71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
HA to HB 3861
LC 3322/HB 3861-2
HOUSE AMENDMENTS TO
HOUSE BILL 3861
By COMMITTEE ON TRANSPORTATION
April 26
On page 1 of the printed bill, line 2, after 'rail;' delete the
rest of the line and line 3 and insert 'appropriating money;
limiting expenditures; and declaring an emergency.'.
Delete lines 5 through 30 and delete pages 2 through 10 and
insert:
' { + SECTION 1. + } { + As used in sections 1 to 6 of this
2001 Act:
' (1) 'Financing costs of Washington County' means the expenses
incurred by Washington County in financing any portion of the
difference described in section 5 of this 2001 Act including the
costs of debt issuance, financing debt payment reserves, interest
and, if self-financed, interest opportunity costs.
' (2) 'Residual lottery revenues' means the unobligated net
lottery proceeds as defined in ORS 286.560 that remain in a
fiscal year after payment of debt service due in that fiscal year
on all bonds secured by the revenues of the lottery and payment
of any bond-related costs.
' (3) 'South Metro Commuter Rail Project' means the
acquisition, construction, installation and procurement of all
components of an approximately 15-mile commuter rail line
connecting Wilsonville, Tualatin, Tigard and Beaverton, or
segments thereof. + }
' { + SECTION 2. + } { + (1) The State Treasurer is
authorized to issue lottery bonds pursuant to ORS 286.560 to
286.580 in the amount of $35 million to be deposited in the South
Metro Commuter Rail Project Fund established by section 4 of this
2001 Act on or before June 30, 2003, plus an additional amount to
be estimated by the State Treasurer for payment of bond-related
costs of the Department of Transportation and the State
Treasurer.
' (2) Lottery bonds issued pursuant to this section shall be
issued only at the request of the Director of Transportation. The
director shall request the issuance of lottery bonds when written
notice is received from Washington County declaring that the
county has entered into one or more contracts for final design,
construction or acquisition of components of the South Metro
Commuter Rail Project and the contracts have an aggregate value
of at least $20 million.
' (3) The net proceeds of lottery bonds issued pursuant to this
section shall be deposited in the South Metro Commuter Rail
Project Fund established by section 4 of this 2001 Act.
' (4) The bond-related costs of the Department of
Transportation and the State Treasurer for the lottery bonds
authorized by this section shall be paid from the gross proceeds
of those bonds and from deposits described in ORS 286.576
(1)(c). + }
' { + SECTION 3. + } { + The Legislative Assembly finds
that:
' (1) The development, acquisition, construction and operation
of the South Metro Commuter Rail Project will accomplish the
purpose of creating jobs and furthering economic development in
Oregon because:
' (a) Construction and operation of the South Metro Commuter
Rail will reduce traffic congestion on existing highways and
roads, improving the attractiveness of the metropolitan area to
new businesses and supporting the operations and prosperity of
existing businesses;
' (b) Construction and operation of the South Metro Commuter
Rail will reduce the cost and time required for family wage
earners to commute to work, permitting more of our work force to
obtain jobs for which they are qualified; and
' (c) Authorization for the issuance of lottery bonds for the
South Metro Commuter Rail Project will increase the likelihood of
federal funding for the project and add new revenues that will
directly benefit Oregon's construction industry.
' (2) The factors in subsection (1) of this section will
encourage and promote economic development within the State of
Oregon, and issuance of lottery bonds to finance the South Metro
Commuter Rail Project is therefore an appropriate use of state
lottery funds under section 4, Article XV of the Oregon
Constitution, and ORS 461.510. + }
' { + SECTION 4. + } { + (1) The South Metro Commuter Rail
Project Fund is established separate and distinct from the
General Fund. The moneys in the fund and the interest earnings of
the fund are continuously appropriated to the Department of
Transportation for the purpose described in subsection (2) of
this section.
' (2) Moneys in the South Metro Commuter Rail Project Fund
shall be available for immediate distribution to Washington
County, upon satisfaction of the conditions in subsection (3) of
this section, for the South Metro Commuter Rail Project.
' (3) The Director of Transportation shall enter into a grant
agreement by December 31, 2001, with Washington County that
requires the department to disburse an aggregate amount of $35
million to Washington County from the South Metro Commuter Rail
Project Fund. Disbursements from the fund shall be made as soon
as deposits accrue in the South Metro Commuter Rail Project Fund
and shall commence when:
' (a) Moneys are available in the fund; and
' (b) Washington County has entered into one or more contracts
for final design, construction or acquisition of components of
the South Metro Commuter Rail Project and the contracts have an
aggregate value of at least $20 million.
' (4) The grant agreement shall obligate the department to
deposit the lottery bond proceeds described in section 2 of this
2001 Act into the South Metro Commuter Rail Project Fund. If for
any reason less than $35 million in lottery bond proceeds is
deposited, the grant agreement shall also obligate the department
to offset any difference between $35 million plus the financing
costs of Washington County, if any, and the amount of lottery
bond proceeds actually deposited in the fund with residual
lottery revenues to be allocated by the Legislative Assembly to
the department. The department shall disburse moneys in the fund
to Washington County upon satisfaction of the conditions in
subsection (3) of this section. The grant agreement shall
obligate the State of Oregon unconditionally to deposit the
lottery bond proceeds authorized by section 2 of this 2001 Act
into the South Metro Commuter Rail Project Fund, and to allocate
the first available residual lottery revenues as described in
this subsection for deposit into the South Metro Commuter Rail
Project Fund. Washington County may assign and pledge its rights
under the grant agreement to lenders, vendors or contractors. The
Director of Transportation shall pledge the moneys available in
the fund for the South Metro Commuter Rail Project. + }
' { + SECTION 5. + } { + If an aggregate amount of $35
million has not been deposited in the South Metro Commuter Rail
Project Fund by July 1, 2003, then, subject only to the
availability of residual lottery revenues, the first available
residual lottery revenues each fiscal year shall be allocated to
the Department of Transportation and deposited in the South Metro
Commuter Rail Project Fund established by section 4 of this 2001
Act in an amount equal to one-fourth of the difference between
$35 million plus the financing costs of Washington County and the
total deposits actually made to the South Metro Commuter Rail
Project Fund by July 1, 2003. The first deposit under this
section shall be made no later than June 30, 2004. If Washington
County is required to finance costs of the South Metro Commuter
Rail Project, the county shall certify the amount of the
financing costs of Washington County paid in each fiscal year to
the Director of Transportation, and the amount of those costs
shall be added to the amounts to be deposited in the South Metro
Commuter Rail Project Fund and disbursed to the county for the
year. Deposits under this section shall continue until the total
deposits to the South Metro Commuter Rail Project Fund equal $35
million plus the financing costs of Washington County. + }
' { + SECTION 6. + } { + (1) There is allocated to the
Department of Transportation from the Administrative Services
Economic Development Fund the amount identified in subsection (2)
of this section.
' (2) The amount of $___ is established for the biennium
beginning July 1, 2001, as the maximum limit for payment of
expenses by the Department of Transportation from the
Administrative Services Economic Development Fund for the purpose
of paying the debt service costs of lottery bonds issued to
finance the South Metro Commuter Rail Project.
' (3) The allocation of moneys from the Administrative Services
Economic Development Fund under this section is subject to the
requirements in section 4, Article XV of the Oregon Constitution,
for deposit of 15 percent of the net proceeds from the Oregon
State Lottery into the Education Endowment Fund and into the
Parks and Natural Resources Fund and shall be made only after
satisfaction or payment of:
' (a) Amounts allocated to Westside lottery bonds issued under
ORS 391.140 or to the reserves or any refunding related to the
Westside lottery bonds in accordance with the priority for
allocation and disbursement established by ORS 391.130;
' (b) All liens, pledges or other obligations relating to
lottery bonds or refunding lottery bonds that are due or payable
during the biennium beginning July 1, 2001; and
' (c) Amounts required by any other pledges of, or liens on,
net proceeds of the Oregon State Lottery that were perfected
prior to the perfection of the lien and pledge authorized by
sections 1 to 6 of this 2001 Act. + }
' { + SECTION 7. + } { + There is appropriated to the
Department of Transportation, for the biennium beginning July 1,
2001, out of the General Fund, the amount of $1 for the purpose
of carrying out sections 1 to 6 of this 2001 Act. + }
' { + SECTION 8. + } { + This 2001 Act being necessary for
the immediate preservation of the public peace, health and
safety, an emergency is declared to exist, and this 2001 Act
takes effect on its passage. + } ' .
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