Chapter 1087 Oregon Laws
1999
Session Law
AN ACT
SB 1284
Relating to transportation;
appropriating money; limiting expenditures; and prescribing an effective date.
Be It Enacted by the People of the State of Oregon:
SECTION 1. (1) As used in this section,
"identified revenues" means the amount of the state income tax
revenues that result directly or indirectly from the additional public sector
transportation expenditures financed by the increase in state revenues
available for payment to contractors as a result of chapter 1060, Oregon Laws
1999 (Enrolled House Bill 2082), and by the increase in revenue available for
payment to contractors as a result of the federal Transportation Equity Act for
the 21st Century.
(2) The Transportation
Reinvestment Account, separate and distinct from the General Fund, is
established in the State Treasury. Moneys in the account, including identified
revenues as certified under section 2 of this 1999 Act, all investment earnings
from the account and any other revenues credited or appropriated to the
account, are appropriated continuously to the Department of Transportation for
the purposes described in subsection (3) of this section. In addition to any
other amounts appropriated or credited to the account, the Director of
Transportation may credit to the account any moneys realized by the department
under contracts, intergovernmental agreements and other financial arrangements
established by the department with respect to transportation programs.
(3) Moneys from the
Transportation Reinvestment Account shall be used as follows:
(a)(A) To pay any amounts
that become due and payable to the Director of Veterans' Affairs under the loan
described in section 3 of this 1999 Act. Amounts shall be due and payable upon
receipt by the Director of Transportation of notice from the Director of
Veterans' Affairs that a specified amount is due and payable, as set forth in
the Interagency Loan Agreement, and on the specified maturity date of the loan.
(B) Prior to the biennium
beginning July 1, 2001, if the Director of Transportation has not received
notice from the Director of Veterans' Affairs, or if there are any moneys
remaining in the account after any required payments to the Director of Veterans'
Affairs, the moneys in the account may be used as provided in paragraphs (b)
and (c) of this subsection.
(C) For the biennium
beginning July 1, 2001, and for all subsequent biennia until the loan described
in section 3 of this 1999 Act is paid in full, moneys in the account may not be
used as provided in paragraphs (b) and (c) of this subsection.
(D) After the loan is paid
in full, moneys in the account may be used as provided in paragraphs (b) and
(c) of this subsection.
(b) Subject to paragraph (a)
of this subsection, the sum of $5 million shall be transferred to the
Department of Transportation and is appropriated to the department for public
transportation for the elderly and disabled.
(c) Subject to paragraph (a)
of this subsection, the sum of $10 million shall be transferred to the
Department of Transportation and is appropriated to the department for the
Pacific Northwest High Speed Rail Corridor.
SECTION 2. (1) In preparation of each budget report
required under ORS 291.202, the Oregon Department of Administrative Services,
in consultation with the Legislative Revenue Officer and the Department of
Transportation, shall certify an estimate of the amount of identified revenues
to be collected during the biennium covered by the report.
(2) A certified estimate as
described in subsection (1) of this section shall be included in each budget
report prepared by the Governor. The amount certified under this section is
appropriated out of the General Fund to the Transportation Reinvestment Account
for the biennium covered in the budget report.
(3) As used in this section,
"identified revenues" has the meaning given that term in section 1 of
this 1999 Act.
SECTION 3. (1) The Director of Veterans' Affairs and
the Department of Transportation may enter into an Interagency Loan Agreement
under which the Director of Veterans' Affairs may loan to the Department of
Transportation from the Oregon War Veterans' Fund described in ORS 407.495 an
amount not to exceed $15 million. The moneys loaned to the Department of
Transportation shall be deposited in the Transportation Reinvestment Account
established by section 1 of this 1999 Act and used as provided in section 1 of
this 1999 Act. The term of the loan may not exceed a period of four years from
the date of the loan. The loan shall be repaid with interest at the rate of
eight percent per annum.
(2) The Department of
Transportation shall pay all amounts due and payable under the loan from moneys
deposited in the Transportation Reinvestment Account or from other moneys
available to the department for such purposes, including but not limited to
moneys obtained through an interfund loan pursuant to ORS 293.205 to 293.225.
If there are insufficient moneys deposited in the Transportation Reinvestment
Account or otherwise available to the department to pay any amount due and
payable, and the Legislative Assembly is not in session, the Emergency Board
shall at its next regularly scheduled meeting provide for payment of the amount
due and payable from moneys deposited in the General Fund and appropriated to
the Emergency Board. If there are insufficient moneys deposited in the
Transportation Reinvestment Account or otherwise available to the department to
pay any amount due and payable, and the Legislative Assembly is in session, the
Legislative Assembly shall provide for payment of the amount due and payable
from moneys in the General Fund.
(3) If the Director of
Veterans' Affairs determines that any of the moneys loaned to the Department of
Transportation are needed for the purposes set forth in Article XI-A of the
Oregon Constitution and ORS chapter 407, the director shall notify the
Department of Transportation that a specified amount, that may equal up to the
full amount of the outstanding principal balance of the loan, together with
accrued unpaid interest thereon, is immediately due and payable. Upon receipt
of such notice, the Director of Transportation shall repay the specified amount
as provided in subsection (2) of this section.
(4) The authority of the
Director of Veterans' Affairs to loan moneys to the Department of
Transportation as set forth in this section is subject to the following
conditions:
(a) The loan shall not
violate current restrictions on the use of moneys in the Oregon War Veterans'
Fund imposed under federal law.
(b) The loan shall not
adversely affect the repayment of, security for, tax exempt status of or any
other aspect of outstanding bonds issued by the Department of Veterans' Affairs
under the authority of Article XI-A of the Oregon Constitution.
(c) The loan shall not
violate Article XI-A of the Oregon Constitution.
(d) The loan shall be
approved by the State Treasurer as an investment that meets the criteria for
investing set forth in ORS 293.721 and 293.726.
SECTION 4. Notwithstanding any other law limiting
expenditures of the Department of Transportation:
(1) The limitation on
expenditures for rail purposes in section 2, chapter 907, Oregon Laws 1999
(Enrolled House Bill 5053), is increased by $10 million.
(2) The limitation on
expenditures for public transit purposes in section 2, chapter 907, Oregon Laws
1999 (Enrolled House Bill 5053), is increased by $5 million.
(3) The limitation on
expenditures for rail purposes in section 3, chapter 907, Oregon Laws 1999
(Enrolled House Bill 5053), is increased by $25 million.
SECTION 5. If House Bill 2082 becomes law, this 1999
Act takes effect on the effective date of chapter 1060, Oregon Laws 1999
(Enrolled House Bill 2082). If House Bill 2082 does not become law, this 1999
Act is repealed.
SECTION 6. This 1999 Act is repealed on December 31,
2004. The repeal of this 1999 Act does not affect the duty of the Department of
Transportation to repay any loan made to the department under the terms of this
1999 Act.
Approved by the Governor
September 1, 1999
Filed in the office of the
Secretary of State September 2, 1999
Effective date October 23,
1999
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