boulevard pedestrian safety (E) Southeast Powell Boulevard jurisdiction transfer as described under ORS 366.483 (F) Interstate 205 active traffic management project (G) Interstate 205 corridor bottleneck project (H) State Highway 217 Northbound project (I) State Highway 217 Southbound project (J) Improvements to Graham Road where it intersects with Interstate 84 in the City of Troutdale (b) Region 2: $ 201,950,000 (A) Oregon Manufacturing Innovation Center Access Roads in Columbia County (B) Interstate 5 at the Aurora-Donald interchange, Phase I (C) State Highway 99E in the City of Halsey (D) State Highway 214 pedestrian safety improvements at the intersection with Jefferson Street in the City of Silverton (E) Territorial Highway jurisdiction transfer as described under ORS 366.483 (F) U.S. Highway 20 safety upgrades from the City of Albany to the City of Corvallis (G) State Highway 58, adding passing lanes west of the City of Oakridge (H) State Highway 22 and Center Street Bridge, seismic retrofit in the City of Salem (I) State Highway 99 in City of Eugene jurisdiction transfer as described under ORS 366.483 (J) State Highway 126 Florence-Eugene Highway for environmental impact study (K) 42nd Street in the City of Springfield (L) Newberg and Dundee Bypass, State Highway 99W, Phase II, shovel ready preparations (c) Region 3: $ 75 million (A) Scottsburg Bridge on State Highway 38 in Douglas County (B) Southern Oregon seismic triage transportation project (d) Region 4: $ 76,493,000 (A) U.S. Highway 97 Cooley Road mid-term improvements (B) U.S. Highway 97 at Terrebonne (C) Improvements to Alder Creek Road in Wheeler County (D) Pedestrian safety improvements in the City of Dufur (E) Pedestrian safety improvements in the City of Prineville (F) Tom McCall Road roundabout (G) Pedestrian safety improvements in the City of Arlington (e) Region 5: $ 43,647,000 (A) Port of Umatilla Road (B) Hermiston North First Place Project in the City of Hermiston (C) State Highway 30 and Hughes Lane intersection in Baker County (D) Eastern Oregon Trade and Event Center access road (E) Pedestrian safety improvements in the City of Heppner (F) Pedestrian safety improvements in the City of Milton-Freewater (G) Columbia Development Authority Access Road (H) Pedestrian safety improvements in the City of Burns (I) Pedestrian safety improvements in the City of Irrigon (J) U.S. Highway 20 freight mobility enhancements (K) Cedar Street and Hughes Lane enhancements in Baker County ______________________________________________________________________________ (3)(a) When the commission determines that a project described in this section is completed, the commission shall reallocate any amount remaining from the allocation made under this section to another project described in the same region. (b) When the commission determines that all of the projects within a region are completed, the commission shall reallocate any amount remaining from the allocation made under this section to any other project listed in this section. (4) The amounts described in this section for jurisdiction transfers described in ORS 366.483 may not be allocated until after the transfer for which the allocation is dedicated occurs. [2017 c.750 §71d; 2018 c.93 §5]