71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
SA to SB 753
 
LC 3536/SB 753-1
 
                      SENATE AMENDMENTS TO
                         SENATE BILL 753
 
      By COMMITTEE ON GENERAL GOVERNMENT AND TRANSPORTATION
 
                             April 2
 
  On page 1 of the printed bill, line 2, delete 'and' and before
the period insert '; and declaring an emergency'.
  Delete lines 4 through 31 and delete page 2 and insert:
  '  { +  SECTION 1. + }  { + Sections 2 to 4 of this 2001 Act
are added to and made a part of ORS 367.010 to 367.060. + }
  '  { +  SECTION 2. + }  { + The Legislative Assembly finds
that:
  ' (1) A well developed system of short line railroads is
critical to the economic growth and stability of Oregon;
  ' (2) Traditional funding techniques such as grant programs are
unable to keep pace with infrastructure investment in Oregon due
to budgetary constraints on state government;
  ' (3) Short line railroads serve the public good and would
benefit from the provision of public assistance;
  ' (4) New investment capital can be attracted to infrastructure
projects that are capable of generating their own revenue stream
through dedicated funding sources;
  ' (5) A state credit program can complement existing funding
sources by leveraging resources from nonstate sources;
  ' (6) The state could mitigate the need to expand highways by
encouraging the development and sustainability of a statewide
system of short line railroads; and
  ' (7) Newly established state credit programs are most
effectively delivered when they augment and utilize the resources
of previously established state credit programs. + }
  '  { +  SECTION 3. + }  { + As used in this section and section
4 of this 2001 Act:
  ' (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. part 1201. + }
  '  { +  SECTION 4. + }  { + (1) The Short Line Credit Premium
Account is established as an account in the Oregon Transportation
Infrastructure Fund. Moneys in the Short Line Credit Premium
Account are continuously appropriated to the Department of
Transportation for the purpose of carrying out the provisions of
this section.
  ' (2) A short line railroad may apply to the Department of
Transportation for infrastructure assistance in a manner
determined by the department by rule.
  ' (3) In evaluating applications for infrastructure assistance
under this section, the department shall give priority to
projects that:
  ' (a) Enhance public safety;
  ' (b) Enhance the environment;
  ' (c) Appear creditworthy, providing financially secure sources
of repayment to secure a federal credit instrument;
  ' (d) Promote rural economic development;
  ' (e) Reduce demand for expansion of highway capacity;
  ' (f) Enable Oregon companies to be more competitive in
regional, national and international markets;
  ' (g) Preserve or enhance rail or intermodal service to small
communities or rural areas; and
  ' (h) Will be operated by a short line railroad with federal
credit assistance under the RRIFP.
  ' (4) If a short line railroad receives infrastructure
assistance under this section for a project for which federal
credit assistance was received under RRIFP, and if all or part of
the credit premium is returned to the railroad by the federal
government, the railroad shall remit to the department the amount
of moneys returned to the railroad.
  ' (5) All moneys remitted to the department under subsection
(4) of this section shall be deposited by the department into the
Short Line Credit Premium Account. + }
  '  { +  SECTION 5. + }  { + The Department of Transportation
shall report to the Seventy-second Legislative Assembly on the
status of the short line railroad infrastructure assistance
program developed under section 4 of this 2001 Act. + }
  '  { +  SECTION 6. + }  { + (1) In addition to and not in lieu
of any other appropriation, there is appropriated to the
Department of Transportation, for the biennium beginning July 1,
2001, out of the General Fund, the amount of $2,000,000, to be
deposited in the the Short Line Credit Premium Account
established by section 4 of this 2001 Act.
  ' (2) Up to five percent of the moneys appropriated under this
section may be used by the department for administrative expenses
of the short line railroad infrastructure assistance program
developed under section 4 of this 2001 Act. + }
  '  { +  SECTION 7. + }  { + 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 July 1, 2001. + } ' .
                         ----------