74th OREGON LEGISLATIVE ASSEMBLY--2007 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 816
 
                         House Bill 2278
 
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
  Presession filed (at the request of Governor Theodore R.
  Kulongoski for Department of Transportation)
 
 
                             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 transportation
projects funded from Multimodal Transportation Fund. Specifies
allocation of lottery bond proceeds.
  Declares emergency, effective July 1, 2007.
 
                        A BILL FOR AN ACT
Relating to financing for transportation projects; and declaring
  an emergency.
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, 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. + }
  SECTION 2.  { + The Oregon Transportation Commission shall
allocate at least 15 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:
  (1) Region one consists of Clackamas, Columbia, Hood River,
Multnomah and Washington Counties.
  (2) Region two consists of Benton, Clatsop, Lane, Lincoln,
Linn, Marion, Polk, Tillamook and Yamhill Counties.
  (3) Region three consists of Coos, Curry, Douglas, Jackson and
Josephine Counties.
  (4) Region four consists of Crook, Deschutes, Gilliam,
Jefferson, Klamath, Lake, Sherman, Wasco and Wheeler Counties.
  (5) Region five consists of Baker, Grant, Harney, Malheur,
Morrow, Umatilla, Union and Wallowa Counties. + }
  SECTION 3.  { + This 2007 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2007 Act takes effect July 1,
2007. + }
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