Chapter 1036 Oregon Laws
1999
Session Law
AN ACT
HB 2197
Relating to financing of
transportation projects; creating new provisions; amending ORS 367.010 and
367.620; repealing ORS 367.625; and limiting expenditures.
Be It Enacted by the People of the State of Oregon:
SECTION 1. Section 2 of this 1999 Act is added to and
made a part of ORS 367.010 to 367.050.
SECTION 2. (1) The Department of Transportation may
pledge not more than $10 million to ensure the repayment of loan guarantees or
other extensions of credit made to or on behalf of municipalities to finance
transportation projects. The lien of a pledge made under this subsection is
subordinate to the lien of a pledge securing bonds issued under ORS 367.605 to
367.670.
(2) If, during a fiscal year,
the moneys in the Oregon Transportation Infrastructure Fund are insufficient to
cover any claims by financial institutions that arise from loan guarantees or
other extensions of credit made under ORS 367.010 to 367.050, the department
shall transfer, as often as necessary or appropriate in that fiscal year,
moneys from the State Highway Fund to satisfy such claims. However, a transfer
of moneys from the State Highway Fund otherwise required by this section shall
not be made if:
(a) The transfer will reduce
the moneys in the State Highway Fund to an amount that is insufficient to pay
the principal and interest that will fall due during the fiscal year on
outstanding bonds issued under ORS 367.226 to 367.242 and 367.550 to 367.600;
or
(b) The transfer relates to
a claim arising out of a transportation project for which moneys in the State
Highway Fund may not be used under section 3a, Article IX, Oregon Constitution,
and ORS 366.505.
SECTION 3.
ORS 367.010 is amended to read:
367.010. As used in ORS 367.010 to 367.050:
(1) "Agency" means any department, agency or
commission of the State of Oregon.
(2) "Commission" means the Oregon Transportation
Commission.
(3) "Department" means the Department of
Transportation.
(4) "Financial
institution" means a banking institution, a financial institution or a
non-Oregon institution, as those terms are defined in ORS 706.008, and any
other institution defined by rule of the Oregon Transportation Commission as a
financial institution for purposes of ORS 367.010 to 367.050.
[(4)] (5) "Infrastructure
assistance" means any use of moneys in the Oregon Transportation
Infrastructure Fund, other than an infrastructure loan, to provide financial
assistance for transportation projects. The term includes, but is not limited
to, use of moneys in the infrastructure fund to finance leases, fund reserves,
make grants, pay issuance costs or provide credit enhancement or other security
for bonds, leases or loans obtained by municipalities to finance transportation
projects.
[(5)] (6) "Infrastructure bonds"
means bonds authorized by ORS 367.226 to 367.242, 367.258, 367.370 to 367.430,
367.550 to 367.600 or 367.605 to 367.670 that are issued to fund infrastructure
loans or provide infrastructure assistance and the proceeds of which are
deposited in the infrastructure fund, or bonds authorized by ORS 367.030.
[(6)] (7) "Infrastructure fund"
means the Oregon Transportation Infrastructure Fund.
[(7)] (8) "Infrastructure loan"
means a loan of moneys in the Oregon Transportation Infrastructure Fund to
finance a transportation project.
[(8)] (9) "Municipality" means a
city, county, road district, school district, special district, metropolitan
service district, the Port of Portland or an intergovernmental entity organized
under ORS 190.010.
[(9)] (10) "Transportation
project" means any project or undertaking that facilitates any mode of
transportation within this state. The term includes, but is not limited to, a
project for highway, transit, rail and aeronautics capital infrastructure, bicycle
and pedestrian paths, bridges and ways, and other facilities that facilitate
the transportation of materials, animals or people.
SECTION 4.
ORS 367.620 is amended to read:
367.620. Bonds issued under ORS 367.615 shall not exceed in the
aggregate a principal sum [$134] of $138.4 million.
SECTION 4a. If House Bill 2082 becomes law, section 4
of this 1999 Act (amending ORS 367.620) is repealed and ORS 367.620, as amended
by section 107, chapter 1060, Oregon Laws 1999 (Enrolled House Bill 2082), is
amended to read:
367.620. (1) Except as provided in subsection (2) of this
section, the principal amount of Highway User Tax Bonds issued under ORS
367.615 shall be subject to the provisions of ORS 286.505 to 286.545.
(2) During the period ending June 30, 2001, Highway User Tax
Bonds may be issued under ORS 367.615 for the purposes described in ORS 367.625
in an aggregate principal amount sufficient to produce net proceeds of not more
than $600 million. The provisions of ORS 286.505 to 286.545 do not apply to
bonds described in this subsection.
(3) In addition to any
other bonds issued, during the period ending June 30, 2001, the Department of
Transportation may issue revenue bonds under ORS 367.615 in the amount of $58.4
million. The provisions of ORS 286.505 to 286.545 do not apply to bonds described
in this subsection.
SECTION 5. Notwithstanding any other law limiting
expenditures of the Department of Transportation from fees, moneys or other
revenues, including Miscellaneous Receipts and federal funds received as
reimbursement from the United States Department of Transportation, the Federal
Highway Administration and the Federal Aviation Administration under the
Transportation Equity Act for the 21st Century, but excluding lottery funds,
collected or received by the Department of Transportation for the biennium
beginning July 1, 1999, the limitations on expenditures established by
chapter 907, Oregon Laws 1999 (Enrolled House Bill 5053), are adjusted as
follows:
(1) The limitation on
expenditures for the highway safety program established in section 2, chapter
907, Oregon Laws 1999 (Enrolled House Bill 5053), is increased by $20,000,000.
(2) The limitation on
expenditures for the local government program established in section 2, chapter
907, Oregon Laws 1999 (Enrolled House Bill 5053), is increased by $21,600,000.
SECTION 6. ORS 367.625 is repealed.
SECTION 7. If House Bill 2082 becomes law, section 6
of this 1999 Act (repealing ORS 367.625) is repealed.
Approved by the Governor
September 1, 1999
Filed in the office of
Secretary of State September 1, 1999
Effective date October 23,
1999
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