73rd OREGON LEGISLATIVE ASSEMBLY--2005 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 3032
 
                         House Bill 3060
 
Sponsored by COMMITTEE ON TRADE AND ECONOMIC DEVELOPMENT
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
 
  Authorizes issuance of lottery bonds for rail improvement
projects. Establishes Rail Improvement Account and continuously
appropriates moneys in account to Department of Transportation
for rail improvement projects.
 
                        A BILL FOR AN ACT
Relating to rail projects; and appropriating money.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + (1) Pursuant to ORS 286.560 to 286.580, for the
biennium beginning July 1, 2005, the State Treasurer may issue
lottery bonds to finance grants for rail improvement projects
selected under section 2 of this 2005 Act.
  (2) The use of lottery bond proceeds is authorized based on the
following findings:
  (a) A well-developed system of railroads is critical to the
economic stability and growth of Oregon.
  (b) Railroads serve the public good and would benefit from the
provision of public assistance.
  (c) A state grant program can complement existing funding
sources by leveraging resources from nonstate sources.
  (3) The aggregate principal amount of lottery bonds issued
pursuant to this section may not exceed the sum of $___, plus an
additional amount established by the State Treasurer to pay
bond-related costs. Lottery bonds issued pursuant to this section
may be issued 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 Rail Improvement Account
established under section 2 of this 2005 Act. + }
  SECTION 2.  { + (1) The Rail Improvement Account is established
separate and distinct from the General Fund. Earnings on moneys
in the account shall be deposited in the Oregon Transportation
Infrastructure Fund. Moneys in the Rail Improvement Account are
continuously appropriated to the Department of Transportation for
the purpose of financing rail improvement grants in accordance
with this section.
  (2) A railroad may apply for a grant under this section in a
manner determined by the department by rule.
  (3) The department may award rail improvement grants under this
section. A grant may not exceed 75 percent of the total projected
costs of the project for which the grant is awarded. In awarding
grants under this section, the department shall give priority to
rail improvement projects that:
  (a) Enhance public safety;
  (b) Enhance the environment;
  (c) Promote economic development;
  (d) Improve train speeds and increase system capacity; and
  (e) Enable Oregon companies to be more competitive in regional,
national and international markets. + }
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