reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.035 - Loans to municipalities; authority of municipalities; repayment plan.

(1) Notwithstanding any other provision of law or any restriction on indebtedness contained in a charter, a municipality may obtain an infrastructure loan from the Department of Transportation by entering into a loan contract with the department. A municipality that obtains an infrastructure loan may pledge to the repayment of the loan all or any portion of the revenue sources specified in this subsection. A municipality shall repay an infrastructure loan in accordance with the terms of the loan contract and to the extent required by the loan contract from any or all of the following sources:
(a) Revenues of any transportation project, including special assessment revenues;
(b) Moneys withheld under subsection (3) or (5) of this section;
(c) The general fund of the municipality; or
(d) Any other sources including, but not limited to, an appropriation or allocation to a county under ORS 366.762 to 366.768 or to a city under ORS 366.785 to 366.820.
(2) An infrastructure loan contract with a municipality may provide that a portion of the proceeds of the loan be applied to fund a reserve fund to secure the repayment of the loan or secure the repayment of revenue bonds issued to finance the loan.
(3) An infrastructure loan contract with a city or county may provide that all or a portion of the principal and interest on an infrastructure loan be repaid by withholding all or a portion of an apportionment due to a county under ORS 366.762 to 366.768 or due to a city under ORS 366.785 to 366.820. The department shall immediately transfer funds withheld under this subsection from the State Highway Fund to the Oregon Transportation Infrastructure Fund.
(4) A municipality that intends to obtain an infrastructure loan shall adopt an ordinance or resolution authorizing the infrastructure loan.
(5) If a municipality fails to comply with the terms of an infrastructure loan contract, the department may seek any legal or equitable remedy to obtain compliance or payment of damages. If any municipality fails to make an infrastructure loan payment when due, the State of Oregon shall, at the request of the department, withhold any funds due to the municipality from the state and apply the amounts withheld to pay the entire amount owed by the municipality under the infrastructure loan contract. The department shall deposit funds withheld under this subsection in the account of the infrastructure fund to which the municipality’s infrastructure loan payments are required to be deposited. The department may waive the right of the State of Oregon to withhold moneys under this subsection only if the department has not pledged the right as security for the repayment of infrastructure bonds. [1997 c.679 §7; 2003 c.201 §14]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.040 - Loans to state agencies; loan contract.

(1) Notwithstanding ORS 283.087 (4), an agency may obtain an infrastructure loan the principal amount of which, when combined with the principal amount of financing agreements previously entered into for the same project, is more than $100,000 for the project. An agency may agree to pay the infrastructure loan from any or all of the available moneys of the agency and may pledge all or any portion of those moneys to repay the infrastructure loan. An infrastructure loan of an agency does not constitute a debt of the state or a lending of the credit of the state within the meaning of any constitutional or statutory limitation.
(2) If an infrastructure loan is made to an agency, the terms of the infrastructure loan contract bind the State of Oregon and the agency, and the agency shall unconditionally repay the infrastructure loan from the moneys the agency has pledged in accordance with the terms of the infrastructure loan contract. [1997 c.679 §8; 2003 c.201 §15; 2013 c.767 §6]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.050 - Powers of department.

The Department of Transportation may:
(1) Make all contracts and agreements, execute and deliver all instruments and do all things necessary or convenient to provide financial assistance for transportation projects in accordance with ORS 367.010 to 367.067 or to perform covenants made to secure infrastructure bonds; and
(2) Enter into and perform such contracts and agreements with entities concerning the planning, construction, lease or other acquisition, installation or financing of transportation projects. [1997 c.679 §9; 2003 c.201 §16]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.055 - Federal stimulus moneys.

(1) The Department of Transportation shall consult with the legislative committees related to transportation during a session of the Legislative Assembly, or the interim legislative committees related to transportation, prior to expending federal funds received under a federal law that provides general economic stimulus moneys to this state that may be used by the department for transportation projects.
(2) As used in this section, "transportation project" has the meaning given that term in ORS 367.010. [2011 c.629 §3]
Note:
367.055 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 367 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.060 - Department pledge to ensure loan guarantees; transfer of moneys from State Highway Fund.

(1) The Department of Transportation may pledge not more than $50 million to ensure the repayment of loan guarantees or other extensions of credit made to or on behalf of municipalities to finance transportation projects or to ensure repayment of loan guarantees or other extensions of credit as provided in ORS 367.816. The lien of a pledge made under this subsection is subordinate to the lien of a pledge securing bonds issued under ORS 367.605 to 367.665.
(2) If, during a fiscal year, the moneys in the Oregon Transportation Infrastructure Fund are insufficient to cover any claims by financial institutions, credit enhancement providers, bondholders or bond trustees that arise from loan guarantees or other extensions of credit made under ORS 367.010 to 367.067, the department shall transfer, as often as necessary or appropriate in that fiscal year, moneys from the State Highway Fund to satisfy such claims. However, the department may not make a transfer of moneys from the State Highway Fund otherwise required by this section if:
(a) The transfer will reduce the moneys in the State Highway Fund to an amount that is insufficient to pay the principal and interest that will fall due during the fiscal year on outstanding bonds issued under ORS 367.555 to 367.600; or
(b) The transfer relates to a claim arising out of a transportation project for which moneys in the State Highway Fund may not be used under section 3a, Article IX, Oregon Constitution, and ORS 366.505. [1999 c.1036 §2; 2003 c.201 §17; 2003 c.790 §15]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.066 - Definitions for ORS 367.066 and 367.067.

As used in this section and ORS 367.067:
(1) "Credit premium" means the amount required to be paid to the United States Secretary of Transportation before disbursement of a federal loan under RRIFP.
(2) "RRIFP" means the Railroad Rehabilitation and Improvement Financing Program, 49 C.F.R. 260 et seq.
(3) "Short line railroad" means a Class II or Class III railroad as defined in 49 C.F.R. 1201. [2001 c.942 §15]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.067 - Short Line Credit Premium Account; rules.

(1) The Short Line Credit Premium Account is established as an account in the Oregon Transportation Infrastructure Fund. Moneys in the Short Line Credit Premium Account are continuously appropriated to the Department of Transportation for the purpose of carrying out the provisions of this section.
(2) A short line railroad may apply to the Department of Transportation for infrastructure assistance in a manner determined by the department by rule.
(3) In evaluating applications for infrastructure assistance under this section, the department shall give priority to projects that:
(a) Enhance public safety;
(b) Enhance the environment;
(c) Appear creditworthy, providing financially secure sources of repayment to secure a federal credit instrument;
(d) Promote rural economic development;
(e) Reduce demand for expansion of highway capacity;
(f) Enable Oregon companies to be more competitive in regional, national and international markets;
(g) Preserve or enhance rail or intermodal service to small communities or rural areas; and
(h) Will be operated by a short line railroad with federal credit assistance under the RRIFP.
(4) If a short line railroad receives infrastructure assistance under this section for a project for which federal credit assistance was received under RRIFP, and if all or part of the credit premium is returned to the railroad by the federal government, the railroad shall remit to the department the amount of moneys returned to the railroad.
(5) All moneys remitted to the department under subsection (4) of this section shall be deposited by the department into the Short Line Credit Premium Account. [2001 c.942 §16]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.070 - Industrial Rail Spur Fund.

The Industrial Rail Spur Fund is established separate and distinct from the General Fund. The moneys in the Industrial Rail Spur Fund and the interest earnings of the fund are continuously appropriated to the Department of Transportation for the purpose of financing grants and loans to fund industrial rail spurs. The fund consists of moneys deposited in the fund under section 10, chapter 741, Oregon Laws 2003, and may include fees, moneys, federal funds, Miscellaneous Receipts or other revenues available for the purpose. [2003 c.741 §11]
Note:
367.070 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 367 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.081 - Distribution of amounts in Connect Oregon Fund.

(1) Each biennium, the Department of Transportation may provide grants for transportation projects under ORS 367.080 only if the department determines that $50 million or more will be available in the Connect Oregon Fund for grants awarded under ORS 367.080 to 367.086.
(2) The department may use up to one percent of the amounts available within the Connect Oregon Fund to pay administrative costs incurred by the department in carrying out the provisions of ORS 367.080 to 367.086.
(3) Each biennium, the department shall transfer seven percent of the moneys in the Connect Oregon Fund to the Multimodal Active Transportation Fund established under ORS 367.091 for the purpose of providing grants for bicycle and pedestrian transportation projects. [2017 c.750 §83; 2019 c.491 §21; 2023 c.400 §2]
Note:
See first note under 367.080.
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.082 - Grants from Connect Oregon Fund; rules.

(1) Except as provided in subsection (2) of this section, the Department of Transportation may provide, from moneys in the Connect Oregon Fund established under ORS 367.080, grants for transportation projects to public bodies, as defined in ORS 174.109, and to private entities.
(2) Grants may not be made from the Connect Oregon Fund for transportation projects that could constitutionally be funded by revenues described in Article IX, section 3a, of the Oregon Constitution.
(3) The Department of Transportation shall adopt rules specifying the process by which a public body or private entity may apply for a grant under this section and prescribing the terms and conditions of grants. An applicant receiving a grant must provide the following amounts:
(a) For public bodies and private entities, other than Class I railroads, 30 percent of the moneys required for the transportation project.
(b) For Class I railroads, 50 percent of the moneys required for the transportation project. [2005 c.816 §3; 2015 c.707 §2; 2017 c.750 §79]
Note:
See first note under 367.080.
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.084 - Selection of projects.

(1) The Oregon Transportation Commission shall select transportation projects to be funded with moneys in the Connect Oregon Fund established under ORS 367.080.
(2)(a) Prior to selecting transportation projects, the commission shall seek input from the applicable area commission on transportation.
(b) Prior to selecting aeronautic and airport transportation projects, the commission shall solicit recommendations from the State Aviation Board.
(c) Prior to selecting freight transportation projects, the commission shall solicit recommendations from the Freight Advisory Committee.
(d) Prior to selecting rail projects, the commission shall solicit recommendations from the rail advisory committee.
(e) Prior to selecting marine projects, the commission shall solicit recommendations from the Oregon Business Development Department.
(3) In selecting transportation projects, the commission shall consider:
(a) Whether a proposed transportation project reduces transportation costs for Oregon businesses or improves access to jobs and sources of labor;
(b) Whether a proposed transportation project results in an economic benefit to this state;
(c) Whether a proposed transportation project is a critical link connecting elements of Oregon’s transportation system that will measurably improve utilization and efficiency of the system;
(d) How much of the cost of a proposed transportation project can be borne by the applicant for the grant from any source other than the Connect Oregon Fund;
(e) Whether a proposed transportation project is ready for construction;
(f) Whether a proposed transportation project has a useful life expectancy that offers maximum benefit to the state; and
(g) Whether a proposed transportation project is located near operations conducted for mining aggregate or processing aggregate as described in ORS 215.213 (2)(d) or 215.283 (2)(b).
(4) To promote fairness in the selection process, the Director of Transportation may not choose a member of a final review committee:
(a) Who represents an entity that submitted an application for a Connect Oregon Fund grant that is being considered for funding by a final review committee; or
(b) Has a direct financial interest in an application that is being considered for funding by a final review committee. [2005 c.816 §4; 2007 c.859 §3; 2013 c.765 §2; 2015 c.707 §3; 2017 c.750 §80; 2019 c.491 §22]
Note:
See first note under 367.080.
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.086 - Administration of projects.

(1) The Department of Transportation, in cooperation with the Oregon Department of Aviation, shall administer aeronautic and airport transportation projects selected under ORS 367.084 for funding with moneys in the Connect Oregon Fund. The Oregon Department of Aviation may use moneys from the Connect Oregon Fund to pay administrative costs incurred by the Oregon Department of Aviation in carrying out the provisions of ORS 367.080 to 367.086.
(2) Except as provided in subsection (1) of this section, the Department of Transportation shall administer all transportation projects that are selected under ORS 367.084. [2005 c.816 §6; 2013 c.765 §3; 2015 c.707 §4; 2017 c.750 §81]
Note:
See first note under 367.080.
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.091 - Multimodal Active Transportation Fund.

(1) As used in this section and ORS 367.093:
(a) "Private entity" means any entity that is not a public body, including but not limited to a corporation, partnership, company, nonprofit organization or other legal entity or natural person.
(b) "Public body" has the meaning given that term in ORS 174.109.
(c) "Transportation project" means a project or undertaking for bicycle and pedestrian capital infrastructure, including bridges, paths and ways. A transportation project does not include costs associated with operating expenses or the purchase of bicycles.
(2) The Multimodal Active Transportation Fund is established in the State Treasury, separate and distinct from the General Fund. Earnings on moneys in the Multimodal Active Transportation Fund shall be deposited into the fund. Moneys in the fund are continuously appropriated to the Department of Transportation for the purposes described in subsection (3) of this section and in ORS 367.093. The fund consists of the following:
(a) Moneys transferred to the fund under ORS 320.440.
(b) Moneys transferred to the fund under ORS 367.081.
(c) Moneys appropriated to the fund by the Legislative Assembly.
(d) Earnings on moneys in the fund.
(e) Moneys from any other source.
(3) The department shall use moneys in the fund to award grants for bicycle and pedestrian transportation projects as provided in ORS 367.093. [2019 c.491 §23]
Note:
367.091 and 367.093 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 367 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.093 - Grants from Multimodal Active Transportation Fund; rules.

(1) The Department of Transportation shall establish the Multimodal Active Transportation Program. The department may provide, from moneys in the Multimodal Active Transportation Fund established under ORS 367.091, grants for transportation projects to public bodies and to private entities.
(2) The department shall adopt rules specifying the process by which a public body or private entity may apply for a grant under this section and prescribing the terms and conditions of grants. An applicant receiving a grant must provide 30 percent of the moneys required for the transportation project.
(3) The Oregon Transportation Commission shall select transportation projects to be funded with moneys in the Multimodal Active Transportation Fund. Before selecting bicycle and pedestrian transportation projects, the commission shall solicit recommendations from the advisory committee created by ORS 366.112. [2019 c.491 §24]
Note:
See note under 367.091.
Note:
Sections 28 and 29, chapter 491, Oregon Laws 2019, provide:
Sec. 28.
(1) Each biennium, in cooperation with the Department of Transportation, the State Parks and Recreation Department shall allocate, for bicycle and pedestrian transportation projects to meet recreation and transportation needs, up to $4 million of lottery revenues designated for outdoor recreation improvement projects.
(2) Each biennium, the State Parks and Recreation Department shall allocate one-half of the funding described in subsection (1) of this section for the purpose of providing grants for bicycle and pedestrian transportation projects through local and regional grant programs.
(3) Each biennium, the State Parks and Recreation Department shall allocate one-half of the funding described in subsection (1) of this section for the purpose of funding bicycle and pedestrian transportation projects on signature, scenic or recreation trails within the State of Oregon. [2019 c.491 §28]
Sec. 29.
Section 28 of this 2019 Act is repealed on January 2, 2025. [2019 c.491 §29]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.097 - Debt service.

(1) Notwithstanding ORS 367.095 (4), the Department of Transportation may use amounts available under ORS 367.095 to secure and pay bond debt service on Highway User Tax Bonds under ORS 367.615.
(2) Any amounts remaining after the payment of debt service shall be used as described in ORS 367.095 (4). [2017 c.750 §71h; 2019 c.491 §15]
Note:
See note under 367.095.
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.098 - Fund exchange; allocation to local governments; rules.

(1) Each year, the Department of Transportation shall determine the amount of funding allocated under ORS 367.095 (4)(b) that is necessary to fund:
(a) Transportation projects specified by the Legislative Assembly by law;
(b) The matching moneys needed to spend federal funds;
(c) Highway maintenance activities;
(d) Programs that are more efficient to operate using state moneys; and
(e) Other purposes for which federal funds cannot be used.
(2) From state moneys described under ORS 367.095 (4)(b) remaining after setting aside the funds necessary to meet the purposes described in subsection (1) of this section, the department shall allocate to local governments $35 million per year.
(3) The department shall replace any state funds made available to local governments under subsection (2) of this section with federal surface transportation funding on a dollar for dollar basis.
(4)(a) The department shall allocate the state moneys described in ORS 367.095 (4)(b) under subsection (2) of this section to the following:
(A) Counties;
(B) Cities with a population of 5,000 or more and located outside the boundaries of a metropolitan planning organization, as defined in ORS 197.629;
(C) Metropolitan planning organizations in urbanized areas with a population of less than 200,000;
(D) The League of Oregon Cities; or
(E) The Association of Oregon Counties.
(b) Moneys allocated under this subsection shall be used solely for uses that are consistent with Article IX, section 3a, of the Oregon Constitution.
(c) The distribution of moneys under this subsection shall be:
(A) Determined by agreement between the department, the League of Oregon Cities and the Association of Oregon Counties; and
(B) Provided to recipients through guidelines developed by the department.
(5) If less than $35 million of state moneys is allocated to local governments under subsection (2) of this section in a year, the department shall, to the extent possible, allocate, under subsection (4) of this section, federal surface transportation funding in an amount equal to the difference between $35 million and the amount of state moneys allocated to local governments under subsection (2) of this section.
(6) The department may adopt rules to carry out the provisions of this section. [2023 c.233 §1]
Note:
367.098 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 367 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.105 - Short-term borrowing; conditions; repayment.

(1) In addition to the authority for short-term borrowing granted in ORS 286A.025 (2)(d) and 286A.045, the Department of Transportation, acting through the State Treasurer, may borrow money by entering into a credit agreement, a line of credit or a revolving line of credit, or by issuing a note, a warrant, a short-term promissory note, commercial paper or another similar obligation, for the following purposes:
(a) Providing matching funds as set forth in ORS 366.564.
(b) Providing funds with which to pay when due the principal or interest of bonded indebtedness created for highway purposes, the payment of which is necessary to preserve the financial credit of the state.
(c) Meeting emergencies.
(d) Providing funds for use by the department during times when expenditures exceed revenues, whether or not the department anticipated that expenditures would exceed revenues.
(e) Providing funds for the payment of current expenses in anticipation of revenue, grants or other moneys intended for payment of the current expenses.
(f) Providing funds for interim financing of a capital asset or project to be undertaken by the department.
(g) Refunding an outstanding obligation.
(2) Short-term borrowing under this section may be in such denominations or for such sums as the department fixes and may draw interest at a negotiated rate.
(3) The total outstanding indebtedness created by the short-term borrowing under this section may not exceed $600 million in outstanding principal amount.
(4) All short-term borrowing issued pursuant to this section shall mature within five years from the date of issuance. This subsection does not apply to refunding revenue bonds issued under subsection (5) of this section.
(5) The State Treasurer may issue refunding revenue bonds to refund outstanding short-term borrowings issued under this section.
(6) Using funds from the State Highway Fund or other funds that are legally available to the department or State Treasurer for the purposes for which the moneys were borrowed, including moneys received by the department or State Treasurer from the United States government:
(a) The department shall pay for and secure short-term borrowing under this section; and
(b) The department shall pay for any refunding revenue bonds issued under this section.
(7) ORS 286A.035 does not apply to borrowings under this section. [Formerly 366.605; 1969 c.427 §1; 1975 c.614 §11; 1981 c.94 §32; 1981 c.311 §1; 1991 c.793 §3; 2003 c.201 §18; 2007 c.783 §165; 2021 c.630 §82]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.161 - Definitions for ORS 367.161 to 367.181.

As used in ORS 367.161 to 367.181:
(1) "Federal transportation funds" means funds apportioned or allocated, or anticipated to be apportioned or allocated in the current or a future federal fiscal year, to the state by the United States Department of Transportation for use on a federal-aid highway or highway safety construction project or other federal funds that may be used for a highway improvement project that are available or are anticipated to be available in the current or a future federal fiscal year.
(2) "Grant anticipation revenue bond" means a revenue bond secured based on receipt, or anticipation of receipt in the current or a future federal fiscal year, of federal transportation funds.
(3) "Highway improvement project" means a federal-aid highway or highway safety construction project, a transportation project or another project for which the Department of Transportation may use federal transportation funds. [2003 c.201 §2]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.163 - Purposes for which bonds may be issued.

The State Treasurer, at the request of the Department of Transportation, may issue grant anticipation revenue bonds for the purposes of:
(1) Financing highway improvement projects including highway improvement projects already under way or scheduled;
(2) Financing the restoration, reconstruction or renovation of highway improvements in Oregon;
(3) Financing transportation projects;
(4) Paying the costs of issuance of the revenue bonds including, but not limited to, the costs and fees of paying agents, trustees and remarketing agents;
(5) Paying the costs of credit enhancements; or
(6) Financing the Interstate 5 bridge replacement project. [2003 c.201 §3; 2013 c.4 §17]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.166 - Requirements for grant anticipation revenue bonds; authority of State Treasurer.

(1) A grant anticipation revenue bond issued under ORS 367.161 to 367.181:
(a) Must contain on its face a statement that the ad valorem taxing power of this state or any political subdivision of this state is not pledged to the payment of the principal or the interest on the revenue bond.
(b) Shall be issued as provided in ORS chapter 286A.
(c) Must mature on or before a date determined by calculation of the expected economic life of the improvements, assets and projects financed with the proceeds of the revenue bonds.
(2) The State Treasurer shall determine, in consultation with the department and consistent with ORS chapter 286A, all aspects relating to the sale of revenue bonds under ORS 367.161 to 367.181 that are not otherwise specifically provided, including rate of interest and discount, if any. [2003 c.201 §4; 2007 c.783 §166]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.168 - Revenue declaration.

(1) Before grant anticipation revenue bonds are issued under ORS 367.161 to 367.181, the Department of Transportation shall prepare a revenue declaration authorizing issuance of the revenue bonds. The declaration must be signed by the Director of Transportation, or the director’s designee, and must be approved by the State Treasurer, or the treasurer’s designee.
(2) A declaration under this section may:
(a) Pledge all or a portion of the moneys described in ORS 367.173 for purposes of the revenue bonds to be issued.
(b) Limit the purposes to which the department may apply the proceeds of the sale.
(c) Make pledges concerning the proceeds of the sale or moneys described in ORS 367.173 to secure payment of the revenue bonds issued under ORS 367.161 to 367.181.
(d) Limit or otherwise provide for the issuance of additional revenue bonds, including refunding bonds, under ORS 367.161 to 367.181, limit or establish terms upon which additional revenue bonds, including refunding bonds, may be issued under ORS 367.161 to 367.181.
(e) Provide for procedures, if any, by which the terms of contracts with bondholders may be amended or rescinded, for the percentage of the bondholders that must consent to amendment or rescission of the contract and for the manner of bondholder consent to amendment or rescission of the contract.
(f) Establish a trustee and vest the trustee with property, rights, powers or duties in trust, as the State Treasurer determines appropriate.
(g) Provide for other matters affecting issuance of the revenue bonds.
(3) A declaration under this section may establish the same requirements, be subject to the same provisions, create the same obligations and confer the same rights as an indenture under ORS 367.171, if so provided in the declaration. [2003 c.201 §5]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.171 - Indenture.

An indenture under which grant anticipation revenue bonds are issued may provide for:
(1) The pledging of all or a portion of the moneys described in ORS 367.173 to the payment of the principal, interest, premium, if any, or the bond debt service of revenue bonds issued under ORS 367.161 to 367.181;
(2) Requirements concerning a particular series of revenue bonds issued under ORS 367.161 to 367.181;
(3) Requirements concerning moneys described in ORS 367.173 and payment on outstanding revenue bonds issued under ORS 367.161 to 367.181;
(4) A contractual undertaking for the benefit of bondholders concerning assessment, levy collection and deposit of moneys described in ORS 367.173;
(5) Provisions concerning the registration of revenue bonds or the recording or filing of the indenture;
(6) Provisions relating to a reserve account including, but not necessarily limited to, provisions related to the amount required for an account and provisions for replenishing the account from moneys described in ORS 367.173;
(7) Provisions concerning trustees including, but not limited to:
(a) Establishing funds, accounts or moneys described in ORS 367.173 over which the trustee will be custodian; and
(b) Providing that a trustee will be appointed; or
(8) Establishing the maturation date of the revenue bonds. [2003 c.201 §6; 2007 c.71 §99]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.173 - Moneys that may be used for payment of grant anticipation revenue bonds.

The principal, interest, premium, if any, and the purchase or tender price of the grant anticipation revenue bonds issued under ORS 367.161 to 367.181 are payable solely from the following moneys:
(1) Federal transportation funds.
(2) To the extent affirmatively pledged at the time issuance of revenue bonds is authorized, the following moneys that are lawfully available:
(a) Moneys deposited in the State Highway Fund established under ORS 366.505.
(b) Except as provided in paragraph (c) of this subsection, moneys, once deposited in the State Highway Fund established under ORS 366.505, from the following sources may be affirmatively pledged:
(A) Moneys from the taxes and fees on motor carriers imposed under ORS 825.474 and 825.480.
(B) Moneys from the tax on motor vehicle fuel imposed under ORS 319.020.
(C) Moneys from the tax on fuel used in motor vehicles imposed under ORS 319.530.
(D) Moneys from the special use fuel license fee under ORS 319.535.
(E) Moneys described under ORS 803.090 from the titling of vehicles.
(F) Moneys described under ORS 803.420 from the registration of vehicles.
(G) Moneys described under ORS 807.370 relating to the issuance of driver licenses and driver permits.
(H) Moneys received by the Department of Transportation from taxes, fees or charges imposed after January 1, 2001, or other revenues or moneys received by the department from sources not listed in subparagraphs (A) to (G) of this paragraph that are lawfully available to be pledged under this section.
(c) Moneys described in paragraph (b) of this subsection do not include:
(A) Moneys provided for appropriations to counties under ORS 366.762 to 366.768.
(B) Moneys provided for appropriations to cities under ORS 366.785 to 366.820.
(C) Moneys in the account established under ORS 366.512 for parks and recreation. [2003 c.201 §7; 2014 c.13 §8]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.176 - Refunding grant anticipation revenue bonds.

The State Treasurer may issue grant anticipation revenue bonds to refund outstanding grant anticipation revenue bonds or other obligations, the proceeds of which were used to finance highway improvement projects. Refunding and advance refunding bonds authorized in this section are subject to the provisions of ORS 367.161 to 367.181. [2003 c.201 §8]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.178 - Collection and use of federal transportation funds.

(1) When grant anticipation revenue bonds have been issued under ORS 367.161 to 367.181, the Department of Transportation shall collect federal transportation funds and may, as provided by the department when issuance of the revenue bonds was authorized, use the funds:
(a) For deposit into one or more special funds or accounts that may be pledged to secure payment of the revenue bonds.
(b) For payment of the costs of highway improvement projects.
(c) For reimbursement to the department of moneys previously spent on highway improvement projects.
(2) The department may direct the United States government to deposit federal transportation funds directly with a trustee for the holders of the revenue bonds to secure payment of the revenue bonds.
(3) The department shall use the proceeds of a sale of revenue bonds issued under ORS 367.161 to 367.181 to pay:
(a) The costs and expenses incurred in the construction or acquisition of a highway improvement project.
(b) Legal and financial costs and expenses incurred to issue or administer the revenue bonds.
(4) If moneys pledged to secure Highway User Tax Bonds pursuant to ORS 367.605 are also pledged to secure payment of principal, interest, premium, if any, and purchase or tender price of grant anticipation revenue bonds issued under ORS 367.161 to 367.181, the pledge to secure grant anticipation revenue bonds issued under ORS 367.161 to 367.181 is subordinate and subject to prior use of the moneys to pay Highway User Tax Bonds. [2003 c.201 §9]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.181 - Limits on obligation of grant anticipation revenue bonds.

(1) Grant anticipation revenue bonds issued under ORS 367.161 to 367.181 are not general obligations of the State of Oregon or of an agency, department, board, commission, officer or employee of the State of Oregon.
(2) The revenue bonds are a limited obligation payable solely from federal transportation funds received by the Department of Transportation and, if provided by the department when issuance of the revenue bonds is authorized, other moneys lawfully available for the purpose and affirmatively pledged to the payment of principal, interest, premium, if any, and purchase or tender price of the revenue bonds.
(3) A holder of revenue bonds issued under ORS 367.161 to 367.181 may not compel the payment of federal transportation funds to the Department of Transportation. [2003 c.201 §10]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.555 - Authority to issue general obligation bonds.

(1) The Department of Transportation may request the State Treasurer to issue general obligation bonds of the State of Oregon used to provide funds to defray the costs of building and maintaining permanent roads, including the costs of location, relocation, improvement, construction and reconstruction of state highways and bridges and those portions of a tollway project, as defined in ORS 383.003, that constitute building or maintaining permanent roads.
(2) The principal amount of any bonds issued under this section is subject to the provisions of ORS 286A.035. [1973 c.698 §2; 1981 c.660 §32; 2003 c.201 §19; 2007 c.783 §167; 2021 c.630 §155]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.560 - Disposition and use of general obligation bond proceeds.

All moneys obtained from the sale of general obligation bonds under ORS 367.555 to 367.600 must be paid over to the State Treasurer and credited by the State Treasurer to either the State Highway Fund or the Toll Program Fund. Such moneys may be used only for the purposes for which the bonds were authorized to be sold and, pending the use of the moneys, may be invested as provided by law. [1973 c.698 §3; 2003 c.201 §20; 2021 c.630 §156]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.565 - Procedure for issuing general obligation bonds under ORS 367.555 to 367.600.

The Department of Transportation shall request the State Treasurer to issue general obligation bonds under ORS 367.555 to 367.600 in accordance with ORS chapter 286A. [1973 c.698 §4; 1981 c.660 §33; 2003 c.201 §21; 2007 c.783 §168]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.595 - Setting aside sufficient moneys to pay maturing obligations.

The Department of Transportation shall compute and determine in January of each year, after the sale of bonds under ORS 367.555 to 367.600, the amount of principal and interest that will fall due during such year on general obligation bonds then outstanding and unpaid and shall maintain or hold in the State Highway Fund sufficient moneys to pay such maturing obligations. [1973 c.698 §10; 2003 c.201 §22]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.600 - Compliance with constitutional debt limits.

The State Treasurer on behalf of the Department of Transportation may not issue or sell general obligation bonds under ORS 367.555 to 367.600 that, singly or in the aggregate with previous debts or liabilities incurred for the building and maintaining of permanent roads, exceed an applicable limitation provided in the Oregon Constitution at the date of the issuance and sale of such general obligation bonds. [1973 c.698 §11; 2003 c.201 §23; 2007 c.783 §169]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.605 - Source of funds to secure Highway User Tax Bonds.

(1) Moneys deposited in the State Highway Fund established under ORS 366.505 are pledged to payment of Highway User Tax Bonds issued under ORS 367.615.
(2) Except as provided in subsection (3) of this section, moneys, once deposited in the highway fund from the following sources are subject to the use or pledge described in subsection (1) of this section:
(a) Moneys from the taxes and fees on motor carriers imposed under ORS 825.474 and 825.480.
(b) Moneys from the tax on motor vehicle fuel imposed under ORS 319.020.
(c) Moneys from the tax on fuel used in motor vehicles imposed under ORS 319.530.
(d) Moneys from the special use fuel license fee under ORS 319.535.
(e) Moneys described under ORS 803.090 from the titling of vehicles.
(f) Moneys described under ORS 803.420 from the registration of vehicles.
(g) Moneys described under ORS 807.370 relating to the issuance of driver licenses and driver permits.
(h) Moneys received by the Department of Transportation from taxes, fees or charges imposed after January 1, 2001, or other revenues received by the department from sources not listed in paragraphs (a) to (g) of this subsection that are available for the use or pledge described by this section.
(3) Moneys described under subsection (2) of this section do not include:
(a) Moneys provided for appropriations to counties under ORS 366.762 to 366.768.
(b) Moneys provided for appropriations to cities under ORS 366.785 to 366.820.
(c) Moneys in the account established under ORS 366.512 for parks and recreation.
(4) To the extent affirmatively pledged, moneys from the following sources are subject to the use or pledge described in subsection (1) of this section:
(a) Moneys received by the Department of Transportation from the United States government.
(b) Any other moneys legally available to the department.
(5) Notwithstanding ORS 366.507, the lien or charge of any pledge of moneys securing bonds issued under ORS 367.615 is superior or prior to any other lien or charge and to any law of the state requiring the department to spend moneys for specified highway purposes. [1985 c.551 §2; 2001 c.669 §8; 2003 c.201 §24; 2007 c.783 §169a; 2014 c.13 §10]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.617 - Allocation of bonds.

(1) As used in this section:
(a) "Bond" has the meaning given that term in ORS 367.010.
(b) "Bond debt service" has the meaning given that term in ORS 367.010.
(2) On each January 1, April 1, July 1 and October 1, and on the date of issuance of any Highway User Tax Bonds described in ORS 367.620 (3)(c), the Department of Transportation shall determine:
(a) The amount of Highway User Tax Bonds described in ORS 367.620 (3)(c) that are outstanding;
(b) The amount reasonably estimated, as set forth in subsection (4) of this section, as being necessary to pay bond debt service on the outstanding Highway User Tax Bonds described in ORS 367.620 (3)(c); and
(c) The amount of moneys allocated to the department under ORS 366.752 that is not required to pay bond debt service on the outstanding Highway User Tax Bonds described in ORS 367.620 (3)(c). The department shall deposit the amount into the Transportation Project Account established under ORS 366.523.
(3) The amount of moneys determined by the department under subsection (2)(c) of this section may be allocated by the Oregon Transportation Commission pursuant to a request of the department, in an amount that does not exceed the amount determined by the department, under subsection (2)(c) of this section, to the following projects in the following order of priority:
(a) The amount established for projects listed in section 64, chapter 865, Oregon Laws 2009;
(b) $15 million each year for maintenance, preservation and safety of the highways so long as the amount reasonably estimated by the department pursuant to subsection (2)(b) of this section is not greater than the amount received by the department under ORS 366.752 (4)(c); and
(c) For any other purposes determined by the commission.
(4) To reasonably estimate the amount necessary to pay bond debt service on Highway User Tax Bonds described in ORS 367.620 (3)(c), the department shall include in its computation:
(a) For fixed rate bonds, the bond debt service payments due on the bonds in the calendar quarter; and
(b) For variable rate bonds, bond debt service payments due on the bonds in the calendar quarter, with interest computed at the maximum rate of interest as set forth in the bond declaration or bond indenture executed by the department pursuant to ORS 367.630 and 367.640. [2009 c.865 §62]
Note:
367.617 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 367 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 367 - Transportation Financing; Projects › Section 367.621 - Use of private sector resources in specified work.

It is the policy of the State of Oregon to use increased revenues from the amendments to ORS 803.090, 803.420, 818.225, 825.476 and 825.480 by sections 1 to 5, chapter 618, Oregon Laws 2003, in a manner that maximizes the creation of new jobs. Each public body, as defined in ORS 174.109, that receives moneys from the revenues generated by the amendments to ORS 803.090, 803.420, 818.225, 825.476 and 825.480 by sections 1 to 5, chapter 618, Oregon Laws 2003, shall use private sector resources to the greatest extent possible in accomplishing the work funded by revenues from the amendments to ORS 803.090, 803.420, 818.225, 825.476 and 825.480 by sections 1 to 5, chapter 618, Oregon Laws 2003. [2003 c.618 §41]
Note:
367.621 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 367 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.