2013 Oregon Revised Statutes
Volume : 10 - Highways, Military, Juvenile Code, Human Services
Chapter 367 - Transportation Financing; Projects
Section 367.620 - Limitation on bond amount.
(1) The principal amount of Highway User Tax Bonds issued under ORS 367.615 shall be subject to the provisions of ORS 286A.035.
(2) Highway User Tax Bonds may be issued under ORS 367.615 for the purposes described in ORS 367.622 in an aggregate principal amount sufficient to produce net proceeds of not more than $500 million.
(3)(a) Highway User Tax Bonds may be issued under ORS 367.615 for bridge purposes described in section 10 (1), chapter 618, Oregon Laws 2003, in an aggregate principal amount sufficient to produce net proceeds of not more than $1.6 billion.
(b) Highway User Tax Bonds may be issued under ORS 367.615 for modernization purposes described in sections 10 (2) and 11, chapter 618, Oregon Laws 2003, in an aggregate principal amount sufficient to produce net proceeds of not more than $300 million.
(c) Highway User Tax Bonds may be issued under ORS 367.615 for the purposes described section 64, chapter 865, Oregon Laws 2009, in an aggregate principal amount sufficient to produce net proceeds of not more than $840 million. The proceeds from bonds issued as described in this paragraph that are not required for the purposes described in section 64, chapter 865, Oregon Laws 2009, shall be allocated to transportation projects, as defined in ORS 367.010, that are approved by the Legislative Assembly by law.
(d) The Department of Transportation, with the approval of the State Treasurer, may designate the extent to which a series of bonds authorized under this subsection is secured and payable on a parity of lien or on a subordinate basis to existing or future Highway User Tax Bonds. [1985 c.551 §4; 1999 c.1036 §4; 2001 c.669 §1; 2002 s.s.1 c.3 §1; 2003 c.618 §6; 2007 c.783 §171; 2009 c.865 §61; 2011 c.629 §2]
Note: Sections 64 to 66, chapter 865, Oregon Laws 2009, provide:
Sec. 64. (1) Proceeds of the bonds, as defined in ORS 367.010, authorized under ORS 367.620 (3)(c) may be used to finance all or any portion of the projects as listed in subsection (2) of this section. The Oregon Transportation Commission shall determine the order of completion for the projects listed in subsection (2) of this section.
(2) The following amounts are allocated for the projects listed below:
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(a) U.S. Highway 26 at the
Glencoe Road Interchange $ 32 million
(b) Interstate 84 at the
257th Avenue Interchange $ 24 million
(c) State Highway 212: Sunrise
Corridor, Phase I, Units 1, 2 and 3 $ 100 million
(d) U.S. Highway 26 at the Shute
Road Interchange, Phase I $ 45 million
(e) Interstate 5 at the Interstate
205 Interchange $ 11 million
(f) U.S. Highway 26: 185th Avenue
to Cornell Road $ 20 million
(g) Interstate 205 and State
Street Interchange $ 22 million
(h) Interstate 84 at the Hood
River Interchange $ 10 million
(i) State Highway 43 at the
Sellwood Bridge Interchange $ 30 million
(j) State Highway 6 at U.S.
Highway 101 $ 27 million
(k) State Highway 99W: Newberg
and Dundee Bypass, Phase I $ 192 million
(L) Interstate 5 at the State Highway
214 Interchange $ 53 million
(m) Interstate 5 at Beltline
6 and 7 $ 70 million
(n) Beltline Highway at
Delta Highway $ 2 million
(o) Interstate 5 at Kuebler
Road, Phase I $ 15 million
(p) Interstate 5 at Kuebler
Road, Phase II (Mill Creek) $ 4 million
(q) State Highway 42, county
line curves $ 10 million
(r) State Highway 62: Corridor
Solution, Phase II $ 100 million
(s) Interstate 5 at the Fern Valley
Road Interchange $ 25 million
(t) Interstate 5 Sutherlin
truck climbing lanes $ 4.1 million
(u) Interstate 5 Sexton truck
climbing lanes $ 10 million
(v) Interstate 84 at the U.S.
Highway 97 Interchange $ 19 million
(w) U.S. Highway 97: Crooked
River Bridge to Redmond $ 2 million
(x) State Highway 140:
state line $ 23 million
(y) Murphy Road at the U.S.
Highway 97 Interchange $ 25 million
(z) U.S. Highway 97: Redmond
reroute, Phase II $ 5 million
(aa) Chico Road reconstruction
in Baker County $ 621,083
(bb) Chandler Lane reconstruction
in Baker County $ 2,427,758
(cc) Interstate 84 Spring Creek
climbing lane in Union County $ 5.7 million
(dd) Northwest Washington Avenue
in Malheur County $ 4.5 million
(ee) Pierce Road improvements
in Union County $ 5 million
(ff) State Highway 82 alternate route
in Wallowa County $ 5 million
(gg) Westland Road in Umatilla
County $ 1.1 million
(hh) State Highway 207 and State
Highway 206 intersections $ 0.5 million
(ii) Vehicle chain-up areas east
of Pendleton on Interstate 84 $ 4.7 million
(jj) Izee-Paulina Highway in
Grant County $ 4.5 million
(kk) Monroe Street and U.S. Highway
20 Intersection in Harney County $ 0.9 million
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(3)(a) When the commission determines that the project described in subsection (2)(e) of this section is completed, the commission shall reallocate any amount remaining from the allocation made under subsection (2)(e) of this section to the project described in subsection (2)(b) of this section.
(b) When the commission determines that the project described in subsection (2)(f) of this section is completed, the commission shall reallocate any amount remaining from the allocation made under subsection (2)(f) of this section to the project described in subsection (2)(d) of this section.
(c) When the commission determines that the project described in subsection (2)(a) of this section is completed, the commission shall reallocate any amount remaining from the allocation made under subsection (2)(a) of this section to the project described in subsection (2)(d) of this section.
(4) Prior to June 1, 2010, in addition to the projects listed in subsection (2) of this section, if projects are recommended to the Oregon Transportation Commission by the applicable local area commission on transportation after consultation with the local governments listed in this subsection, the Oregon Transportation Commission may also approve and allocate funds to the following local governments for projects approved by the commission in the following amounts:
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(a) Baker County $ 7,051,159
(b) Grant County $ 1.1 million
(c) Harney County $ 4.1 million
(d) Malheur County $ 5.8 million
(e) Union County $ 1.3 million
(f) Umatilla County $ 2.5 million
(g) City of Nyssa $ 1 million
(h) City of Heppner $ 3 million
(i) City of Milton-Freewater $ 3 million
(j) City of Ontario $ 1.2 million
(k) Port of Umatilla $ 4.5 million
(L) Port of Morrow $ 10.7 million
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[2009 c.865 §64; 2012 c.55 §3; 2013 c.11 §1]
Sec. 65. Nothing in this 2009 Act [chapter 865, Oregon Laws 2009] is intended to impair and may not impair the interests of the owners of any Highway User Tax Bonds that are outstanding on the effective date of this 2009 Act [September 28, 2009] or any obligations of the agreements of the Department of Transportation under its Amended and Restated Master Highway User Tax Revenue Bond Declaration dated June 1, 2006, as amended and supplemented. [2009 c.865 §65]
Sec. 66. Notwithstanding ORS 367.620 (1), the provisions of ORS 286A.035 do not apply to bonds described in ORS 367.620 (3)(c) for the biennium beginning July 1, 2009. [2009 c.865 §66]
Note: Section 1, chapter 55, Oregon Laws 2012, provides:
Sec. 1. On or before November 1 of each year, the Oregon Transportation Commission shall submit a report to the interim legislative committees related to transportation issues. The report must include the following components:
(1) The amount of funding available for reallocation as a result of completion of the transportation projects described in section 64, chapter 865, Oregon Laws 2009, for less than the amounts originally allocated for the projects.
(2) A list of transportation projects, ranked in order of priority by the commission, from the list of projects described in section 64, chapter 865, Oregon Laws 2009, that require additional funding to be completed. [2012 c.55 §1]
