2007 Oregon Code - Chapter 367 :: Chapter 367 - Transportation Financing - Projects
Chapter 367
Transportation Financing; Projects
2007 EDITION
TRANSPORTATION FINANCING; PROJECTS
HIGHWAYS, ROADS, BRIDGES AND FERRIES
TRANSPORTATION FINANCING; PROJECTS
(Generally)
367.010 Definitions
for chapter
367.015 Oregon
Transportation Infrastructure Fund; sources; uses; rules; investment
367.020 Loans
and other assistance to public and private entities; rules; other authorized
purposes
367.025 Issuance
of infrastructure bonds
367.030 Issuance
of revenue bonds; bond covenants; maximum amount of bonds
367.035 Loans
to municipalities; authority of municipalities; repayment plan
367.040 Loans
to state agencies; loan contract
367.050 Powers
of department
367.060 Department
pledge to ensure loan guarantees; transfer of moneys from State Highway Fund
(Short Line Railroads)
367.066 Definitions
for ORS 367.066 and 367.067
367.067 Short
Line Credit Premium Account; rules
(Industrial Rail Spurs)
367.070 Industrial
Rail Spur Fund
(Multimodal Projects)
367.080 Multimodal
Transportation Fund
367.082 Grants
and loans from Multimodal Transportation Fund; rules
367.084 Selection
of projects
367.086 Administration
of projects
SHORT-TERM DEBT
367.105 Short-term
borrowing; conditions; repayment
GRANT ANTICIPATION REVENUE BONDS
367.161 Definitions
for ORS 367.161 to 367.181
367.163 Purposes
for which bonds may be issued
367.166 Requirements
for grant anticipation revenue bonds; authority of State Treasurer
367.168 Revenue
declaration
367.171 Indenture
367.173 Moneys
that may be used for payment of grant anticipation revenue bonds
367.176 Refunding
grant anticipation revenue bonds
367.178 Collection
and use of federal transportation funds
367.181 Limits
on obligation of grant anticipation revenue bonds
BONDED INDEBTEDNESS FOR STATE HIGHWAYS
367.555 Authority
to issue general obligation bonds
367.560 Disposition
and use of general obligation bond proceeds
367.565 Procedure
for issuing general obligation bonds under ORS 367.555 to 367.600
367.595 Setting
aside sufficient moneys to pay maturing obligations
367.600 Compliance
with constitutional debt limits
HIGHWAY USER TAX BONDS
367.605 Source
of funds to secure Highway User Tax Bonds
367.615 Bond
issuance; bonds not general obligation; conditions for issuance of additional
bonds; use of bond proceeds
367.620 Limitation
on bond amount
367.621 Use
of private sector resources in specified work
367.622 Preservation
and modernization projects funded by specified bonds; rules; selection criteria
367.623 Consultation
with local governments for project selection
367.630 Highway
revenue declaration; contents; purpose
367.635 Bond
form, issuance and maturity; provisions subject to determination of State
Treasurer
367.640 Indenture;
provisions
367.645 Reserve
account
367.650 Trust
indenture to secure bonds; provisions
367.655 Loan
of bond proceeds to cities and counties; use of loans; rules
367.660 Lien
on certain moneys pledged for bonds; terms of lien
367.665 Interest
on bonds exempt from state income tax
BONDED INDEBTEDNESS FOR CITY AND COUNTY ROADS AND RECREATION FACILITIES
367.700 Authority
to sell limited amount of bonds under ORS 367.700 to 367.750
367.705 Use
of funds; priority
367.710 Repayment
by city or county; interest
367.715 Procedure
for issuing bonds under ORS 367.700 to 367.750
367.745 Setting
aside sufficient moneys to pay maturing bonds
367.750 Constitutional
debt limits not to be exceeded
367.800 Findings
367.802 Definitions
367.804 Goals
of Oregon Innovative Partnerships Program; authority of Department of
Transportation; confidentiality; expenses
367.806 Agreements
367.808 Evaluation
of proposed agreements; role of Attorney General
367.810 State
Transportation
367.812 Bonds
secured by State Transportation Enterprise Fund; financing of transportation
projects
367.814 Moneys
from federal government or other sources
367.816 Use
of moneys in Oregon Transportation Infrastructure Fund for projects
367.818 Eminent
domain powers
367.820 Creation
of district; use of revenues within district
367.822 Advisory
committees on transportation projects; rules
367.824 Rules;
supremacy of federal law
367.826 Reports
to Emergency Board
Note: The definitions in 366.005 and 366.015 apply
to this chapter.
FINANCING FOR
TRANSPORTATION PROJECTS
(Generally)
367.010
Definitions for chapter. As
used in this chapter:
(1) Agency means any department, agency
or commission of the State of
(2) Bond means an evidence of
indebtedness including, but not limited to, a bond, a note, an obligation, a
loan agreement, a financing lease, a financing agreement or other similar
instrument or agreement.
(3) Bond debt service means payment of:
(a) Principal, interest, premium, if any,
or purchase price of a bond;
(b) Amounts due to a credit enhancement
provider, trustee, paying agent or remarketing agent authorized by this
chapter;
(c) Amounts necessary to fund bond debt
service reserves; and
(d) Amounts due under an agreement for
exchange of interest rates if designated by the State Treasurer or the
Department of Transportation.
(4) Credit enhancement means a credit
enhancement device, as defined in ORS 286A.001.
(5) Financial institution means a
banking institution, a financial institution or a non-Oregon institution, as
those terms are defined in ORS 706.008, and any other institution defined by
rule of the Oregon Transportation Commission as a financial institution for
purposes of ORS 367.010 to 367.067.
(6) Infrastructure assistance means any
use of moneys in the Oregon Transportation Infrastructure Fund, other than an
infrastructure loan, to provide financial assistance for transportation
projects. The term includes, but is not limited to, use of moneys in the
infrastructure fund to finance leases, fund reserves, make grants, pay issuance
costs or provide credit enhancement or other security for bonds issued by a
public entity to finance transportation projects.
(7) Infrastructure bonds means bonds
authorized by ORS 367.030, 367.555 to 367.600 or 367.605 to 367.665 that are
issued to fund infrastructure loans and the proceeds of which are deposited in
the infrastructure fund.
(8) Infrastructure fund means the Oregon
Transportation Infrastructure Fund.
(9) Infrastructure loan means a loan of
moneys in the infrastructure fund to finance a transportation project.
(10) Municipality means a city, county,
road district, school district, special district, metropolitan service
district, the
(11) Transportation project means any
project or undertaking that facilitates any mode of transportation within this
state. The term includes, but is not limited to, a project for highway,
transit, rail and aviation capital infrastructure, bicycle and pedestrian
paths, bridges and ways, and other projects that facilitate the transportation
of materials, animals or people. [1997 c.679 §1; 1999 c.1036 §3; 2003 c.201 §11;
2007 c.783 §161]
367.015
(2) The infrastructure fund consists of:
(a) Moneys appropriated to the
infrastructure fund by the Legislative Assembly.
(b) Moneys transferred to the
infrastructure fund by the department from the State Highway Fund or from other
funds available to the Oregon Transportation Commission.
(c) Moneys from any federal grant, state
grant or other grant that are deposited in the infrastructure fund.
(d) Proceeds of infrastructure bonds.
(e) Proceeds of Highway User Tax Bonds
issued under ORS 367.615 for the purpose of providing infrastructure assistance
or an infrastructure loan.
(f) Moneys due to a municipality that are
withheld pursuant to ORS 367.035 (3) or (5) and, for a loan made with proceeds
of Highway User Tax Bonds, moneys due to a municipality that are withheld
pursuant to ORS 367.655 (2)(c).
(g) Earnings on the infrastructure fund.
(h) Moneys paid to the department in
connection with infrastructure loans or infrastructure assistance.
(i) Any grants or donations made to the
State of
(3) A pledge by the department of its
revenues or other moneys in the infrastructure fund is valid and binding from
the time the pledge is made as provided in ORS 286A.102.
(4) The department shall use moneys in the
infrastructure fund solely to:
(a) Provide infrastructure loans and
infrastructure assistance;
(b) Pay the bond debt service for
infrastructure bonds and pay the costs of issuance and other costs related to
infrastructure bonds;
(c) Pay the departments costs of
administering the infrastructure fund and providing infrastructure loans and
infrastructure assistance, including any costs of monitoring transportation
projects and obtaining repayment of infrastructure loans and infrastructure
assistance;
(d) Pay the departments or another public
entitys costs for transportation projects including, but not limited to,
projects funded with the proceeds of Highway User Tax Bonds; and
(e) Ensure repayment of loan guarantees or
extensions of credit as provided in ORS 367.816.
(5) The department may establish separate
accounts in the infrastructure fund for infrastructure loans, infrastructure
assistance, the funding of infrastructure bond reserves, bond debt service
payments for infrastructure bonds and related costs, administrative and
operating expenses or any other purpose necessary or desirable for carrying out
the purposes of ORS 367.010 to 367.067. The commission may adopt rules that
govern how the infrastructure fund and its accounts are used. The
infrastructure fund or any of its accounts may be held by an escrow agent or
bond trustee.
(6) The department shall administer the
infrastructure fund. Moneys in the infrastructure fund, with the approval of
the State Treasurer, may be invested as provided by ORS 293.701 to 293.820 and
the earnings from such investments must be credited to the account in the
infrastructure fund designated by the department. [1997 c.679 §2; 2003 c.201 §12;
2003 c.790 §14; 2007 c.783 §162]
367.020
Loans and other assistance to public and private entities; rules; other
authorized purposes. (1)
Moneys in the Oregon Transportation Infrastructure Fund may be used to make
infrastructure loans and provide infrastructure assistance to any public or
private entity. The Oregon Transportation Commission shall adopt rules that
prescribe procedures and standards for making infrastructure loans and
providing infrastructure assistance.
(2) Moneys in the infrastructure fund may
be used for any purpose as long as the use is consistent with any restrictions
of the Oregon Constitution that may apply to such moneys. [1997 c.679 §§3,4;
2003 c.201 §13]
367.025
Issuance of infrastructure bonds. (1) If the Department of Transportation determines that it is
necessary or desirable to issue infrastructure bonds to provide moneys for the
Oregon Transportation Infrastructure Fund, the department shall ask the State
Treasurer to issue infrastructure bonds.
(2) Infrastructure bonds shall be issued
as provided in ORS chapter 286A. [1997 c.679 §5; 2001 c.536 §9; 2003 c.794 §266;
2007 c.783 §163]
367.030
Issuance of revenue bonds; bond covenants; maximum amount of bonds. (1) To provide moneys for the Oregon
Transportation Infrastructure Fund or to refund bonds authorized by this
section, the State Treasurer may, at the request of the Department of
Transportation, issue revenue bonds of the State of Oregon that are payable
solely from all or any portion of the moneys deposited in the infrastructure
fund and may pledge such moneys to secure the revenue bonds. The department or
State Treasurer may exercise any power granted by ORS chapter 286A in
connection with bonds authorized by this section. However, the State Treasurer
or the department shall not pledge or encumber any moneys of the State of
(2) The department may enter into
covenants for the benefit of the owners of bonds authorized by this section regarding
the use of moneys in the infrastructure fund, the providing of infrastructure
assistance and the collection of infrastructure loans. Any such covenants shall
be binding upon the State of
(3) The total principal amount of revenue
bonds that are issued under this section and outstanding at any time shall not
exceed $200 million. [1997 c.679 §6; 2007 c.783 §164]
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 municipalitys infrastructure
loan payments are required to be deposited. The department may waive the right
of the State of
367.040
Loans to state agencies; loan contract. (1) Notwithstanding ORS 283.087 (5), an agency may obtain an
infrastructure loan. 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
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]
367.060
Department pledge to ensure loan guarantees; transfer of moneys from
(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]
(Short Line
Railroads)
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]
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
(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]
(Industrial
Rail Spurs)
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.
(Multimodal
Projects)
367.080
Multimodal Transportation Fund.
(1) As used in ORS 367.080 to 367.086, transportation project has the meaning
given that term in ORS 367.010.
(2) The Multimodal Transportation Fund is
established separate and distinct from the General Fund. Earnings on moneys in
the Multimodal Transportation Fund shall be deposited into the fund. Moneys in
the Multimodal Transportation Fund are continuously appropriated to the
Department of Transportation for the purposes described in subsection (3) of
this section and in ORS 367.086.
(3) The department shall use moneys in the
Multimodal Transportation Fund to provide grants and loans for transportation
projects as provided in ORS 367.080 to 367.086. Grants and loans may be
provided only for projects that involve one or more of the following modes of
transportation:
(a) Air;
(b) Marine;
(c) Rail; and
(d) Public transit.
(4) All moneys received by the department
as interest on loans made under this section and as repayment of principal of
loans made under this section shall be deposited into the Multimodal
Transportation Fund. [2005 c.816 §1]
Note: 367.080 to 367.086 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.
Note: Sections 1 and 2, chapter 859, Oregon Laws
2007, provide:
Sec.
1. (1) Pursuant to ORS
286.560 to 286.580 [renumbered 286A.560 to 286A.585], for the biennium
beginning July 1, 2007, the State Treasurer may issue lottery bonds to finance
grants and loans for transportation projects as provided in ORS 367.080 to
367.086.
(2) The use of lottery bond proceeds
pursuant to this section is authorized based on the following findings:
(a) There is an urgent need to improve and
expand publicly owned and privately owned transportation infrastructure to
support economic development in this state.
(b) A safe, efficient and reliable
transportation network supports the long-term economic development and
livability of this state. A multimodal network of air, rail, public transit,
highway and marine transportation moves people and goods efficiently.
(c) Local governments and private sector
businesses often lack capital and the technical capacity to undertake
multimodal transportation projects.
(d) Public financial assistance can
stimulate industrial growth and commercial enterprise and promote employment
opportunities in this state.
(e) Public investment in transportation
infrastructure will create jobs and further economic development in this state.
(3) The aggregate principal amount of
lottery bonds issued pursuant to this section may not exceed the sum of $100
million plus an additional amount established by the State Treasurer to pay
bond-related costs. The State Treasurer may issue lottery bonds pursuant to this
section only at the request of the Director of Transportation.
(4) The net proceeds of the lottery bonds
issued pursuant to this section shall be deposited in the Multimodal
Transportation Fund established by ORS 367.080. [2007 c.859 §1]
Sec.
2. (1) To the extent that
proposed transportation projects meet the qualifications established by the
Oregon Transportation Commission by rule, the commission shall allocate at
least 10 percent of the net proceeds of the lottery bonds authorized by section
1 of this 2007 Act to each region described in this section. For purposes of
this section, the regions are as follows:
(a) Region one consists of Clackamas,
(b) Region two consists of
(c) Region three consists of Coos, Curry,
Douglas,
(d) Region four consists of Crook,
Deschutes, Gilliam, Jefferson, Klamath, Lake,
(e) Region five consists of Baker, Grant,
Harney, Malheur, Morrow, Umatilla, Union and
(2) In addition to any other fees or
payments required for grants or loans from the Multimodal Transportation Fund,
between July 1, 2007, and July 1, 2013, each recipient of moneys from the fund
shall pay two percent of the recipients total project costs to the Department
of Transportation. The department shall use the funds received under this
subsection to conduct a statewide multimodal study of the transportation
system. The study shall include an assessment of the infrastructure, capacity
demand and constraints, development of criteria for strategic investments and
return on investment and identification of potential funding sources and strategies.
The department may not use the funds received under this subsection for any
components of the study if the department has other available and eligible
funds. [2007 c.859 §2]
367.082
Grants and loans from Multimodal Transportation Fund; rules. (1) Except as provided in subsection (2) of
this section, the Department of Transportation may provide, from moneys in the
Multimodal Transportation Fund established by ORS 367.080:
(a) Grants for transportation projects to
public bodies, as defined in ORS 174.109, and to private entities; and
(b) Loans for transportation projects to
public bodies, as defined in ORS 174.109, and to private entities.
(2) Grants and loans may not be made from
the Multimodal Transportation Fund for transportation projects that could
constitutionally be funded by revenues described in section 3a, Article IX of
the Oregon Constitution.
(3) The Department of Transportation shall
adopt rules:
(a) Specifying the process by which a
public body or private entity may apply for a loan under this section and
prescribing the terms and conditions of loans, including but not necessarily
limited to interest rates and repayment schedules; and
(b) 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, including but not necessarily
limited to a requirement that the public body or private entity receiving the
grant provide at least 20 percent of the moneys required for the transportation
project. [2005 c.816 §3]
Note: See first note under 367.080.
367.084
Selection of projects. (1)
The Oregon Transportation Commission shall select transportation projects to be
funded with moneys in the Multimodal Transportation Fund established by ORS 367.080.
(2)(a) Prior to selecting aeronautic and
airport transportation projects, the commission shall solicit recommendations
from the State Aviation Board.
(b) Prior to selecting freight
transportation projects, the commission shall solicit recommendations from the
Freight Advisory Committee.
(c) Prior to selecting public transit and
rail projects, the commission shall solicit recommendations from its public
transit and rail advisory committees.
(d) Prior to selecting marine projects,
the commission shall solicit recommendations from the Economic and Community
Development Department.
(3) In selecting transportation projects
the commission shall consider:
(a) Whether a proposed transportation
project reduces transportation costs for
(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
(d) How much of the cost of a proposed
transportation project can be borne by the applicant for the grant or loan from
any source other than the Multimodal Transportation Fund; and
(e) Whether a proposed transportation
project is ready for construction. [2005 c.816 §4; 2007 c.859 §3]
Note: See first note under 367.080.
367.086
Administration of projects.
(1) The Oregon Transportation Commission shall transfer moneys for aeronautic
and airport transportation projects selected under ORS 367.084 from the
Multimodal Transportation Fund to the Oregon Department of Aviation, which
shall administer the projects. The amount transferred shall include moneys 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. The department may
use moneys from the Multimodal Transportation Fund to pay administrative costs
incurred by the department in carrying out the provisions of ORS 367.080 to
367.086. [2005 c.816 §6]
Note: See first note under 367.080.
Note: Sections 7 and 8, chapter 816, Oregon Laws
2005, provide:
Sec.
7. The
Sec.
8. Section 7 of this 2005
Act is repealed on January 1, 2012. [2005 c.816 §8]
SHORT-TERM
DEBT
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 $100
million in outstanding principal amount.
(4) All short-term borrowing issued pursuant
to this section shall mature within three years from the date of issuance.
(5) The department shall pay for and
secure short-term borrowing under this section with funds from the State
Highway Fund or other funds that are legally available to the department for
the purposes for which the moneys were borrowed, including moneys received by
the department from the
367.155 [Formerly part of 366.735; repealed by 1981
c.660 §18]
367.160 [Formerly 366.740; 1981 c.94 §33; repealed
by 1981 c.660 §18]
GRANT
ANTICIPATION REVENUE BONDS
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]
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
(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; or
(5) Paying the costs of credit
enhancements. [2003 c.201 §3]
367.165 [Formerly 366.745; repealed by 1981 c.660 §18]
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]
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 directors designee, and must be
approved by the State Treasurer, or the treasurers 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]
367.170 [Formerly 366.750; repealed by 1981 c.660 §18]
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]
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 described under ORS 803.090
from the titling of vehicles.
(E) Moneys described under ORS 803.420
from the registration of vehicles.
(F) Moneys described under ORS 807.370
relating to the issuance of driver licenses and driver permits.
(G) 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 (F) 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]
367.175 [Formerly 366.755; 1975 c.462 §5; repealed
by 1981 c.660 §18]
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]
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
(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]
367.180 [Formerly 366.760; repealed by 1981 c.660 §18]
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
(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]
367.185 [1975 c.436 §6; repealed by 1981 c.660 §18]
367.202 [Formerly 366.625; repealed by 1963 c.61 §1]
367.204 [Formerly 366.627; repealed by 1963 c.61 §1]
367.206 [Formerly 366.629; repealed by 1963 c.61 §1]
367.208 [Formerly 366.631; repealed by 1963 c.61 §1]
367.210 [Formerly 366.633; repealed by 1963 c.61 §1]
367.212 [Formerly 366.635; repealed by 1963 c.61 §1]
367.214 [Formerly 366.637; repealed by 1963 c.61 §1]
367.216 [Formerly 366.639; repealed by 1963 c.61 §1]
367.218 [Formerly 366.641; repealed by 1963 c.61 §1]
367.220 [Formerly 366.643; repealed by 1963 c.61 §1]
BONDED
INDEBTEDNESS FOR STATE HIGHWAYS
367.226 [Formerly 366.645; repealed by 2003 c.201 §39]
367.228 [Formerly 366.650; 1989 c.610 §1; repealed
by 2003 c.201 §39]
367.230 [Formerly 366.655; repealed by 2003 c.201 §39]
367.232 [Formerly 366.660; repealed by 2003 c.201 §39]
367.234 [Formerly 366.665; 1981 c.660 §20; repealed
by 2003 c.201 §39]
367.236 [Formerly 366.670; repealed by 2003 c.201 §39]
367.238 [Formerly 366.675; 1975 c.462 §6; 1983 c.740
§120; repealed by 2003 c.201 §39]
367.240 [Formerly 366.680; repealed by 1989 c.610 §3]
367.242 [Formerly 366.685; repealed by 2003 c.201 §39]
367.252 [Formerly 366.688; repealed by 1981 c.660 §18]
367.254 [Formerly 366.689; 1967 c.335 §43; repealed
by 1981 c.660 §18]
367.256 [Formerly 366.690; repealed by 1981 c.660 §18]
367.258 [Formerly 366.691; 1981 c.660 §21; 1991 c.67
§91; repealed by 2003 c.201 §39]
367.260 [Formerly 366.692; 1975 c.462 §7; repealed
by 1981 c.660 §18]
367.262 [Formerly 366.693; repealed by 1981 c.660 §18]
367.264 [Formerly 366.694; repealed by 1981 c.660 §18]
367.266 [Formerly 366.695; repealed by 1981 c.660 §18]
367.268 [Formerly 366.696; repealed by 1981 c.660 §18]
367.270 [Formerly 366.697; repealed by 1981 c.660 §18]
367.282 [Formerly 366.6980; repealed by 1981 c.660 §18]
367.284 [Formerly 366.6981; repealed by 1981 c.660 §18]
367.286 [Formerly 366.6982; 1967 c.335 §44; repealed
by 1981 c.660 §18]
367.288 [Formerly 366.6983; repealed by 1981 c.660 §18]
367.290 [Formerly 366.6984; repealed by 1981 c.660 §18]
367.292 [Formerly 366.6985; 1975 c.462 §8; repealed
by 1981 c.660 §18]
367.294 [Formerly 366.6986; repealed by 1981 c.660 §18]
367.296 [Formerly 366.6987; repealed by 1981 c.660 §18]
367.298 [Formerly 366.6988; repealed by 1981 c.660 §18]
367.300 [Formerly 366.6989; repealed by 1981 c.660 §18]
367.302 [Formerly 366.6990; repealed by 1981 c.660 §18]
367.324 [Formerly 366.7000; repealed by 1981 c.660 §18]
367.326 [Formerly 366.7001; repealed by 1981 c.660 §18]
367.328 [Formerly 366.7002; 1967 c.335 §45; repealed
by 1981 c.660 §18]
367.330 [Formerly 366.7003; repealed by 1981 c.660 §18]
367.332 [Formerly 366.7004; repealed by 1981 c.660 §18]
367.334 [Formerly 366.7005; 1975 c.462 §9; repealed
by 1981 c.660 §18]
367.336 [Formerly 366.7006; repealed by 1981 c.660 §18]
367.338 [Formerly 366.7007; repealed by 1981 c.660 §18]
367.340 [Formerly 366.7008; repealed by 1981 c.660 §18]
367.344 [Formerly 366.7009; repealed by 1981 c.660 §18]
367.346 [Formerly 366.7010; repealed by 1981 c.660 §18]
367.365 [Formerly 366.7020; repealed by 1981 c.660 §18]
367.370 [Formerly 366.7021; 1981 c.660 §48; repealed
by 2003 c.201 §39]
367.372 [1961 c.381 §2; repealed by 1981 c.660 §18]
367.380 [Formerly 366.7022; 1967 c.335 §46; repealed
by 1981 c.660 §18]
367.385 [Formerly 366.7023; repealed by 1981 c.660 §18]
367.390 [Formerly 366.7024; repealed by 1981 c.660 §18]
367.395 [Formerly 366.7025; 1975 c.462 §10; repealed
by 1981 c.660 §18]
367.400 [Formerly 366.7026; repealed by 1981 c.660 §18]
367.405 [Formerly 366.7027; repealed by 1981 c.660 §18]
367.410 [Formerly 366.7028; repealed by 1981 c.660 §18]
367.415 [Formerly 366.7029; 1981 c.660 §49; repealed
by 2003 c.201 §39]
367.420 [Formerly 366.7030; repealed by 1981 c.660 §18]
367.425 [1961 c.345 §3; repealed by 1981 c.660 §18]
367.430 [1961 c.345 §4; 1981 c.660 §50; repealed by
2003 c.201 §39]
367.465 [1961 c.483 §1; repealed by 1981 c.660 §18]
367.470 [1961 c.483 §2; repealed by 1981 c.660 §18]
367.480 [1961 c.483 §3; 1967 c.335 §47]
367.485 [1961 c.483 §4; repealed by 1981 c.660 §18]
367.490 [1961 c.483 §5; repealed by 1981 c.660 §18]
367.495 [1961 c.483 §6; 1975 c.462 §11; repealed by
1981 c.660 §18]
367.500 [1961 c.483 §7; repealed by 1981 c.660 §18]
367.505 [1961 c.483 §8; repealed by 1981 c.660 §18]
367.510 [1961 c.483 §9; repealed by 1981 c.660 §18]
367.520 [1961 c.483 §10; repealed by 1981 c.660 §18]
367.550 [1973 c.698 §1; repealed by 2003 c.201 §39]
367.555
Authority to issue general obligation bonds. 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, in an outstanding principal amount that 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]
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 the State Highway Fund. Such
moneys may be used only for the purposes stated in ORS 367.555 to 367.600 and,
pending the use of such moneys for highway purposes, may be invested as
provided by law. [1973 c.698 §3; 2003 c.201 §20]
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]
367.570 [1973 c.698 §5; repealed by 1981 c.660 §18]
367.575 [1973 c.698 §6; repealed by 1981 c.660 §18]
367.580 [1973 c.698 §7; repealed by 1981 c.660 §18]
367.585 [1973 c.698 §8; repealed by 1981 c.660 §18]
367.590 [1973 c.698 §9; repealed by 1981 c.660 §18]
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]
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]
HIGHWAY USER
TAX BONDS
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 described under ORS 803.090
from the titling of vehicles.
(e) Moneys described under ORS 803.420
from the registration of vehicles.
(f) Moneys described under ORS 807.370
relating to the issuance of driver licenses and driver permits.
(g) 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 (f) 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
(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]
367.610 [1985 c.551 §2a; repealed by 2003 c.201 §39]
367.615
Bond issuance; bonds not general obligation; conditions for issuance of
additional bonds; use of bond proceeds. (1) The Department of Transportation may request the State Treasurer
to issue and sell revenue bonds known as Highway User Tax Bonds as provided in
this section.
(2) Bonds issued under this section do not
constitute a debt or general obligation of this state or any political
subdivision of this state but are secured and payable from moneys described
under ORS 367.605. A holder of bonds issued under this section may not compel
the exercise of the ad valorem taxing power of the state to pay the bond debt
service on the bonds.
(3) This state shall provide for the
continued assessment, levy, collection and deposit into the highway fund moneys
described under ORS 367.605 in amounts sufficient to pay, when due, the annual
bond debt service and other amounts necessary to meet requirements established
by indenture under ORS 367.640.
(4) This state may not in any way impair
obligations of any agreement between this state and the holders of bonds issued
under this section.
(5) The authority granted by this section
is continuing and the department reserves the right to request the State Treasurer
to issue additional bonds under this section subject to the following:
(a) Additional bonds must be secured
equally and ratably by the pledge and appropriation of moneys described under
ORS 367.605 unless the State Treasurer, as permitted by law and the contracts
with owners of outstanding Highway User Tax Bonds, issues additional bonds in
different series and secures each series by a lien on and pledge of moneys
described under ORS 367.605 that is superior to or subordinate to the lien of
the pledge securing any other series of Highway User Tax Bonds.
(b) The State Treasurer may only issue
additional bonds if sufficient moneys described under ORS 367.605 may be
pledged to pay the annual bond debt service for all outstanding bonds issued
under this section as well as for the additional bonds.
(6) Proceeds from the sale of bonds under
this section are declared to be for the purpose of building and maintaining
permanent public roads and may be used:
(a) To finance the cost of state highway,
county road and city street projects in this state.
(b) To pay the cost of issuing the bonds.
(c) For loans to cities and counties as
provided under ORS 367.035 or 367.655.
(d) To pay the bond debt service of the
bonds.
(e) To pay the costs of the State Treasurer
and the department to administer and maintain the bonds and the Highway User
Tax Bond program, including the cost of consultants, advisors, attorneys or
other professional service providers appointed, retained or approved by the
treasurer or the department.
(f) To pay capitalized interest, principal
or premium, if any, of the bonds.
(g) For rebates or penalties due to the
(7) The State Treasurer, at the request of
the department, may issue Highway User Tax Bonds as capital appreciation bonds,
auction rate bonds, variable rate bonds, deep discount bonds or deferred
interest bonds.
(8) The State Treasurer or the Director of
Transportation, if so directed by the treasurer, may obtain credit enhancement
or an agreement for exchange of interest rates to provide additional security
or liquidity for the bonds or to provide funding, in lieu of cash, for all or a
portion of a bond debt service reserve account established with respect to the
bonds. [1985 c.551 §3; 2003 c.201 §25; 2007 c.783 §170]
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) 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]
Note: Section 2, chapter 3, Oregon Laws 2002
(first special session), provides:
Sec.
2. The Department of
Transportation may not issue bonds under the authority granted by ORS 367.620
(2) in an aggregate principal amount that exceeds an amount the department reasonably
believes can be paid with $71.2 million in biennial debt service. [2002 s.s.1
c.3 §2]
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.
Note: Sections 10 to 13, chapter 618, Oregon Laws
2003, provide:
Sec.
10. (1) Proceeds of bonds
authorized under ORS 367.620 (3)(a) shall be used as follows:
(a) Replacement and repair of bridges on
state highways, $1.3 billion. The Oregon Transportation Commission shall choose
projects under this paragraph that meet the criteria for freight mobility
projects as defined in section 37 of this 2003 Act [184.611].
(b) Replacement and repair of bridges on
county and city highways, $300 million. The commission shall choose projects
under this paragraph that meet the criteria for freight mobility projects as
defined in section 37 of this 2003 Act. In determining which bridges to replace
or repair under this paragraph, the commission shall consult with
representatives of local governments.
(2) Except as otherwise provided in
section 11 of this 2003 Act, proceeds of bonds authorized under ORS 367.620
(3)(b) shall be used for the modernization program described in ORS 366.507.
The commission shall give funding priority for modernization projects funded
with the proceeds of bonds authorized under ORS 367.620 (3)(b) to projects that
are ready for construction. [2003 c.618 §10]
Sec.
11. (1) The Oregon
Transportation Commission shall use $100 million of the net proceeds of bonds
authorized under ORS 367.620 (3)(b):
(a) For the capitalizable cost of
planning, development, design and construction of projects recommended by the
Freight Advisory Committee created by section 2, chapter 240, Oregon Laws 2001
[366.212].
(b) To provide or improve access to
industrial land sites. In selecting sites under this paragraph, the commission
shall consult with the Economic and Community Development Department and local
governments and shall give preference to sites for which local matching moneys
are available.
(c) To provide or improve access to sites
where jobs can be created.
(2) Notwithstanding ORS 366.507 (4)(b),
projects selected under this section need not be equitably distributed
throughout the state. [2003 c.618 §11]
Sec.
12. (1) In order to
facilitate the replacement and repair of bridges described in section 10 of
this 2003 Act, the Department of Transportation, after consultation with
affected road authorities, may designate temporary detour routes, and may
specify conditions of travel, over highways that are not state highways.
(2) Prior to directing traffic onto a
detour route chosen under this section, the department may repair or
reconstruct the highways chosen as detour routes if the repair or
reconstruction will be cost-effective in minimizing or preventing damage from
the increased traffic on the detour route.
(3) The department shall repair damage to
highways that are designated as detour routes under this section if the damage
results from the increase in traffic caused by the detour.
(4) The department may exercise the
authority granted under this section for as long as the replacement and repair
of bridges described in section 10 of this 2003 Act continues, or until January
2, 2013, whichever comes first. [2003 c.618 §12]
Sec.
13. Section 12 of this 2003
Act is repealed on January 2, 2013. [2003 c.618 §13]
Note: Section 1, chapter 486, Oregon Laws 2005,
provides:
Sec.
1. (1) If the Department of
Transportation does not need the total $1.3 billion in bond proceeds authorized
by section 10 (1), chapter 618, Oregon Laws 2003, for replacement and repair of
the bridges described in subsection (2) of this section, the department shall
use the proceeds not needed for the bridges as follows:
(a) Seventy-five percent for highway
projects of statewide significance that are on the list adopted by the Oregon
Transportation Commission in May 2002; and
(b) Twenty-five percent for freight
projects that the Freight Advisory Committee considered under section 11
(1)(a), chapter 618, Oregon Laws 2003.
(2) The bridges for which the bond
proceeds described in subsection (1) of this section may be used are those
bridges identified on the document issued by the Department of Transportation
titled Oregon Transportation Investment Act, State Bridge Projects, Summary of
Progress on Bridges in Stages 1-5, and dated January 2005. [2005 c.486 §1]
367.622
Preservation and modernization projects funded by specified bonds; rules;
selection criteria. (1) As
used in this section:
(a) Highway has the meaning given that
term in ORS 801.305.
(b) Modernization means improvements
that add capacity to highways, including but not limited to new or widened
lanes and new bypasses.
(c) Preservation means paving, striping,
reconstruction and other activities designed to add useful life to existing
highways.
(2) Bonds described in ORS 367.620 (2)
shall be used to finance preservation and modernization projects chosen by the
Oregon Transportation Commission. The commission shall select projects from
among the following:
(a) Highways that need increased lane
capacity.
(b) Highways and bridges that have weight
limitations.
(c) State and local bridges.
(d) Interchanges on multilane highways.
(e) District highways in cities and
counties that require preservation. The Department of Transportation shall
adopt rules defining district highway for purposes of this paragraph.
(3) In choosing projects under subsection
(2) of this section, the commission shall use the following criteria, in
addition to any criteria developed under ORS 367.623:
(a) Lane capacity projects shall be chosen
from a financially constrained list.
(b) Bridge projects shall be chosen on the
basis of a bridge inventory or rating system recognized by the commission.
(c) Priority for interchange projects
shall be given to projects on multilane highways where safety can be enhanced
by constructing a grade-separated interchange to replace an at-grade crossing.
(d) Priority for district highway
preservation projects shall be given to those projects that may facilitate
transfer of jurisdiction over the highway from the state to a local government.
(e) Projects selected for financing under
this section shall be equitably distributed throughout the state, using the
criteria for distribution of projects that are used for the Statewide
Transportation Improvement Program. [2001 c.669 §2; 2005 c.612 §8]
Note: 367.622 and 367.623 were added to and made a
part of ORS chapter 367 by legislative action but were not added to any smaller
series therein. See Preface to Oregon Revised Statutes for further explanation.
367.623
Consultation with local governments for project selection. In establishing criteria other than those
specified in ORS 367.622 for selection of projects, and in choosing projects
under ORS 367.622, the Oregon Transportation Commission shall consult with
local governments, metropolitan planning organizations and regional
transportation advisory groups. [2001 c.669 §3]
Note: See note under 367.622.
367.625 [1985 c.551 §4a; repealed by 1999 c.1036 §6]
367.630
Highway revenue declaration; contents; purpose. (1) Before bonds are issued under ORS
367.615, the Department of Transportation must prepare a highway revenue
declaration authorizing issuance of the bonds. The declaration must be signed
by the Director of Transportation or a person designated by the director and
must be approved by the State Treasurer or a person designated by the State Treasurer.
(2) A declaration prepared under this
section may do any of the following:
(a) Pledge any part or all of moneys
described under ORS 367.605 for purposes of the bonds to be issued.
(b) Limit the purpose for which the
proceeds of the sale may be applied by the department.
(c) Make pledges concerning the proceeds
of the sale or moneys described under ORS 367.605 as necessary to secure
payment of bonds of the department.
(d) Limit the issuance of additional bonds
under ORS 367.615, limit or establish terms upon which additional bonds may be
issued under ORS 367.615 or limit or establish the issuance or the terms of
issuance or provide for the refunding of outstanding bonds.
(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 rescinding
of such contract and for the manner of bondholder consent to any amendment or
rescinding of such contract.
(f) Establish a trustee as described under
ORS 367.650.
(g) Vest a trustee appointed under ORS
367.650 with property, rights, powers and duties in trust, as the State
Treasurer determines appropriate. Authority granted by this paragraph includes
authority to:
(A) Include the rights, powers and duties
of a trustee appointed to bondholders.
(B) Limit the rights, powers and duties of
the trustee.
(h) Provide for other matters affecting
issuance of the 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 and is otherwise subject to the
same provisions as an indenture under ORS 367.640, if so provided in the
declaration. [1985 c.551 §5; 1987 c.158 §64]
367.635
Bond form, issuance and maturity; provisions subject to determination of State
Treasurer. (1) A bond issued
under ORS 367.615:
(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 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 bonds. Subject to this
paragraph, the time bonds mature may be as established by indenture under ORS
367.640.
(2) The State Treasurer shall determine,
in consultation with the department and consistent with ORS chapter 286A, all
aspects relating to the sale of bonds under ORS 367.615 that are not otherwise
specifically provided, including rate of interest and discount, if any. [1985
c.551 §6; 2003 c.201 §26; 2007 c.783 §172]
367.640
Indenture; provisions. An
indenture under which bonds described under ORS 367.615 are issued may provide
for any or all of the following:
(1) The pledging of moneys or a portion of
moneys described under ORS 367.605 to the payment of the bond debt service on
bonds issued under ORS 367.615.
(2) Requirements concerning particular
issues of bonds under ORS 367.615.
(3) Requirements concerning moneys
described under ORS 367.605 and payment on outstanding bonds issued under ORS
367.615.
(4) A contractual undertaking for the
benefit of bondholders concerning assessment, levy collection and deposit of
moneys described under ORS 367.605.
(5) Provisions concerning the registration
of bonds or recording or filing of the indenture.
(6) Provisions relating to a reserve
account under ORS 367.645. Provisions under this subsection may include, but
are not limited to, the amount required for such account or provisions for
replenishing the account from moneys described under ORS 367.605.
(7) Provisions concerning trustees under
ORS 367.650 including, but not limited to:
(a) Establishing funds, accounts or moneys
described under ORS 367.605 over which the trustee will be custodian.
(b) Providing that a trustee will be
appointed.
(8) Establishing the maturation date for
the bonds, subject to ORS 367.635. [1985 c.551 §7; 2003 c.201 §27]
367.645
Reserve account. The
Department of Transportation may establish a separate reserve account to
provide additional security for bonds issued under ORS 367.615. The following
apply to any account established under this section:
(1) The account may be established as part
of the highway fund or separately.
(2) The establishment of an account does
not, in itself, limit the payment of bond debt service for bonds issued under
ORS 367.615 to moneys in the account. Bond debt service for bonds issued under
ORS 367.615 may be paid from any moneys under ORS 367.605, whether or not an
account is established, unless otherwise provided by indenture under ORS
367.640.
(3) The account is subject to any
provisions established by indenture under ORS 367.640 concerning the amount of
money in the account or the replenishing of moneys if the account is drawn down
at any time while bonds are outstanding.
(4) The account is subject to any other
provisions concerning the account that are established by indenture under ORS
367.640. [1985 c.551 §8; 1989 c.610 §2; 2003 c.201 §28]
367.650
Trust indenture to secure bonds; provisions. At the discretion of the State Treasurer, bonds issued under ORS
367.615 may be secured by a trust indenture. A trust indenture established
under this section is subject to the following:
(1) The trust indenture shall be by and
between the state and a trustee.
(2) The trustee may be any trust company
or bank having the powers of a trust company whether inside or outside the
state.
(3) The trustee may act as custodian as
provided for by indenture under ORS 367.640.
(4) The trustee must be jointly appointed
by the director and the State Treasurer.
(5) The trustee shall be vested with such
powers and duties as provided for by indenture under ORS 367.640. [1985 c.551 §9]
367.655
Loan of bond proceeds to cities and counties; use of loans; rules. (1) Notwithstanding any other provision of
law or any provision of charter or local ordinance to the contrary:
(a) The Department of Transportation may
loan a portion of proceeds from bonds issued under ORS 367.615 to cities and
counties; and
(b) Cities and counties may borrow moneys
under this section.
(2) Any loan made under this section is
subject to all of the following provisions:
(a) Moneys from the loan may only be used
to defray costs of location, relocation, improvements, construction and
reconstruction of city and county streets and roads.
(b) The department shall establish rules
concerning the making of agreements for the loans. Repayment of principal and
interest by any city or county must be made according to the agreement between
the department and the city or county.
(c) If a city or county defaults of
repayment, the department may withhold any part of the appropriation or
allocation to the city under ORS 366.785 to 366.820 or the county under ORS
366.762 to 366.768 as provided for in the agreement for repayment made under
this section. [1985 c.551 §10; 2003 c.201 §29]
367.660
Lien on certain moneys pledged for bonds; terms of lien. If moneys under ORS 367.605 are pledged for
purposes of bonds by indenture under ORS 367.640, a lien is established upon
the moneys. A lien established by this section is subject to all of the
following:
(1) The lien is a first lien and security
interest and prior charge upon the pledged moneys except to the extent provided
otherwise by the indenture.
(2) The lien is valid and binding from the
time the pledge is made.
(3) The pledged moneys are immediately
subject to the lien without physical delivery or further act.
(4) The lien is valid and binding against
all parties having claims on the money of any kind including claims under tort
or contract.
(5) The lien is valid and binding against
all parties irrespective of whether the parties have notice of the lien.
(6) No bond, indenture or any other
instrument by which the pledge is made or the lien created must be recorded or
filed except as provided by the indenture under ORS 367.640. [1985 c.551 §11;
2003 c.201 §30]
367.665
Interest on bonds exempt from state income tax. The interest upon all bonds issued under ORS
367.615 and upon all refunding and advance refunding bonds issued under ORS
chapter 286A is exempt from personal income taxation imposed by this state
under ORS chapter 316. [1985 c.551 §12; 2007 c.783 §172a]
367.670 [1985 c.551 §13; repealed by 2007 c.783 §234]
BONDED
INDEBTEDNESS FOR CITY AND COUNTY ROADS AND RECREATION FACILITIES
367.700
Authority to sell limited amount of bonds under ORS 367.700 to 367.750. In addition to the authority now vested by
any other provision of law state highway bonds of the State of
367.705
Use of funds; priority. (1)
The Department of Transportation shall make loans to cities and counties from
funds available under ORS 367.700 to 367.750 for the purposes stated in section
3a, Article IX of the Oregon Constitution.
(2) If funds available under ORS 367.700
to 367.750 are not sufficient to fund all projects for which funds are applied
by cities and counties, the department shall give priority to projects in
cities and counties having the highest rates of unemployment in this state. [1975
c.211 §2; 2003 c.201 §31]
367.710
Repayment by city or county; interest. (1) The Department of Transportation shall cause cities and counties
that receive funds under ORS 367.705 to repay bond debt service by withholding
from payments due to the city under ORS 366.785 to 366.820 or to the county
under ORS 366.762 to 366.768. Funds withheld under this subsection remain in
the State Highway Fund available for the purposes authorized by law.
(2) The Department of Transportation shall
fix the rate of interest to be charged on any advance made under ORS 367.705. [1975
c.211 §3; 2003 c.201 §32]
367.715
Procedure for issuing bonds under ORS 367.700 to 367.750. All bonds issued under ORS 367.700 to
367.750 must be issued in accordance with ORS chapter 286A. [1975 c.211 §4;
1981 c.660 §35; 2003 c.201 §33; 2007 c.783 §173]
367.720 [1975 c.211 §5; repealed by 1981 c.660 §18]
367.725 [1975 c.211 §6; repealed by 1981 c.660 §18]
367.730 [1975 c.211 §7; repealed by 1981 c.660 §18]
367.735 [1975 c.211 §8; repealed by 1981 c.660 §18]
367.740 [1975 c.211 §9; repealed by 1981 c.660 §18]
367.745
Setting aside sufficient moneys to pay maturing bonds. The Department of Transportation shall
compute and determine in January of each year, after the sale of bonds under
ORS 367.700 to 367.750, the amount of bond debt service that will fall due
during such year on bonds then outstanding and unpaid and shall maintain or
hold in the State Highway Fund sufficient moneys to pay such maturing
obligations. [1975 c.211 §10; 2003 c.201 §34]
367.750
Constitutional debt limits not to be exceeded. The Department of Transportation may not
issue or sell general obligation bonds under ORS 367.700 to 367.750 that,
singly or in the aggregate with previous debts or liabilities incurred for the
building and maintaining of permanent roads, exceed any limitation provided in
the Oregon Constitution at the date of the issuance and sale of such bonds. [1975
c.211 §11; 2003 c.201 §35]
367.800
Findings. The Legislative
Assembly finds that:
(1) Entrepreneurial approaches to the
acquisition, design, management and financing of transportation projects will
accelerate cost-effective project delivery.
(2) Entrepreneurial approaches can bring
substantial benefits to the public in transportation project development and
execution.
(3) Risk management is a critical
component of partnerships for transportation projects.
(4) Successful implementation of an
(5) The Legislative Assembly and the
executive branch of government accept responsibility for providing
predictability for partnerships for transportation projects and for allowing
negotiated agreements to be implemented.
(6) The development, acquisition and
construction of transportation projects creates jobs and furthers economic
development in
(a) Increasing the economy and efficiency
of public transportation, improving the flow of commerce into and around the
state and the surrounding region, improving the attractiveness of Oregon to new
businesses and supporting the operations and prosperity of existing businesses;
and
(b) Improving the movement of people into
and around the state and the surrounding region, alleviating congestion and
crowding and reducing the burdens on existing public transportation systems and
transportation facilities. [2003 c.790 §1]
Note: 367.800 to 367.826 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.
367.802
Definitions. As used in ORS
367.800 to 367.824:
(1) Agreement means a written agreement,
including but not limited to a contract, for a transportation project that is
entered into under ORS 367.806.
(2) Private entity means any entity that
is not a unit of government, including but not limited to a corporation,
partnership, company, nonprofit organization or other legal entity or a natural
person.
(3) Transportation project or project
means any proposed or existing undertaking that facilitates any mode of
transportation in this state.
(4) Unit of government means any
department or agency of the federal government, any state or any agency, office
or department of a state, any city, county, district, commission, authority,
entity, port or other public corporation organized and existing under statutory
law or under a voter-approved charter and any intergovernmental entity created
under ORS 190.003 to 190.130, 190.410 to 190.440 or 190.480 to 190.490. [2003
c.790 §2]
Note: See note under 367.800.
367.804
Goals of
(2) The goals of the program are to:
(a) Develop an expedited project delivery
process;
(b) Maximize innovation; and
(c) Develop partnerships with private
entities and units of government.
(3) As part of the program established
under this section, the department may:
(a) Solicit concepts or proposals for
transportation projects from private entities and units of government.
(b) Accept unsolicited concepts or
proposals for transportation projects from private entities and units of
government.
(c) Evaluate the concepts or proposals
received under this subsection and select potential projects based on the
concepts or proposals. The evaluation under this paragraph shall include
consultation with any appropriate local government, metropolitan planning organization
or area commission on transportation.
(d) Charge an administrative fee for the
evaluation in an amount determined by the department.
(4) Following an evaluation by the
department of concepts or proposals submitted under subsection (3) of this
section, and the selection of potential transportation projects, the department
may negotiate and enter into the agreements described in ORS 367.806 for
implementing the selected transportation projects.
(5) Except as provided in subsection (6)
of this section:
(a) Information related to a
transportation project proposed under ORS 367.800 to 367.824, including but not
limited to the projects design, management, financing and other details, is
exempt from disclosure under ORS 192.410 to 192.505 until:
(A) The department shares the information
with a local government, metropolitan planning organization or area commission
on transportation under subsection (3)(c) of this section; or
(B) The department completes its
evaluation of the proposed project and has selected the proposal for
negotiation of an agreement.
(b) After the department has either shared
the information described in paragraph (a) of this subsection with a local
government, metropolitan planning organization or area commission on transportation,
or has completed its evaluation of the proposed project, the information is
subject to disclosure under ORS 192.410 to 192.505.
(6) Sensitive business, commercial or
financial information that is not customarily provided to business competitors
that is submitted to the department in connection with a transportation project
under ORS 367.800 to 367.824 is exempt from disclosure under ORS 192.410 to
192.505 until the information is submitted to the Oregon Transportation
Commission in connection with its review and approval of the transportation
project under ORS 367.806.
(7) The department may, in connection with
the evaluation of concepts or proposals for transportation projects, consider
any financing mechanisms, including but not limited to the imposition and
collection of franchise fees or user fees and the development or use of other
revenue sources.
(8) The department and any other unit of
government may expend, out of any funds available for the purpose, such moneys
as may be necessary for the evaluation of concepts or proposals for
transportation projects and for negotiating agreements for transportation
projects under ORS 367.806. The department or other unit of government may
employ engineers, consultants or other experts the department or other unit of
government determines are needed for the purposes of doing the evaluation and
negotiation. Expenses incurred by the department or other unit of government
under this subsection prior to the issuance of transportation project revenue
bonds or other financing shall be paid by the department or other unit of
government, as applicable, and charged to the appropriate transportation
project. The department or other unit of government shall keep records and
accounts showing each amount so charged. Upon the sale of transportation
project revenue bonds or upon obtaining other financing for any transportation
project, the funds expended by the department or other unit of government under
this subsection in connection with the project shall be repaid to the
department or the unit of government from the proceeds of the bonds or other
financing, as allowed by applicable law. [2003 c.790 §3]
Note: See note under 367.800.
367.806
Agreements. (1) As part of
the program established under ORS 367.804, the Department of Transportation
may:
(a) Enter into any agreement or any
configuration of agreements relating to transportation projects with any
private entity or unit of government or any configuration of private entities
and units of government. The subject of agreements entered into under this
section may include, but need not be limited to, planning, acquisition,
financing, development, design, construction, reconstruction, replacement,
improvement, maintenance, management, repair, leasing and operation of transportation
projects.
(b) Include in any agreement entered into
under this section any financing mechanisms, including but not limited to the
imposition and collection of franchise fees or user fees and the development or
use of other revenue sources.
(2) The agreements among the public and
private sector partners entered into under this section must specify at least
the following:
(a) At what point in the transportation
project public and private sector partners will enter the project and which
partners will assume responsibility for specific project elements;
(b) How the partners will share management
of the risks of the project;
(c) How the partners will share the costs
of development of the project;
(d) How the partners will allocate
financial responsibility for cost overruns;
(e) The penalties for nonperformance;
(f) The incentives for performance;
(g) The accounting and auditing standards
to be used to evaluate work on the project; and
(h) Whether the project is consistent with
the plan developed by the Oregon Transportation Commission under ORS 184.618
and any applicable regional transportation plans or local transportation system
programs and, if not consistent, how and when the project will become
consistent with applicable plans and programs.
(3) The department may, either separately
or in combination with any other unit of government, enter into working
agreements, coordination agreements or similar implementation agreements to
carry out the joint implementation of any transportation project selected under
ORS 367.804.
(4) Except for ORS 383.015, 383.017 (1),
(2), (3) and (5) and 383.019, the provisions of ORS 383.003 to 383.075 apply to
any tollway project entered into under ORS 367.800 to 367.824.
(5) The provisions of ORS 279.835 to 279.855
and ORS chapters 279A, 279B and 279C do not apply to concepts or proposals
submitted under ORS 367.804, or to agreements entered into under this section,
except that if public moneys are used to pay any costs of construction of
public works that is part of a project, the provisions of ORS 279C.800 to
279C.870 apply to the public works. In addition, if public moneys are used to
pay any costs of construction of public works that is part of a project, the
construction contract for the public works must contain provisions that require
the payment of workers under the contract in accordance with ORS 279C.540 and
279C.800 to 279C.870.
(6)(a) The department may not enter into
an agreement under this section until the agreement is reviewed and approved by
the Oregon Transportation Commission.
(b) The department may not enter into, and
the commission may not approve, an agreement under this section for the
construction of a public improvement as part of a transportation project unless
the agreement provides for bonding, financial guarantees, deposits or the
posting of other security to secure the payment of laborers, subcontractors and
suppliers who perform work or provide materials as part of the project.
(c) Before presenting an agreement to the
commission for approval under this subsection, the department must consider
whether to implement procedures to promote competition among subcontractors for
any subcontracts to be let in connection with the transportation project. As
part of its request for approval of the agreement, the department shall report
in writing to the commission its conclusions regarding the appropriateness of
implementing such procedures.
(7)(a) Except as provided in paragraph (b)
of this subsection, documents, communications and information developed,
exchanged or compiled in the course of negotiating an agreement with a private
entity under this section are exempt from disclosure under ORS 192.410 to
192.505.
(b) The documents, communications or
information described in paragraph (a) of this subsection are subject to
disclosure under ORS 192.410 to 192.505 when the documents, communications or
information are submitted to the commission in connection with its review and
approval of a transportation project under subsection (6) of this section.
(8) The terms of a final agreement entered
into under this section and the terms of a proposed agreement presented to the
commission for review and approval under subsection (6) of this section are
subject to disclosure under ORS 192.410 to 192.505.
(9) As used in this section:
(a) Public improvement has the meaning
given that term in ORS 279A.010.
(b) Public works has the meaning given
that term in ORS 279C.800. [2003 c.790 §§4,4b; 2007 c.531 §13]
Note: See note under 367.800.
367.808
Evaluation of proposed agreements; role of Attorney General. (1) At the request of the Department of
Transportation, the Attorney General may appoint special assistant attorneys
general for the purpose of evaluating partnership agreements entered into or to
be entered into as part of the program established under ORS 367.804. The
special assistant attorneys general shall be under the direction and control of
the Attorney General and may:
(a) Advise the Department of
Transportation concerning the legality of specific proposed partnerships;
(b) Advise the department on legal
procedures and practices related to implementation of specific projects that
use a partnership;
(c) Assist the department in negotiating
partnership agreements;
(d) Assist the department in preparing any
document related to a specific partnership;
(e) Advise the department regarding
accounting, investment and tax requirements applicable to specific projects
that use a partnership; and
(f) Advise the department regarding any
relevant federal securities or other laws and related disclosure requirements.
(2) When the Attorney General, as part of
the review under ORS 291.047, reviews an agreement entered into under ORS
367.806, the Attorney General shall:
(a) Recognize that the agreement is the
product of a partnership; and
(b) Defer to the business judgment of the
department and the Oregon Transportation Commission concerning the assignment
of risks and the incentives provided within the agreement. [2003 c.790 §5]
Note: See note under 367.800.
367.810
State Transportation
(2) The following moneys shall be
deposited into the State Transportation Enterprise Fund:
(a) Proceeds from bonds or other financing
instruments issued under the provisions of ORS 367.800 to 367.824;
(b) Revenues received from any
transportation project developed under the program established under ORS
367.804; and
(c) Any other moneys that are by donation,
grant, contract, law or other means transferred, allocated or appropriated to
the fund.
(3) Moneys in the State Transportation
Enterprise Fund are continuously appropriated to the Department of
Transportation for the purpose of carrying out the provisions of ORS 367.800 to
367.824 and implementing all or portions of any transportation project
developed under the program established under ORS 367.804.
(4) Moneys in the State Transportation
Enterprise Fund that are transferred from the State Highway Fund or from any
one of the sources that comprise the State Highway Fund as specified in ORS
366.505 and that are revenue under section 3a, Article IX of the Oregon
Constitution, may be used only for purposes authorized by section 3a, Article
IX of the Oregon Constitution.
(5) The department shall establish a
separate account in the State Transportation Enterprise Fund for each
transportation project that is undertaken under the program established under
ORS 367.804. Except as provided in subsection (4) of this section, the
department may pledge moneys in the State Transportation Enterprise Fund to
secure revenue bonds or any other debt obligations relating to the
transportation project for which the account is established.
(6) Moneys in an account established under
subsection (5) of this section shall be used as provided in any agreement
applicable to the transportation project for which the account is established. [2003
c.790 §6]
Note: See note under 367.800.
367.812
Bonds secured by State Transportation
(2) Moneys received from the issuance of
revenue bonds or other debt obligations, including any investment earnings
thereon, may be expended:
(a) For the purpose of financing the costs
of the transportation project for which the bonds are issued;
(b) To pay the costs and other
administrative expenses of the bonds;
(c) To pay the costs of credit enhancement
or to fund any reserves determined to be necessary or advantageous in
connection with the revenue bonds; and
(d) To reimburse the department for any
costs related to carrying out the purposes of the program established under ORS
367.804.
(3) Any transportation project may be
financed in whole or in part with:
(a) The proceeds of grant anticipation
revenue bonds authorized by 23 U.S.C. 122 and applicable state law.
(b) Grants, loans, loan guarantees, lines
of credit, revolving lines of credit or other financing arrangements available
pursuant to the Transportation Infrastructure Finance and Innovation Act under
23 U.S.C. 181 et seq., or any other applicable federal law.
(c) Infrastructure loans or assistance
from the Oregon Transportation Infrastructure Fund established by ORS 367.015.
(4) As security for the payment of
financing described in subsection (3) of this section, the revenues from the
project may be pledged, but no such pledge of revenues constitutes in any
manner or to any extent a general obligation of the state. Any financing
described in subsection (3) of this section may be structured on a senior,
parity or subordinate basis to any other financing. [2003 c.790 §7; 2007 c.783 §174]
Note: See note under 367.800.
367.814
Moneys from federal government or other sources. (1) The Department of Transportation or a
unit of government may accept from the
(2) The department or a unit of government
may accept from any source any grant, donation, gift or other form of
conveyance of land, money, other real or personal property or other valuable
thing made to the State of Oregon, the department or the unit of government for
carrying out the purposes of ORS 367.800 to 367.824.
(3) Any transportation project may be
financed in whole or in part by contribution of any funds or property made by
any private entity or unit of government that is a party to any agreement
entered into under ORS 367.806. [2003 c.790 §8]
Note: See note under 367.800.
367.816
Use of moneys in
(2) The lien of a pledge made under this
section is subordinate to the lien of a pledge securing bonds payable from
moneys in the State Highway Fund described in ORS 366.505, the State Tollway
Account established by ORS 383.009 or the State Transportation Enterprise Fund established
by ORS 367.810. [2003 c.790 §9]
Note: See note under 367.800.
367.818
Eminent domain powers. The
Department of Transportation may exercise the power of eminent domain to
acquire property, rights of way or other rights in property for transportation
projects that are part of the program established under ORS 367.804, regardless
of whether the property will be owned in fee simple by the department. [2003
c.790 §10]
Note: See note under 367.800.
367.820
Creation of district; use of revenues within district. An agreement among the Department of
Transportation and other units of government may create a new district, or
designate a previously existing district, that includes any or all of the
territory within the geographic boundaries of any or all Oregon counties in
which a transportation project is located, and may require that all revenues
from franchise fees, other user fees or other revenue sources collected within
the district in connection with the transportation project be used exclusively
for the benefit of the district. [2003 c.790 §11]
Note: See note under 367.800.
367.822
Advisory committees on transportation projects; rules. (1) The Department of Transportation and any
unit of government that participates in a transportation project may establish
advisory committees to advise the department or the unit of government with
respect to transportation projects. An advisory committee shall consist of not
fewer than five and not more than nine members, as determined by the
department. Members shall be appointed by the department, or in a manner agreed
to by the department and any participating unit of government.
(2) At the request of the department, an
advisory committee may review concepts or proposals for transportation projects
and submit recommendations to the department or the participating unit of
government.
(3) An advisory committee shall meet as
necessary at times and places fixed by the department or the participating unit
of government. The department shall provide personnel services to assist the
advisory committee within the limits of available funds. An advisory committee
may adopt rules to govern its proceedings and may select officers. [2003 c.790 §12]
Note: See note under 367.800.
367.824
Rules; supremacy of federal law. (1) The Department of Transportation may adopt any rules it considers
necessary to implement the provisions of ORS 367.800 to 367.824.
(2) Notwithstanding any provision of ORS
367.800 to 367.824, applicable federal laws, rules and regulations govern in
any situation that involves federal funds if the federal laws, rules or
regulations:
(a) Conflict with any provision of ORS
367.800 to 367.824;
(b) Require procedures that are additional
to or different from those provided in ORS 367.800 to 367.824; or
(c) Require contract provisions not
authorized by ORS 367.800 to 367.824. [2003 c.790 §§4a,13]
Note: See note under 367.800.
367.826
Reports to Emergency Board.
(1) The Department of Transportation shall report to the Emergency Board at
least twice during each interim regarding the transportation projects proposed
or agreed to under ORS 367.800 to 367.824.
(2) The report under subsection (1) of
this section shall include but need not be limited to information about
expenditure of moneys for evaluation of concepts and proposals for
transportation projects, agreements entered into, transportation projects that
have been agreed to and financing mechanisms being used for transportation
projects. [2003 c.790 §16]
Note: See note under 367.800.
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