Chapter 367 — Transportation
Financing; Projects
Uncodified sections printed in this
chapter were amended or repealed by the Legislative Assembly during its 2012
regular session. See the table of uncodified sections amended or repealed
during the 2012 regular session: 2012 A&R Tables
New sections of law were adopted by the
Legislative Assembly during its 2012 regular session and are likely to be
compiled in this ORS chapter. See
sections in the following 2012 Oregon Laws chapters: 2012
Session Laws 0055
2011 EDITION
TRANSPORTATION FINANCING; PROJECTS
HIGHWAYS, ROADS, BRIDGES AND FERRIES
FINANCING FOR TRANSPORTATION PROJECTS
(Generally)
367.010 Definitions
for chapter
367.015 Oregon
Transportation Infrastructure Fund; sources; uses; rules; investment
367.017 Urban
Trail Fund
367.020 Loans
and other assistance to public and private entities; rules; other authorized
purposes
367.025 Issuance
of infrastructure bonds
367.030 Issuance
of revenue bonds; bond covenants; maximum amount of bonds
367.035 Loans
to municipalities; authority of municipalities; repayment plan
367.040 Loans
to state agencies; loan contract
367.050 Powers
of department
367.055 Federal
stimulus moneys
367.060 Department
pledge to ensure loan guarantees; transfer of moneys from State Highway Fund
(Short Line Railroads)
367.066 Definitions
for ORS 367.066 and 367.067
367.067 Short
Line Credit Premium Account; rules
(Industrial Rail Spurs)
367.070 Industrial
Rail Spur Fund
(Multimodal Projects)
367.080 Multimodal
Transportation Fund
367.082 Grants
and loans from Multimodal Transportation Fund; rules
367.084 Selection
of projects
367.086 Administration
of projects
SHORT-TERM DEBT
367.105 Short-term
borrowing; conditions; repayment
GRANT ANTICIPATION REVENUE BONDS
367.161 Definitions
for ORS 367.161 to 367.181
367.163 Purposes
for which bonds may be issued
367.166 Requirements
for grant anticipation revenue bonds; authority of State Treasurer
367.168 Revenue
declaration
367.171 Indenture
367.173 Moneys
that may be used for payment of grant anticipation revenue bonds
367.176 Refunding
grant anticipation revenue bonds
367.178 Collection
and use of federal transportation funds
367.181 Limits
on obligation of grant anticipation revenue bonds
BONDED INDEBTEDNESS FOR STATE HIGHWAYS
367.555 Authority
to issue general obligation bonds
367.560 Disposition
and use of general obligation bond proceeds
367.565 Procedure
for issuing general obligation bonds under ORS 367.555 to 367.600
367.595 Setting
aside sufficient moneys to pay maturing obligations
367.600 Compliance
with constitutional debt limits
HIGHWAY USER TAX BONDS
367.605 Source
of funds to secure Highway User Tax Bonds
367.615 Bond
issuance; bonds not general obligation; conditions for issuance of additional
bonds; use of bond proceeds
367.617 Allocation
of bonds
367.620 Limitation
on bond amount
367.621 Use
of private sector resources in specified work
367.622 Preservation
and modernization projects funded by specified bonds; rules; selection criteria
367.623 Consultation
with local governments for project selection
367.630 Highway
revenue declaration; contents; purpose
367.635 Bond
form, issuance and maturity; provisions subject to determination of State
Treasurer
367.640 Indenture;
provisions
367.645 Reserve
account
367.650 Trust
indenture to secure bonds; provisions
367.655 Loan
of bond proceeds to cities and counties; use of loans; rules
367.660 Lien
on certain moneys pledged for bonds; terms of lien
367.665 Interest
on bonds exempt from state income tax
BONDED INDEBTEDNESS FOR CITY AND COUNTY
ROADS AND RECREATION FACILITIES
367.700 Authority
to sell limited amount of bonds under ORS 367.700 to 367.750
367.705 Use
of funds; priority
367.710 Repayment
by city or county; interest
367.715 Procedure
for issuing bonds under ORS 367.700 to 367.750
367.745 Setting
aside sufficient moneys to pay maturing bonds
367.750 Constitutional
debt limits not to be exceeded
OREGON INNOVATIVE PARTNERSHIPS PROGRAM
367.800 Findings
367.802 Definitions
367.804 Goals
of Oregon Innovative Partnerships Program; authority of Department of
Transportation; confidentiality; expenses
367.806 Agreements
367.808 Evaluation
of proposed agreements; role of Attorney General
367.810 State
Transportation Enterprise Fund
367.812 Bonds
secured by State Transportation Enterprise Fund; financing of transportation
projects
367.814 Moneys
from federal government or other sources
367.816 Use
of moneys in Oregon Transportation Infrastructure Fund for projects
367.818 Eminent
domain powers
367.820 Creation
of district; use of revenues within district
367.822 Advisory
committees on transportation projects; rules
367.824 Rules;
supremacy of federal law
367.826 Reports
to Emergency Board
MISCELLANEOUS
367.850 Alternatives
to meeting funding requirements of transportation planning rule; rules
Note: The
definitions in 366.005 and 366.015 apply to this chapter.
FINANCING FOR TRANSPORTATION PROJECTS
(Generally)
367.010 Definitions for chapter.
As used in this chapter:
(1)
“Agency” means any department, agency or commission of the State of Oregon.
(2)
“Bond” means an evidence of indebtedness including, but not limited to, a bond,
a note, an obligation, a loan agreement, a financing lease, a financing
agreement or other similar instrument or agreement.
(3)
“Bond debt service” means payment of:
(a)
Principal, interest, premium, if any, or purchase price of a bond;
(b)
Amounts due to a credit enhancement provider, trustee, paying agent or
remarketing agent authorized by this chapter;
(c)
Amounts necessary to fund bond debt service reserves; and
(d)
Amounts due under an agreement for exchange of interest rates if designated by
the State Treasurer or the Department of Transportation.
(4)
“Credit enhancement” means a credit enhancement device, as defined in ORS
286A.001.
(5)
“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 367.067.
(6)
“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 issued by a public entity to finance
transportation projects.
(7)
“Infrastructure bonds” means bonds authorized by ORS 367.030, 367.555 to
367.600 or 367.605 to 367.665 that are issued to fund infrastructure loans and
the proceeds of which are deposited in the infrastructure fund.
(8)
“Infrastructure fund” means the Oregon Transportation Infrastructure Fund.
(9)
“Infrastructure loan” means a loan of moneys in the infrastructure fund to
finance a transportation project.
(10)
“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.
(11)
“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 aviation capital infrastructure,
bicycle and pedestrian paths, bridges and ways, and other projects that
facilitate the transportation of materials, animals or people. [1997 c.679 §1;
1999 c.1036 §3; 2003 c.201 §11; 2007 c.783 §161]
367.015 Oregon Transportation
Infrastructure Fund; sources; uses; rules; investment.
(1) There is established in the State Treasury, separate and distinct from the
General Fund, the Oregon Transportation Infrastructure Fund. All moneys in the
infrastructure fund are continuously appropriated to the Department of
Transportation for the purposes of ORS 367.010 to 367.067.
(2)
The infrastructure fund consists of:
(a)
Moneys appropriated to the infrastructure fund by the Legislative Assembly.
(b)
Moneys transferred to the infrastructure fund by the department from the State
Highway Fund or from other funds available to the Oregon Transportation
Commission.
(c)
Moneys from any federal grant, state grant or other grant that are deposited in
the infrastructure fund.
(d)
Proceeds of infrastructure bonds.
(e)
Proceeds of Highway User Tax Bonds issued under ORS 367.615 for the purpose of
providing infrastructure assistance or an infrastructure loan.
(f)
Moneys due to a municipality that are withheld pursuant to ORS 367.035 (3) or
(5) and, for a loan made with proceeds of Highway User Tax Bonds, moneys due to
a municipality that are withheld pursuant to ORS 367.655 (2)(c).
(g)
Earnings on the infrastructure fund.
(h)
Moneys paid to the department in connection with infrastructure loans or infrastructure
assistance.
(i)
Any grants or donations made to the State of Oregon for deposit in the
infrastructure fund.
(3)
A pledge by the department of its revenues or other moneys in the
infrastructure fund is valid and binding from the time the pledge is made as
provided in ORS 286A.102.
(4)
The department shall use moneys in the infrastructure fund solely to:
(a)
Provide infrastructure loans and infrastructure assistance;
(b)
Pay the bond debt service for infrastructure bonds and pay the costs of
issuance and other costs related to infrastructure bonds;
(c)
Pay the department’s costs of administering the infrastructure fund and
providing infrastructure loans and infrastructure assistance, including any
costs of monitoring transportation projects and obtaining repayment of
infrastructure loans and infrastructure assistance;
(d)
Pay the department’s or another public entity’s costs for transportation
projects including, but not limited to, projects funded with the proceeds of
Highway User Tax Bonds; and
(e)
Ensure repayment of loan guarantees or extensions of credit as provided in ORS
367.816.
(5)
The department may establish separate accounts in the infrastructure fund for
infrastructure loans, infrastructure assistance, the funding of infrastructure
bond reserves, bond debt service payments for infrastructure bonds and related
costs, administrative and operating expenses or any other purpose necessary or
desirable for carrying out the purposes of ORS 367.010 to 367.067. The
commission may adopt rules that govern how the infrastructure fund and its
accounts are used. The infrastructure fund or any of its accounts may be held
by an escrow agent or bond trustee.
(6)
The department shall administer the infrastructure fund. Moneys in the
infrastructure fund, with the approval of the State Treasurer, may be invested
as provided by ORS 293.701 to 293.820 and the earnings from such investments
must be credited to the account in the infrastructure fund designated by the
department. [1997 c.679 §2; 2003 c.201 §12; 2003 c.790 §14; 2007 c.783 §162]
367.017 Urban Trail Fund.
(1) The Urban Trail Fund is established in the State Treasury, separate and
distinct from the General Fund. Interest earned by the Urban Trail Fund shall
be credited to the fund. Moneys in the fund are continuously appropriated to
the Department of Transportation to develop and maintain within urban growth
boundaries multiuse trails for nonmotorized vehicles and pedestrians that
supplement or provide links to roads, highways, footpaths, bicycle trails and
public transit.
(2)
The fund shall consist of:
(a)
Private funding resources;
(b)
Grant moneys;
(c)
Any moneys appropriated to the fund by the Legislative Assembly; and
(d)
Moneys from any other source. [2009 c.865 §31]
Note: 367.017
was enacted into law by the Legislative Assembly but was not added to or made a
part of ORS chapter 367 or any series therein by legislative action. See
Preface to Oregon Revised Statutes for further explanation.
367.020 Loans and other assistance to
public and private entities; rules; other authorized purposes.
(1) Moneys in the Oregon Transportation Infrastructure Fund may be used to make
infrastructure loans and provide infrastructure assistance to any public or
private entity. The Oregon Transportation Commission shall adopt rules that
prescribe procedures and standards for making infrastructure loans and
providing infrastructure assistance.
(2)
Moneys in the infrastructure fund may be used for any purpose as long as the
use is consistent with any restrictions of the Oregon Constitution that may
apply to such moneys. [1997 c.679 §§3,4; 2003 c.201 §13]
367.025 Issuance of infrastructure bonds.
(1) If the Department of Transportation determines that it is necessary or
desirable to issue infrastructure bonds to provide moneys for the Oregon
Transportation Infrastructure Fund, the department shall ask the State
Treasurer to issue infrastructure bonds.
(2)
Infrastructure bonds shall be issued as provided in ORS chapter 286A. [1997
c.679 §5; 2001 c.536 §9; 2003 c.794 §266; 2007 c.783 §163]
367.030 Issuance of revenue bonds; bond
covenants; maximum amount of bonds. (1) To
provide moneys for the Oregon Transportation Infrastructure Fund or to refund
bonds authorized by this section, the State Treasurer may, at the request of
the Department of Transportation, issue revenue bonds of the State of Oregon
that are payable solely from all or any portion of the moneys deposited in the
infrastructure fund and may pledge such moneys to secure the revenue bonds. The
department or State Treasurer may exercise any power granted by ORS chapter
286A in connection with bonds authorized by this section. However, the State
Treasurer or the department shall not pledge or encumber any moneys of the
State of Oregon other than those required by ORS 367.010 to 367.067 to be
deposited in the infrastructure fund.
(2)
The department may enter into covenants for the benefit of the owners of bonds
authorized by this section regarding the use of moneys in the infrastructure
fund, the providing of infrastructure assistance and the collection of
infrastructure loans. Any such covenants shall be binding upon the State of
Oregon in accordance with their terms and shall be enforceable against the
State of Oregon by owners of the bonds. However, no owner of bonds authorized
by this section shall ever have the right to compel any exercise of the taxing
power of the state to pay any such bonds or the interest thereon, or to enforce
payment thereof against any property of the state, except those moneys in the
infrastructure fund that are pledged to pay the bonds and any moneys the
department or an agency may agree to use to repay infrastructure loans under
ORS 367.040. Bonds authorized by this section shall not constitute a charge,
lien or encumbrance, legal or equitable, upon any property of the state, except
moneys in the infrastructure fund that are pledged to pay the bonds, and any
property that the department or agency pledges, mortgages or assigns to secure
infrastructure loans pursuant to ORS 367.040. Revenue bonds authorized by this
section shall not constitute a debt of the state or a lending of the credit of
the state within the meaning of any constitutional or statutory limitation.
(3)
The total principal amount of revenue bonds that are issued under this section
and outstanding at any time shall not exceed $200 million. [1997 c.679 §6; 2007
c.783 §164]
367.035 Loans to municipalities; authority
of municipalities; repayment plan. (1)
Notwithstanding any other provision of law or any restriction on indebtedness
contained in a charter, a municipality may obtain an infrastructure loan from
the Department of Transportation by entering into a loan contract with the
department. A municipality that obtains an infrastructure loan may pledge to
the repayment of the loan all or any portion of the revenue sources specified
in this subsection. A municipality shall repay an infrastructure loan in
accordance with the terms of the loan contract and to the extent required by
the loan contract from any or all of the following sources:
(a)
Revenues of any transportation project, including special assessment revenues;
(b)
Moneys withheld under subsection (3) or (5) of this section;
(c)
The general fund of the municipality; or
(d)
Any other sources including, but not limited to, an appropriation or allocation
to a county under ORS 366.762 to 366.768 or to a city under ORS 366.785 to
366.820.
(2)
An infrastructure loan contract with a municipality may provide that a portion
of the proceeds of the loan be applied to fund a reserve fund to secure the
repayment of the loan or secure the repayment of revenue bonds issued to
finance the loan.
(3)
An infrastructure loan contract with a city or county may provide that all or a
portion of the principal and interest on an infrastructure loan be repaid by
withholding all or a portion of an apportionment due to a county under ORS
366.762 to 366.768 or due to a city under ORS 366.785 to 366.820. The
department shall immediately transfer funds withheld under this subsection from
the State Highway Fund to the Oregon Transportation Infrastructure Fund.
(4)
A municipality that intends to obtain an infrastructure loan shall adopt an
ordinance or resolution authorizing the infrastructure loan.
(5)
If a municipality fails to comply with the terms of an infrastructure loan
contract, the department may seek any legal or equitable remedy to obtain
compliance or payment of damages. If any municipality fails to make an
infrastructure loan payment when due, the State of Oregon shall, at the request
of the department, withhold any funds due to the municipality from the state
and apply the amounts withheld to pay the entire amount owed by the
municipality under the infrastructure loan contract. The department shall
deposit funds withheld under this subsection in the account of the
infrastructure fund to which the municipality’s infrastructure loan payments
are required to be deposited. The department may waive the right of the State
of Oregon to withhold moneys under this subsection only if the department has
not pledged the right as security for the repayment of infrastructure bonds. [1997
c.679 §7; 2003 c.201 §14]
367.040 Loans to state agencies; loan contract.
(1) Notwithstanding ORS 283.087 (5), an agency may obtain an infrastructure
loan. An agency may agree to pay the infrastructure loan from any or all of the
available moneys of the agency and may pledge all or any portion of those
moneys to repay the infrastructure loan. An infrastructure loan of an agency
does not constitute a debt of the state or a lending of the credit of the state
within the meaning of any constitutional or statutory limitation.
(2)
If an infrastructure loan is made to an agency, the terms of the infrastructure
loan contract bind the State of Oregon and the agency, and the agency shall
unconditionally repay the infrastructure loan from the moneys the agency has
pledged in accordance with the terms of the infrastructure loan contract. [1997
c.679 §8; 2003 c.201 §15]
367.050 Powers of department.
The Department of Transportation may:
(1)
Make all contracts and agreements, execute and deliver all instruments and do
all things necessary or convenient to provide financial assistance for
transportation projects in accordance with ORS 367.010 to 367.067 or to perform
covenants made to secure infrastructure bonds; and
(2)
Enter into and perform such contracts and agreements with entities concerning
the planning, construction, lease or other acquisition, installation or
financing of transportation projects. [1997 c.679 §9; 2003 c.201 §16]
367.055 Federal stimulus moneys.
(1) The Department of Transportation shall consult with the legislative
committees related to transportation during a session of the Legislative
Assembly, or the interim legislative committees related to transportation,
prior to expending federal funds received under a federal law that provides
general economic stimulus moneys to this state that may be used by the
department for transportation projects.
(2)
As used in this section, “transportation project” has the meaning given that
term in ORS 367.010. [2011 c.629 §3]
Note:
367.055 was enacted into law by the Legislative Assembly but was not added to
or made a part of ORS chapter 367 or any series therein by legislative action.
See Preface to Oregon Revised Statutes for further explanation.
367.060 Department pledge to ensure loan
guarantees; transfer of moneys from State Highway Fund.
(1) The Department of Transportation may pledge not more than $50 million to
ensure the repayment of loan guarantees or other extensions of credit made to
or on behalf of municipalities to finance transportation projects or to ensure
repayment of loan guarantees or other extensions of credit as provided in ORS
367.816. 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 367.665.
(2)
If, during a fiscal year, the moneys in the Oregon Transportation
Infrastructure Fund are insufficient to cover any claims by financial
institutions, credit enhancement providers, bondholders or bond trustees that
arise from loan guarantees or other extensions of credit made under ORS 367.010
to 367.067, 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, the department may not make a transfer of moneys from the State
Highway Fund otherwise required by this section 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 367.555 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. [1999 c.1036 §2; 2003 c.201 §17;
2003 c.790 §15]
(Short Line Railroads)
367.066 Definitions for ORS 367.066 and
367.067. As used in this section and ORS 367.067:
(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. 1201. [2001 c.942 §15]
367.067 Short Line Credit Premium Account;
rules. (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. [2001 c.942 §16]
(Industrial Rail Spurs)
367.070 Industrial Rail Spur Fund.
The Industrial Rail Spur Fund is established separate and distinct from the
General Fund. The moneys in the Industrial Rail Spur Fund and the interest
earnings of the fund are continuously appropriated to the Department of
Transportation for the purpose of financing grants and loans to fund industrial
rail spurs. The fund consists of moneys deposited in the fund under section 10,
chapter 741, Oregon Laws 2003, and may include fees, moneys, federal funds,
Miscellaneous Receipts or other revenues available for the purpose. [2003 c.741
§11]
Note:
367.070 was enacted into law by the Legislative Assembly but was not added to
or made a part of ORS chapter 367 or any series therein by legislative action.
See Preface to Oregon Revised Statutes for further explanation.
(Multimodal Projects)
367.080 Multimodal Transportation Fund.
(1) As used in ORS 367.080 to 367.086, “transportation project” has the meaning
given that term in ORS 367.010.
(2)
The Multimodal Transportation Fund is established separate and distinct from
the General Fund. Earnings on moneys in the Multimodal Transportation Fund
shall be deposited into the fund. Moneys in the Multimodal Transportation Fund
are continuously appropriated to the Department of Transportation for the
purposes described in subsection (3) of this section and in ORS 367.086.
(3)
The department shall use moneys in the Multimodal Transportation Fund to
provide grants and loans for transportation projects as provided in ORS 367.080
to 367.086. Grants and loans may be provided only for projects that involve one
or more of the following modes of transportation:
(a)
Air;
(b)
Marine;
(c)
Rail; and
(d)
Public transit.
(4)
All moneys received by the department as interest on loans made under this
section and as repayment of principal of loans made under this section shall be
deposited into the Multimodal Transportation Fund. [2005 c.816 §1]
Note:
367.080 to 367.086 were enacted into law by the Legislative Assembly but were
not added to or made a part of ORS chapter 367 or any series therein by
legislative action. See Preface to Oregon Revised Statutes for further
explanation.
Note:
Sections 20 and 21, chapter 624, Oregon Laws 2011, provide:
Sec. 20. (1)
For the biennium beginning July 1, 2011, at the request of the Oregon
Department of Administrative Services, in consultation with the Department of
Transportation, the State Treasurer is authorized to issue lottery bonds
pursuant to ORS 286A.560 to 286A.585 in an amount not to exceed net proceeds of
$40 million for the purpose described in subsection (2) of this section, plus
an additional amount, to be estimated by the State Treasurer, for payment of
bond-related costs.
(2)
Net proceeds of lottery bonds issued pursuant to this section must be deposited
in the Multimodal Transportation Fund established under ORS 367.080 sufficient
to provide $40 million in net proceeds and interest earnings for the Department
of Transportation to finance grants and loans for transportation projects as
provided in ORS 367.080 to 367.086.
(3)
Bond-related costs for the lottery bonds authorized by this section must be
paid from the gross proceeds of the lottery bonds and from allocations for the
purposes of ORS 286A.576 (1)(c).
(4)
The Legislative Assembly finds that issuing lottery bonds to finance
transportation projects pursuant to this section is essential to promoting the
state’s economic development and the use of lottery bond proceeds 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.
(c)
A multimodal network of air, rail, public transit, highway and marine
transportation moves people and goods efficiently.
(d)
Local governments and private sector businesses often lack capital and the
technical capacity to undertake multimodal transportation projects.
(e)
Public financial assistance can stimulate industrial growth and commercial
enterprise and promote employment opportunities in this state.
(f)
Public investment in transportation infrastructure will create jobs and further
economic development in this state.
(g)
The use of lottery bond proceeds as provided in this section will create jobs,
further economic development, finance public education or protect parks,
watersheds, fish or wildlife within Oregon, and issuance of lottery bonds for
the purpose described in this section is therefore an appropriate use of state
lottery funds under section 4, Article XV of the Oregon Constitution, and ORS
461.510. [2011 c.624 §20]
Sec. 21. To the
extent that proposed transportation projects meet the qualifications
established by the Oregon Transportation Commission by rule, the commission
shall allocate at least 10 percent of the net proceeds of the lottery bonds
authorized by section 20 of this 2011 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. [2011 c.624 §21]
367.082 Grants and loans from Multimodal Transportation
Fund; rules. (1) Except as provided in subsection
(2) of this section, the Department of Transportation may provide, from moneys
in the Multimodal Transportation Fund established by ORS 367.080:
(a)
Grants for transportation projects to public bodies, as defined in ORS 174.109,
and to private entities; and
(b)
Loans for transportation projects to public bodies, as defined in ORS 174.109,
and to private entities.
(2)
Grants and loans may not be made from the Multimodal Transportation Fund for
transportation projects that could constitutionally be funded by revenues
described in section 3a, Article IX of the Oregon Constitution.
(3)
The Department of Transportation shall adopt rules:
(a)
Specifying the process by which a public body or private entity may apply for a
loan under this section and prescribing the terms and conditions of loans,
including but not necessarily limited to interest rates and repayment
schedules; and
(b)
Specifying the process by which a public body or private entity may apply for a
grant under this section and prescribing the terms and conditions of grants,
including but not necessarily limited to a requirement that the public body or
private entity receiving the grant provide at least 20 percent of the moneys
required for the transportation project. [2005 c.816 §3]
Note: See
first note under 367.080.
367.084 Selection of projects.
(1) The Oregon Transportation Commission shall select transportation projects
to be funded with moneys in the Multimodal Transportation Fund established by
ORS 367.080.
(2)(a)
Prior to selecting aeronautic and airport transportation projects, the
commission shall solicit recommendations from the State Aviation Board.
(b)
Prior to selecting freight transportation projects, the commission shall
solicit recommendations from the Freight Advisory Committee.
(c)
Prior to selecting public transit and rail projects, the commission shall
solicit recommendations from its public transit and rail advisory committees.
(d)
Prior to selecting marine projects, the commission shall solicit
recommendations from the Oregon Business Development Department.
(3)
In selecting transportation projects the commission shall consider:
(a)
Whether a proposed transportation project reduces transportation costs for
Oregon businesses or improves access to jobs and sources of labor;
(b)
Whether a proposed transportation project results in an economic benefit to
this state;
(c)
Whether a proposed transportation project is a critical link connecting
elements of Oregon’s transportation system that will measurably improve
utilization and efficiency of the system;
(d)
How much of the cost of a proposed transportation project can be borne by the
applicant for the grant or loan from any source other than the Multimodal
Transportation Fund; and
(e)
Whether a proposed transportation project is ready for construction. [2005
c.816 §4; 2007 c.859 §3]
Note: See
first note under 367.080.
367.086 Administration of projects.
(1) The Oregon Transportation Commission shall transfer moneys for aeronautic
and airport transportation projects selected under ORS 367.084 from the
Multimodal Transportation Fund to the Oregon Department of Aviation, which
shall administer the projects. The amount transferred shall include moneys to
pay administrative costs incurred by the Oregon Department of Aviation in
carrying out the provisions of ORS 367.080 to 367.086.
(2)
Except as provided in subsection (1) of this section, the Department of
Transportation shall administer all transportation projects that are selected
under ORS 367.084. The department may use moneys from the Multimodal
Transportation Fund to pay administrative costs incurred by the department in
carrying out the provisions of ORS 367.080 to 367.086. [2005 c.816 §6]
Note: See
first note under 367.080.
SHORT-TERM DEBT
367.105 Short-term borrowing; conditions;
repayment. (1) In addition to the authority for
short-term borrowing granted in ORS 286A.025 (2)(d) and 286A.045, the
Department of Transportation, acting through the State Treasurer, may borrow
money by entering into a credit agreement, a line of credit or a revolving line
of credit, or by issuing a note, a warrant, a short-term promissory note,
commercial paper or another similar obligation, for the following purposes:
(a)
Providing matching funds as set forth in ORS 366.564.
(b)
Providing funds with which to pay when due the principal or interest of bonded
indebtedness created for highway purposes, the payment of which is necessary to
preserve the financial credit of the state.
(c)
Meeting emergencies.
(d)
Providing funds for use by the department during times when expenditures exceed
revenues, whether or not the department anticipated that expenditures would
exceed revenues.
(e)
Providing funds for the payment of current expenses in anticipation of revenue,
grants or other moneys intended for payment of the current expenses.
(f)
Providing funds for interim financing of a capital asset or project to be
undertaken by the department.
(g)
Refunding an outstanding obligation.
(2)
Short-term borrowing under this section may be in such denominations or for
such sums as the department fixes and may draw interest at a negotiated rate.
(3)
The total outstanding indebtedness created by the short-term borrowing under
this section may not exceed $100 million in outstanding principal amount.
(4)
All short-term borrowing issued pursuant to this section shall mature within
three years from the date of issuance.
(5)
The department shall pay for and secure short-term borrowing under this section
with funds from the State Highway Fund or other funds that are legally
available to the department for the purposes for which the moneys were
borrowed, including moneys received by the department from the United States
government. ORS 286A.035 does not apply to borrowings under this section. [Formerly
366.605; 1969 c.427 §1; 1975 c.614 §11; 1981 c.94 §32; 1981 c.311 §1; 1991
c.793 §3; 2003 c.201 §18; 2007 c.783 §165]
367.155
[Formerly part of 366.735; repealed by 1981 c.660 §18]
367.160
[Formerly 366.740; 1981 c.94 §33; repealed by 1981 c.660 §18]
GRANT ANTICIPATION REVENUE BONDS
367.161 Definitions for ORS 367.161 to
367.181. As used in ORS 367.161 to 367.181:
(1)
“Federal transportation funds” means funds apportioned or allocated, or
anticipated to be apportioned or allocated in the current or a future federal
fiscal year, to the state by the United States Department of Transportation for
use on a federal-aid highway or highway safety construction project or other
federal funds that may be used for a highway improvement project that are
available or are anticipated to be available in the current or a future federal
fiscal year.
(2)
“Grant anticipation revenue bond” means a revenue bond secured based on
receipt, or anticipation of receipt in the current or a future federal fiscal
year, of federal transportation funds.
(3)
“Highway improvement project” means a federal-aid highway or highway safety
construction project, a transportation project or another project for which the
Department of Transportation may use federal transportation funds. [2003 c.201 §2]
367.163 Purposes for which bonds may be
issued. The State Treasurer, at the request of
the Department of Transportation, may issue grant anticipation revenue bonds
for the purposes of:
(1)
Financing highway improvement projects including highway improvement projects
already under way or scheduled;
(2)
Financing the restoration, reconstruction or renovation of highway improvements
in Oregon;
(3)
Financing transportation projects;
(4)
Paying the costs of issuance of the revenue bonds including, but not limited
to, the costs and fees of paying agents, trustees and remarketing agents; or
(5)
Paying the costs of credit enhancements. [2003 c.201 §3]
367.165
[Formerly 366.745; repealed by 1981 c.660 §18]
367.166 Requirements for grant
anticipation revenue bonds; authority of State Treasurer.
(1) A grant anticipation revenue bond issued under ORS 367.161 to 367.181:
(a)
Must contain on its face a statement that the ad valorem taxing power of this
state or any political subdivision of this state is not pledged to the payment
of the principal or the interest on the revenue bond.
(b)
Shall be issued as provided in ORS chapter 286A.
(c)
Must mature on or before a date determined by calculation of the expected
economic life of the improvements, assets and projects financed with the
proceeds of the revenue bonds.
(2)
The State Treasurer shall determine, in consultation with the department and
consistent with ORS chapter 286A, all aspects relating to the sale of revenue
bonds under ORS 367.161 to 367.181 that are not otherwise specifically
provided, including rate of interest and discount, if any. [2003 c.201 §4; 2007
c.783 §166]
367.168 Revenue declaration.
(1) Before grant anticipation revenue bonds are issued under ORS 367.161 to
367.181, the Department of Transportation shall prepare a revenue declaration
authorizing issuance of the revenue bonds. The declaration must be signed by
the Director of Transportation, or the director’s designee, and must be
approved by the State Treasurer, or the treasurer’s designee.
(2)
A declaration under this section may:
(a)
Pledge all or a portion of the moneys described in ORS 367.173 for purposes of
the revenue bonds to be issued.
(b)
Limit the purposes to which the department may apply the proceeds of the sale.
(c)
Make pledges concerning the proceeds of the sale or moneys described in ORS
367.173 to secure payment of the revenue bonds issued under ORS 367.161 to
367.181.
(d)
Limit or otherwise provide for the issuance of additional revenue bonds,
including refunding bonds, under ORS 367.161 to 367.181, limit or establish
terms upon which additional revenue bonds, including refunding bonds, may be
issued under ORS 367.161 to 367.181.
(e)
Provide for procedures, if any, by which the terms of contracts with
bondholders may be amended or rescinded, for the percentage of the bondholders
that must consent to amendment or rescission of the contract and for the manner
of bondholder consent to amendment or rescission of the contract.
(f)
Establish a trustee and vest the trustee with property, rights, powers or
duties in trust, as the State Treasurer determines appropriate.
(g)
Provide for other matters affecting issuance of the revenue bonds.
(3)
A declaration under this section may establish the same requirements, be
subject to the same provisions, create the same obligations and confer the same
rights as an indenture under ORS 367.171, if so provided in the declaration. [2003
c.201 §5]
367.170
[Formerly 366.750; repealed by 1981 c.660 §18]
367.171 Indenture.
An indenture under which grant anticipation revenue bonds are issued may
provide for:
(1)
The pledging of all or a portion of the moneys described in ORS 367.173 to the
payment of the principal, interest, premium, if any, or the bond debt service
of revenue bonds issued under ORS 367.161 to 367.181;
(2)
Requirements concerning a particular series of revenue bonds issued under ORS
367.161 to 367.181;
(3)
Requirements concerning moneys described in ORS 367.173 and payment on
outstanding revenue bonds issued under ORS 367.161 to 367.181;
(4)
A contractual undertaking for the benefit of bondholders concerning assessment,
levy collection and deposit of moneys described in ORS 367.173;
(5)
Provisions concerning the registration of revenue bonds or the recording or
filing of the indenture;
(6)
Provisions relating to a reserve account including, but not necessarily limited
to, provisions related to the amount required for an account and provisions for
replenishing the account from moneys described in ORS 367.173;
(7)
Provisions concerning trustees including, but not limited to:
(a)
Establishing funds, accounts or moneys described in ORS 367.173 over which the
trustee will be custodian; and
(b)
Providing that a trustee will be appointed; or
(8)
Establishing the maturation date of the revenue bonds. [2003 c.201 §6; 2007
c.71 §99]
367.173 Moneys that may be used for
payment of grant anticipation revenue bonds. The
principal, interest, premium, if any, and the purchase or tender price of the
grant anticipation revenue bonds issued under ORS 367.161 to 367.181 are
payable solely from the following moneys:
(1)
Federal transportation funds.
(2)
To the extent affirmatively pledged at the time issuance of revenue bonds is
authorized, the following moneys that are lawfully available:
(a)
Moneys deposited in the State Highway Fund established under ORS 366.505.
(b)
Except as provided in paragraph (c) of this subsection, moneys, once deposited
in the State Highway Fund established under ORS 366.505, from the following
sources may be affirmatively pledged:
(A)
Moneys from the taxes and fees on motor carriers imposed under ORS 825.474 and
825.480.
(B)
Moneys from the tax on motor vehicle fuel imposed under ORS 319.020.
(C)
Moneys from the tax on fuel used in motor vehicles imposed under ORS 319.530.
(D)
Moneys described under ORS 803.090 from the titling of vehicles.
(E)
Moneys described under ORS 803.420 from the registration of vehicles.
(F)
Moneys described under ORS 807.370 relating to the issuance of driver licenses
and driver permits.
(G)
Moneys received by the Department of Transportation from taxes, fees or charges
imposed after January 1, 2001, or other revenues or moneys received by the
department from sources not listed in subparagraphs (A) to (F) of this
paragraph that are lawfully available to be pledged under this section.
(c)
Moneys described in paragraph (b) of this subsection do not include:
(A)
Moneys provided for appropriations to counties under ORS 366.762 to 366.768.
(B)
Moneys provided for appropriations to cities under ORS 366.785 to 366.820.
(C)
Moneys in the account established under ORS 366.512 for parks and recreation. [2003
c.201 §7]
367.175
[Formerly 366.755; 1975 c.462 §5; repealed by 1981 c.660 §18]
367.176 Refunding grant anticipation
revenue bonds. The State Treasurer may issue grant
anticipation revenue bonds to refund outstanding grant anticipation revenue
bonds or other obligations, the proceeds of which were used to finance highway
improvement projects. Refunding and advance refunding bonds authorized in this
section are subject to the provisions of ORS 367.161 to 367.181. [2003 c.201 §8]
367.178 Collection and use of federal
transportation funds. (1) When grant anticipation
revenue bonds have been issued under ORS 367.161 to 367.181, the Department of
Transportation shall collect federal transportation funds and may, as provided
by the department when issuance of the revenue bonds was authorized, use the
funds:
(a)
For deposit into one or more special funds or accounts that may be pledged to
secure payment of the revenue bonds.
(b)
For payment of the costs of highway improvement projects.
(c)
For reimbursement to the department of moneys previously spent on highway
improvement projects.
(2)
The department may direct the United States government to deposit federal
transportation funds directly with a trustee for the holders of the revenue
bonds to secure payment of the revenue bonds.
(3)
The department shall use the proceeds of a sale of revenue bonds issued under
ORS 367.161 to 367.181 to pay:
(a)
The costs and expenses incurred in the construction or acquisition of a highway
improvement project.
(b)
Legal and financial costs and expenses incurred to issue or administer the
revenue bonds.
(4)
If moneys pledged to secure Highway User Tax Bonds pursuant to ORS 367.605 are
also pledged to secure payment of principal, interest, premium, if any, and
purchase or tender price of grant anticipation revenue bonds issued under ORS
367.161 to 367.181, the pledge to secure grant anticipation revenue bonds
issued under ORS 367.161 to 367.181 is subordinate and subject to prior use of
the moneys to pay Highway User Tax Bonds. [2003 c.201 §9]
367.180
[Formerly 366.760; repealed by 1981 c.660 §18]
367.181 Limits on obligation of grant
anticipation revenue bonds. (1) Grant anticipation revenue
bonds issued under ORS 367.161 to 367.181 are not general obligations of the
State of Oregon or of an agency, department, board, commission, officer or
employee of the State of Oregon.
(2)
The revenue bonds are a limited obligation payable solely from federal
transportation funds received by the Department of Transportation and, if
provided by the department when issuance of the revenue bonds is authorized,
other moneys lawfully available for the purpose and affirmatively pledged to
the payment of principal, interest, premium, if any, and purchase or tender
price of the revenue bonds.
(3)
A holder of revenue bonds issued under ORS 367.161 to 367.181 may not compel
the payment of federal transportation funds to the Department of
Transportation. [2003 c.201 §10]
367.185 [1975
c.436 §6; repealed by 1981 c.660 §18]
367.202
[Formerly 366.625; repealed by 1963 c.61 §1]
367.204
[Formerly 366.627; repealed by 1963 c.61 §1]
367.206
[Formerly 366.629; repealed by 1963 c.61 §1]
367.208
[Formerly 366.631; repealed by 1963 c.61 §1]
367.210
[Formerly 366.633; repealed by 1963 c.61 §1]
367.212
[Formerly 366.635; repealed by 1963 c.61 §1]
367.214
[Formerly 366.637; repealed by 1963 c.61 §1]
367.216
[Formerly 366.639; repealed by 1963 c.61 §1]
367.218
[Formerly 366.641; repealed by 1963 c.61 §1]
367.220
[Formerly 366.643; repealed by 1963 c.61 §1]
BONDED INDEBTEDNESS FOR STATE HIGHWAYS
367.226
[Formerly 366.645; repealed by 2003 c.201 §39]
367.228
[Formerly 366.650; 1989 c.610 §1; repealed by 2003 c.201 §39]
367.230
[Formerly 366.655; repealed by 2003 c.201 §39]
367.232
[Formerly 366.660; repealed by 2003 c.201 §39]
367.234
[Formerly 366.665; 1981 c.660 §20; repealed by 2003 c.201 §39]
367.236
[Formerly 366.670; repealed by 2003 c.201 §39]
367.238
[Formerly 366.675; 1975 c.462 §6; 1983 c.740 §120; repealed by 2003 c.201 §39]
367.240
[Formerly 366.680; repealed by 1989 c.610 §3]
367.242
[Formerly 366.685; repealed by 2003 c.201 §39]
367.252
[Formerly 366.688; repealed by 1981 c.660 §18]
367.254 [Formerly
366.689; 1967 c.335 §43; repealed by 1981 c.660 §18]
367.256
[Formerly 366.690; repealed by 1981 c.660 §18]
367.258
[Formerly 366.691; 1981 c.660 §21; 1991 c.67 §91; repealed by 2003 c.201 §39]
367.260
[Formerly 366.692; 1975 c.462 §7; repealed by 1981 c.660 §18]
367.262
[Formerly 366.693; repealed by 1981 c.660 §18]
367.264
[Formerly 366.694; repealed by 1981 c.660 §18]
367.266
[Formerly 366.695; repealed by 1981 c.660 §18]
367.268
[Formerly 366.696; repealed by 1981 c.660 §18]
367.270
[Formerly 366.697; repealed by 1981 c.660 §18]
367.282
[Formerly 366.6980; repealed by 1981 c.660 §18]
367.284
[Formerly 366.6981; repealed by 1981 c.660 §18]
367.286
[Formerly 366.6982; 1967 c.335 §44; repealed by 1981 c.660 §18]
367.288
[Formerly 366.6983; repealed by 1981 c.660 §18]
367.290
[Formerly 366.6984; repealed by 1981 c.660 §18]
367.292
[Formerly 366.6985; 1975 c.462 §8; repealed by 1981 c.660 §18]
367.294
[Formerly 366.6986; repealed by 1981 c.660 §18]
367.296
[Formerly 366.6987; repealed by 1981 c.660 §18]
367.298
[Formerly 366.6988; repealed by 1981 c.660 §18]
367.300
[Formerly 366.6989; repealed by 1981 c.660 §18]
367.302
[Formerly 366.6990; repealed by 1981 c.660 §18]
367.324
[Formerly 366.7000; repealed by 1981 c.660 §18]
367.326
[Formerly 366.7001; repealed by 1981 c.660 §18]
367.328
[Formerly 366.7002; 1967 c.335 §45; repealed by 1981 c.660 §18]
367.330 [Formerly
366.7003; repealed by 1981 c.660 §18]
367.332
[Formerly 366.7004; repealed by 1981 c.660 §18]
367.334
[Formerly 366.7005; 1975 c.462 §9; repealed by 1981 c.660 §18]
367.336
[Formerly 366.7006; repealed by 1981 c.660 §18]
367.338
[Formerly 366.7007; repealed by 1981 c.660 §18]
367.340
[Formerly 366.7008; repealed by 1981 c.660 §18]
367.344
[Formerly 366.7009; repealed by 1981 c.660 §18]
367.346
[Formerly 366.7010; repealed by 1981 c.660 §18]
367.365
[Formerly 366.7020; repealed by 1981 c.660 §18]
367.370
[Formerly 366.7021; 1981 c.660 §48; repealed by 2003 c.201 §39]
367.372 [1961
c.381 §2; repealed by 1981 c.660 §18]
367.380
[Formerly 366.7022; 1967 c.335 §46; repealed by 1981 c.660 §18]
367.385
[Formerly 366.7023; repealed by 1981 c.660 §18]
367.390
[Formerly 366.7024; repealed by 1981 c.660 §18]
367.395
[Formerly 366.7025; 1975 c.462 §10; repealed by 1981 c.660 §18]
367.400
[Formerly 366.7026; repealed by 1981 c.660 §18]
367.405
[Formerly 366.7027; repealed by 1981 c.660 §18]
367.410
[Formerly 366.7028; repealed by 1981 c.660 §18]
367.415
[Formerly 366.7029; 1981 c.660 §49; repealed by 2003 c.201 §39]
367.420
[Formerly 366.7030; repealed by 1981 c.660 §18]
367.425 [1961
c.345 §3; repealed by 1981 c.660 §18]
367.430 [1961
c.345 §4; 1981 c.660 §50; repealed by 2003 c.201 §39]
367.465 [1961
c.483 §1; repealed by 1981 c.660 §18]
367.470 [1961
c.483 §2; repealed by 1981 c.660 §18]
367.480 [1961
c.483 §3; 1967 c.335 §47]
367.485 [1961
c.483 §4; repealed by 1981 c.660 §18]
367.490 [1961
c.483 §5; repealed by 1981 c.660 §18]
367.495 [1961
c.483 §6; 1975 c.462 §11; repealed by 1981 c.660 §18]
367.500 [1961
c.483 §7; repealed by 1981 c.660 §18]
367.505 [1961
c.483 §8; repealed by 1981 c.660 §18]
367.510 [1961
c.483 §9; repealed by 1981 c.660 §18]
367.520 [1961
c.483 §10; repealed by 1981 c.660 §18]
367.550 [1973
c.698 §1; repealed by 2003 c.201 §39]
367.555 Authority to issue general
obligation bonds. The Department of Transportation
may request the State Treasurer to issue general obligation bonds of the State
of Oregon used to provide funds to defray the costs of building and maintaining
permanent roads, including the costs of location, relocation, improvement,
construction and reconstruction of state highways and bridges, in an
outstanding principal amount that is subject to the provisions of ORS 286A.035.
[1973 c.698 §2; 1981 c.660 §32; 2003 c.201 §19; 2007 c.783 §167]
367.560 Disposition and use of general
obligation bond proceeds. All moneys obtained from the
sale of general obligation bonds under ORS 367.555 to 367.600 must be paid over
to the State Treasurer and credited by the State Treasurer to the State Highway
Fund. Such moneys may be used only for the purposes stated in ORS 367.555 to
367.600 and, pending the use of such moneys for highway purposes, may be
invested as provided by law. [1973 c.698 §3; 2003 c.201 §20]
367.565 Procedure for issuing general
obligation bonds under ORS 367.555 to 367.600.
The Department of Transportation shall request the State Treasurer to issue
general obligation bonds under ORS 367.555 to 367.600 in accordance with ORS
chapter 286A. [1973 c.698 §4; 1981 c.660 §33; 2003 c.201 §21; 2007 c.783 §168]
367.570 [1973
c.698 §5; repealed by 1981 c.660 §18]
367.575 [1973
c.698 §6; repealed by 1981 c.660 §18]
367.580 [1973
c.698 §7; repealed by 1981 c.660 §18]
367.585 [1973
c.698 §8; repealed by 1981 c.660 §18]
367.590 [1973
c.698 §9; repealed by 1981 c.660 §18]
367.595 Setting aside sufficient moneys to
pay maturing obligations. The Department of Transportation
shall compute and determine in January of each year, after the sale of bonds
under ORS 367.555 to 367.600, the amount of principal and interest that will
fall due during such year on general obligation bonds then outstanding and
unpaid and shall maintain or hold in the State Highway Fund sufficient moneys
to pay such maturing obligations. [1973 c.698 §10; 2003 c.201 §22]
367.600 Compliance with constitutional
debt limits. The State Treasurer on behalf of the
Department of Transportation may not issue or sell general obligation bonds
under ORS 367.555 to 367.600 that, singly or in the aggregate with previous
debts or liabilities incurred for the building and maintaining of permanent
roads, exceed an applicable limitation provided in the Oregon Constitution at
the date of the issuance and sale of such general obligation bonds. [1973 c.698
§11; 2003 c.201 §23; 2007 c.783 §169]
HIGHWAY USER TAX BONDS
367.605 Source of funds to secure Highway
User Tax Bonds. (1) Moneys deposited in the
State Highway Fund established under ORS 366.505 are pledged to payment of
Highway User Tax Bonds issued under ORS 367.615.
(2)
Except as provided in subsection (3) of this section, moneys, once deposited in
the highway fund from the following sources are subject to the use or pledge
described in subsection (1) of this section:
(a)
Moneys from the taxes and fees on motor carriers imposed under ORS 825.474 and
825.480.
(b)
Moneys from the tax on motor vehicle fuel imposed under ORS 319.020.
(c)
Moneys from the tax on fuel used in motor vehicles imposed under ORS 319.530.
(d)
Moneys described under ORS 803.090 from the titling of vehicles.
(e)
Moneys described under ORS 803.420 from the registration of vehicles.
(f)
Moneys described under ORS 807.370 relating to the issuance of driver licenses
and driver permits.
(g)
Moneys received by the Department of Transportation from taxes, fees or charges
imposed after January 1, 2001, or other revenues received by the department from
sources not listed in paragraphs (a) to (f) of this subsection that are
available for the use or pledge described by this section.
(3)
Moneys described under subsection (2) of this section do not include:
(a)
Moneys provided for appropriations to counties under ORS 366.762 to 366.768.
(b)
Moneys provided for appropriations to cities under ORS 366.785 to 366.820.
(c)
Moneys in the account established under ORS 366.512 for parks and recreation.
(4)
To the extent affirmatively pledged, moneys from the following sources are
subject to the use or pledge described in subsection (1) of this section:
(a)
Moneys received by the Department of Transportation from the United States
government.
(b)
Any other moneys legally available to the department.
(5)
Notwithstanding ORS 366.507, the lien or charge of any pledge of moneys
securing bonds issued under ORS 367.615 is superior or prior to any other lien
or charge and to any law of the state requiring the department to spend moneys
for specified highway purposes. [1985 c.551 §2; 2001 c.669 §8; 2003 c.201 §24;
2007 c.783 §169a]
367.610 [1985
c.551 §2a; repealed by 2003 c.201 §39]
367.615 Bond issuance; bonds not general
obligation; conditions for issuance of additional bonds; use of bond proceeds.
(1) The Department of Transportation may request the State Treasurer to issue
and sell revenue bonds known as Highway User Tax Bonds as provided in this
section.
(2)
Bonds issued under this section do not constitute a debt or general obligation
of this state or any political subdivision of this state but are secured and
payable from moneys described under ORS 367.605. A holder of bonds issued under
this section may not compel the exercise of the ad valorem taxing power of the
state to pay the bond debt service on the bonds.
(3)
This state shall provide for the continued assessment, levy, collection and
deposit into the highway fund moneys described under ORS 367.605 in amounts
sufficient to pay, when due, the annual bond debt service and other amounts
necessary to meet requirements established by indenture under ORS 367.640.
(4)
This state may not in any way impair obligations of any agreement between this
state and the holders of bonds issued under this section.
(5)
The authority granted by this section is continuing and the department reserves
the right to request the State Treasurer to issue additional bonds under this
section subject to the following:
(a)
Additional bonds must be secured equally and ratably by the pledge and
appropriation of moneys described under ORS 367.605 unless the State Treasurer,
as permitted by law and the contracts with owners of outstanding Highway User
Tax Bonds, issues additional bonds in different series and secures each series
by a lien on and pledge of moneys described under ORS 367.605 that is superior
to or subordinate to the lien of the pledge securing any other series of
Highway User Tax Bonds.
(b)
The State Treasurer may only issue additional bonds if sufficient moneys
described under ORS 367.605 may be pledged to pay the annual bond debt service
for all outstanding bonds issued under this section as well as for the
additional bonds.
(6)
Proceeds from the sale of bonds under this section are declared to be for the
purpose of building and maintaining permanent public roads and may be used:
(a)
To finance the cost of state highway, county road and city street projects in
this state.
(b)
To pay the cost of issuing the bonds.
(c)
For loans to cities and counties as provided under ORS 367.035 or 367.655.
(d)
To pay the bond debt service of the bonds.
(e)
To pay the costs of the State Treasurer and the department to administer and
maintain the bonds and the Highway User Tax Bond program, including the cost of
consultants, advisors, attorneys or other professional service providers
appointed, retained or approved by the treasurer or the department.
(f)
To pay capitalized interest, principal or premium, if any, of the bonds.
(g)
For rebates or penalties due to the United States in connection with the bonds.
(7)
The State Treasurer, at the request of the department, may issue Highway User
Tax Bonds as capital appreciation bonds, auction rate bonds, variable rate
bonds, deep discount bonds or deferred interest bonds.
(8)
The State Treasurer or the Director of Transportation, if so directed by the
treasurer, may obtain credit enhancement or an agreement for exchange of
interest rates to provide additional security or liquidity for the bonds or to
provide funding, in lieu of cash, for all or a portion of a bond debt service
reserve account established with respect to the bonds. [1985 c.551 §3; 2003
c.201 §25; 2007 c.783 §170]
367.617 Allocation of bonds.
(1) As used in this section:
(a)
“Bond” has the meaning given that term in ORS 367.010.
(b)
“Bond debt service” has the meaning given that term in ORS 367.010.
(2)
On each January 1, April 1, July 1 and October 1, and on the date of issuance
of any Highway User Tax Bonds described in ORS 367.620 (3)(c), the Department
of Transportation shall determine:
(a)
The amount of Highway User Tax Bonds described in ORS 367.620 (3)(c) that are
outstanding;
(b)
The amount reasonably estimated, as set forth in subsection (4) of this
section, as being necessary to pay bond debt service on the outstanding Highway
User Tax Bonds described in ORS 367.620 (3)(c); and
(c)
The amount of moneys allocated to the department under ORS 366.752 that is not
required to pay bond debt service on the outstanding Highway User Tax Bonds
described in ORS 367.620 (3)(c). The department shall deposit the amount into
the Transportation Project Account established under ORS 366.523.
(3)
The amount of moneys determined by the department under subsection (2)(c) of
this section may be allocated by the Oregon Transportation Commission pursuant
to a request of the department, in an amount that does not exceed the amount
determined by the department, under subsection (2)(c) of this section, to the
following projects in the following order of priority:
(a)
The amount established for projects listed in section 64, chapter 865, Oregon
Laws 2009;
(b)
$15 million each year for maintenance, preservation and safety of the highways
so long as the amount reasonably estimated by the department pursuant to
subsection (2)(b) of this section is not greater than the amount received by the
department under ORS 366.752 (4)(c); and
(c)
For any other purposes determined by the commission.
(4)
To reasonably estimate the amount necessary to pay bond debt service on Highway
User Tax Bonds described in ORS 367.620 (3)(c), the department shall include in
its computation:
(a)
For fixed rate bonds, the bond debt service payments due on the bonds in the
calendar quarter; and
(b)
For variable rate bonds, bond debt service payments due on the bonds in the
calendar quarter, with interest computed at the maximum rate of interest as set
forth in the bond declaration or bond indenture executed by the department
pursuant to ORS 367.630 and 367.640. [2009 c.865 §62]
Note:
367.617 was enacted into law by the Legislative Assembly but was not added to
or made a part of ORS chapter 367 or any series therein by legislative action.
See Preface to Oregon Revised Statutes for further explanation.
367.620 Limitation on bond amount.
(1) The principal amount of Highway User Tax Bonds issued under ORS 367.615
shall be subject to the provisions of ORS 286A.035.
(2)
Highway User Tax Bonds may be issued under ORS 367.615 for the purposes
described in ORS 367.622 in an aggregate principal amount sufficient to produce
net proceeds of not more than $500 million.
(3)(a)
Highway User Tax Bonds may be issued under ORS 367.615 for bridge purposes
described in section 10 (1), chapter 618, Oregon Laws 2003, in an aggregate
principal amount sufficient to produce net proceeds of not more than $1.6
billion.
(b)
Highway User Tax Bonds may be issued under ORS 367.615 for modernization
purposes described in sections 10 (2) and 11, chapter 618, Oregon Laws 2003, in
an aggregate principal amount sufficient to produce net proceeds of not more
than $300 million.
(c)
Highway User Tax Bonds may be issued under ORS 367.615 for the purposes
described section 64, chapter 865, Oregon Laws 2009, in an aggregate principal
amount sufficient to produce net proceeds of not more than $840 million. The
proceeds from bonds issued as described in this paragraph that are not required
for the purposes described in section 64, chapter 865, Oregon Laws 2009, shall
be allocated to transportation projects, as defined in ORS 367.010, that are
approved by the Legislative Assembly by law.
(d)
The Department of Transportation, with the approval of the State Treasurer, may
designate the extent to which a series of bonds authorized under this
subsection is secured and payable on a parity of lien or on a subordinate basis
to existing or future Highway User Tax Bonds. [1985 c.551 §4; 1999 c.1036 §4;
2001 c.669 §1; 2002 s.s.1 c.3 §1; 2003 c.618 §6; 2007 c.783 §171; 2009 c.865 §61;
2011 c.629 §2]
Note:
Sections 64 to 66, chapter 865, Oregon Laws 2009, provide:
Sec. 64. (1)
Proceeds of the bonds, as defined in ORS 367.010, authorized under ORS 367.620
(3)(c) may be used to finance all or any portion of the projects as listed in
subsection (2) of this section. The commission shall determine the order of
completion for the projects listed in subsection (2) of this section.
(2)
The following amounts are allocated for the projects listed below:
______________________________________________________________________________
(a) U.S.
Highway 26 at the
Glencoe
Road Interchange $ 32 million
(b) Interstate
84 at the
257th
Avenue Interchange $ 24 million
(c) State
Highway 212: Sunrise
Corridor,
Phase I, Units 1,
2
and 3 $ 100 million
(d) U.S.
Highway 26 at the Shute
Road
Interchange, Phase I $ 45 million
(e) Interstate
5 at the Interstate
205
Interchange $ 11 million
(f) U.S.
Highway 26: 185th Avenue
to
Cornell Road $ 20 million
(g) Interstate
205 and State
Highway
213 at the Washington
Street
Interchange $ 22 million
(h) Interstate
84 at the Hood
River
Interchange $ 10 million
(i) State
Highway 43 at the
Sellwood
Bridge Interchange $ 30 million
(j) State
Highway 6 at U.S.
Highway
101 $ 27 million
(k) State
Highway 99W: Newberg
and
Dundee Bypass, Phase I $ 192 million
(L) Interstate
5 at the State Highway
214
Interchange $ 43 million
(m) Interstate
5 at Beltline
Highway,
Units 3, 4, 5,
6
and 7 $ 80 million
(n) Beltline
Highway at
Delta
Highway $ 2 million
(o) Interstate
5 at Kuebler
Road,
Phase I $ 15 million
(p) Interstate
5 at Kuebler
Road,
Phase II (Mill Creek) $ 4 million
(q) State
Highway 42, county
line
curves $ 10 million
(r) State
Highway 62: Corridor
Solution,
Phase II $ 100 million
(s) Interstate
5 at the Fern Valley
Road
Interchange $ 25 million
(t) Interstate
5 Sutherlin
truck
climbing lanes $ 4.1 million
(u) Interstate
5 Sexton truck
climbing
lanes $ 10 million
(v) Interstate
84 at the U.S.
Highway
97 Interchange $ 19 million
(w) U.S.
Highway 97: Crooked
River
Bridge to Redmond $ 2 million
(x) State
Highway 140:
Klamath
Falls to the Nevada
state
line $ 23 million
(y) Murphy
Road at the U.S.
Highway
97 Interchange $ 25 million
(z) U.S.
Highway 97: Redmond
reroute,
Phase II $ 5 million
(aa) Chico
Road reconstruction
in
Baker County $ 1 million
(bb) Chandler
Lane reconstruction
in
Baker County $ 4.6 million
(cc) Interstate
84 Spring Creek
climbing
lane in Union County $ 5.7 million
(dd) Northwest
Washington Avenue
in
Malheur County $ 4.5 million
(ee) Pierce
Road improvements
in
Union County $ 5 million
(ff) State
Highway 82 alternate route
in
Wallowa County $ 5 million
(gg) Westland
Road in Umatilla
County $ 1.1 million
(hh) State
Highway 207 and State
Highway
206 intersections $ 0.5 million
(ii) Vehicle
chain-up areas east
of
Pendleton on Interstate
84 $ 4.7 million
(jj) Izee-Paulina
Highway in
Grant
County $ 4.5 million
(kk) Monroe
Street and U.S.
Highway
20 Intersection
in
Harney County $ 0.9 million
______________________________________________________________________________
(3) Prior to June 1, 2010, in addition to
the projects listed in subsection (2) of this section, if projects are
recommended to the Oregon Transportation Commission by the applicable local
area commission on transportation after consultation with the local governments
listed in this subsection, the Oregon Transportation Commission may also
approve and allocate funds to the following local governments for projects
approved by the commission in the following amounts:
______________________________________________________________________________
(a) Baker
County $ 4.5 million
(b) Grant
County $ 1.1 million
(c) Harney
County $ 4.1 million
(d) Malheur
County $ 5.8 million
(e) Union
County $ 1.3 million
(f) Umatilla
County $ 2.5 million
(g) City
of Nyssa $ 1 million
(h) City
of Heppner $ 3 million
(i) City
of Milton-Freewater $ 3 million
(j) City
of Ontario $ 1.2 million
(k) Port
of Umatilla $ 4.5 million
(L) Port
of Morrow $ 10.7 million
______________________________________________________________________________
[2009
c.865 §64]
Sec.
65. Nothing in this 2009 Act [chapter 865,
Oregon Laws 2009] is intended to impair and may not impair the interests of the
owners of any Highway User Tax Bonds that are outstanding on the effective date
of this 2009 Act [September 28, 2009] or any obligations of the agreements of
the Department of Transportation under its Amended and Restated Master Highway
User Tax Revenue Bond Declaration dated June 1, 2006, as amended and
supplemented. [2009 c.865 §65]
Sec.
66. Notwithstanding ORS 367.620 (1), the
provisions of ORS 286A.035 do not apply to bonds described in ORS 367.620
(3)(c) for the biennium beginning July 1, 2009. [2009 c.865 §66]
Note:
Section 2, chapter 3, Oregon Laws 2002 (first special session), provides:
Sec.
2. The Department of Transportation may
not issue bonds under the authority granted by ORS 367.620 (2) in an aggregate
principal amount that exceeds an amount the department reasonably believes can
be paid with $71.2 million in biennial debt service. [2002 s.s.1 c.3 §2]
367.621
Use of private sector resources in specified work.
It is the policy of the State of Oregon to use increased revenues from the
amendments to ORS 803.090, 803.420, 818.225, 825.476 and 825.480 by sections 1
to 5, chapter 618, Oregon Laws 2003, in a manner that maximizes the creation of
new jobs. Each public body, as defined in ORS 174.109, that receives moneys
from the revenues generated by the amendments to ORS 803.090, 803.420, 818.225,
825.476 and 825.480 by sections 1 to 5, chapter 618, Oregon Laws 2003, shall
use private sector resources to the greatest extent possible in accomplishing
the work funded by revenues from the amendments to ORS 803.090, 803.420,
818.225, 825.476 and 825.480 by sections 1 to 5, chapter 618, Oregon Laws 2003.
[2003 c.618 §41]
Note:
367.621 was enacted into law by the Legislative Assembly but was not added to
or made a part of ORS chapter 367 or any series therein by legislative action.
See Preface to Oregon Revised Statutes for further explanation.
Note:
Sections 10 to 13, chapter 618, Oregon Laws 2003, provide:
Sec.
10. (1) Proceeds of bonds authorized under
ORS 367.620 (3)(a) shall be used as follows:
(a) Replacement and repair of bridges on
state highways, $1.3 billion. The Oregon Transportation Commission shall choose
projects under this paragraph that meet the criteria for freight mobility
projects as defined in section 37 of this 2003 Act [184.611].
(b) Replacement and repair of bridges on
county and city highways, $300 million. The commission shall choose projects
under this paragraph that meet the criteria for freight mobility projects as
defined in section 37 of this 2003 Act. In determining which bridges to replace
or repair under this paragraph, the commission shall consult with
representatives of local governments.
(2) Except as otherwise provided in
section 11 of this 2003 Act, proceeds of bonds authorized under ORS 367.620
(3)(b) shall be used for the modernization program described in ORS 366.507.
The commission shall give funding priority for modernization projects funded
with the proceeds of bonds authorized under ORS 367.620 (3)(b) to projects that
are ready for construction. [2003 c.618 §10]
Sec.
11. (1) The Oregon Transportation
Commission shall use $100 million of the net proceeds of bonds authorized under
ORS 367.620 (3)(b):
(a) For the capitalizable cost of
planning, development, design and construction of projects recommended by the
Freight Advisory Committee created by section 2, chapter 240, Oregon Laws 2001
[366.212].
(b) To provide or improve access to
industrial land sites. In selecting sites under this paragraph, the commission
shall consult with the Oregon Business Development Department and local
governments and shall give preference to sites for which local matching moneys
are available.
(c) To provide or improve access to sites
where jobs can be created.
(2) Notwithstanding ORS 366.507 (4)(b),
projects selected under this section need not be equitably distributed
throughout the state. [2003 c.618 §11]
Sec.
12. (1) In order to facilitate the
replacement and repair of bridges described in section 10 of this 2003 Act, the
Department of Transportation, after consultation with affected road
authorities, may designate temporary detour routes, and may specify conditions
of travel, over highways that are not state highways.
(2) Prior to directing traffic onto a
detour route chosen under this section, the department may repair or
reconstruct the highways chosen as detour routes if the repair or
reconstruction will be cost-effective in minimizing or preventing damage from
the increased traffic on the detour route.
(3) The department shall repair damage to
highways that are designated as detour routes under this section if the damage
results from the increase in traffic caused by the detour.
(4) The department may exercise the
authority granted under this section for as long as the replacement and repair
of bridges described in section 10 of this 2003 Act continues, or until January
2, 2013, whichever comes first. [2003 c.618 §12]
Sec.
13. Section 12 of this 2003 Act is repealed
on January 2, 2013. [2003 c.618 §13]
Note:
Section 1, chapter 486, Oregon Laws 2005, provides:
Sec.
1. (1) If the Department of Transportation
does not need the total $1.3 billion in bond proceeds authorized by section 10
(1), chapter 618, Oregon Laws 2003, for replacement and repair of the bridges
described in subsection (2) of this section, the department shall use the
proceeds not needed for the bridges as follows:
(a) Seventy-five percent for highway
projects of statewide significance that are on the list adopted by the Oregon
Transportation Commission in May 2002; and
(b) Twenty-five percent for freight
projects that the Freight Advisory Committee considered under section 11
(1)(a), chapter 618, Oregon Laws 2003.
(2) The bridges for which the bond
proceeds described in subsection (1) of this section may be used are those
bridges identified on the document issued by the Department of Transportation
titled “Oregon Transportation Investment Act, State Bridge Projects, Summary of
Progress on Bridges in Stages 1-5,” and dated January 2005. [2005 c.486 §1]
367.622
Preservation and modernization projects funded by specified bonds; rules;
selection criteria. (1) As used in this section:
(a) “Highway” has the meaning given that
term in ORS 801.305.
(b) “Modernization” means improvements
that add capacity to highways, including but not limited to new or widened
lanes and new bypasses.
(c) “Preservation” means paving, striping,
reconstruction and other activities designed to add useful life to existing
highways.
(2) Bonds described in ORS 367.620 (2)
shall be used to finance preservation and modernization projects chosen by the
Oregon Transportation Commission. The commission shall select projects from
among the following:
(a) Highways that need increased lane
capacity.
(b) Highways and bridges that have weight
limitations.
(c) State and local bridges.
(d) Interchanges on multilane highways.
(e) District highways in cities and
counties that require preservation. The Department of Transportation shall
adopt rules defining “district highway” for purposes of this paragraph.
(3) In choosing projects under subsection
(2) of this section, the commission shall use the following criteria, in
addition to any criteria developed under ORS 367.623:
(a) Lane capacity projects shall be chosen
from a financially constrained list.
(b) Bridge projects shall be chosen on the
basis of a bridge inventory or rating system recognized by the commission.
(c) Priority for interchange projects
shall be given to projects on multilane highways where safety can be enhanced
by constructing a grade-separated interchange to replace an at-grade crossing.
(d) Priority for district highway
preservation projects shall be given to those projects that may facilitate
transfer of jurisdiction over the highway from the state to a local government.
(e) Projects selected for financing under
this section shall be equitably distributed throughout the state, using the
criteria for distribution of projects that are used for the Statewide
Transportation Improvement Program. [2001 c.669 §2; 2005 c.612 §8]
Note:
367.622 and 367.623 were added to and made a part of ORS chapter 367 by
legislative action but were not added to any smaller series therein. See
Preface to Oregon Revised Statutes for further explanation.
367.623
Consultation with local governments for project selection.
In establishing criteria other than those specified in ORS 367.622 for
selection of projects, and in choosing projects under ORS 367.622, the Oregon
Transportation Commission shall consult with local governments, metropolitan
planning organizations and regional transportation advisory groups. [2001 c.669
§3]
Note:
See note under 367.622.
367.625
[1985 c.551 §4a; repealed by 1999 c.1036 §6]
367.630
Highway revenue declaration; contents; purpose.
(1) Before bonds are issued under ORS 367.615, the Department of Transportation
must prepare a highway revenue declaration authorizing issuance of the bonds.
The declaration must be signed by the Director of Transportation or a person
designated by the director and must be approved by the State Treasurer or a
person designated by the State Treasurer.
(2) A declaration prepared under this
section may do any of the following:
(a) Pledge any part or all of moneys
described under ORS 367.605 for purposes of the bonds to be issued.
(b) Limit the purpose for which the
proceeds of the sale may be applied by the department.
(c) Make pledges concerning the proceeds
of the sale or moneys described under ORS 367.605 as necessary to secure
payment of bonds of the department.
(d) Limit the issuance of additional bonds
under ORS 367.615, limit or establish terms upon which additional bonds may be
issued under ORS 367.615 or limit or establish the issuance or the terms of
issuance or provide for the refunding of outstanding bonds.
(e) Provide for procedures, if any, by
which the terms of contracts with bondholders may be amended or rescinded, for
the percentage of the bondholders that must consent to amendment or rescinding
of such contract and for the manner of bondholder consent to any amendment or
rescinding of such contract.
(f) Establish a trustee as described under
ORS 367.650.
(g) Vest a trustee appointed under ORS
367.650 with property, rights, powers and duties in trust, as the State
Treasurer determines appropriate. Authority granted by this paragraph includes
authority to:
(A) Include the rights, powers and duties
of a trustee appointed to bondholders.
(B) Limit the rights, powers and duties of
the trustee.
(h) Provide for other matters affecting
issuance of the bonds.
(3) A declaration under this section may
establish the same requirements, be subject to the same provisions, create the
same obligations and confer the same rights and is otherwise subject to the
same provisions as an indenture under ORS 367.640, if so provided in the
declaration. [1985 c.551 §5; 1987 c.158 §64]
367.635
Bond form, issuance and maturity; provisions subject to determination of State
Treasurer. (1) A bond issued under ORS 367.615:
(a) Must contain on its face a statement
that the ad valorem taxing power of this state or any political subdivision of
this state is not pledged to the payment of the principal or the interest on
the bond.
(b) Shall be issued as provided in ORS
chapter 286A.
(c) Must mature on or before a date
determined by calculation of the expected economic life of the improvements,
assets and projects financed with the proceeds of the bonds. Subject to this
paragraph, the time bonds mature may be as established by indenture under ORS
367.640.
(2) The State Treasurer shall determine,
in consultation with the department and consistent with ORS chapter 286A, all
aspects relating to the sale of bonds under ORS 367.615 that are not otherwise
specifically provided, including rate of interest and discount, if any. [1985
c.551 §6; 2003 c.201 §26; 2007 c.783 §172]
367.640
Indenture; provisions. An indenture under which bonds
described under ORS 367.615 are issued may provide for any or all of the
following:
(1) The pledging of moneys or a portion of
moneys described under ORS 367.605 to the payment of the bond debt service on
bonds issued under ORS 367.615.
(2) Requirements concerning particular
issues of bonds under ORS 367.615.
(3) Requirements concerning moneys
described under ORS 367.605 and payment on outstanding bonds issued under ORS
367.615.
(4) A contractual undertaking for the
benefit of bondholders concerning assessment, levy collection and deposit of
moneys described under ORS 367.605.
(5) Provisions concerning the registration
of bonds or recording or filing of the indenture.
(6) Provisions relating to a reserve
account under ORS 367.645. Provisions under this subsection may include, but
are not limited to, the amount required for such account or provisions for
replenishing the account from moneys described under ORS 367.605.
(7) Provisions concerning trustees under
ORS 367.650 including, but not limited to:
(a) Establishing funds, accounts or moneys
described under ORS 367.605 over which the trustee will be custodian.
(b) Providing that a trustee will be
appointed.
(8) Establishing the maturation date for
the bonds, subject to ORS 367.635. [1985 c.551 §7; 2003 c.201 §27]
367.645
Reserve account. The Department of Transportation
may establish a separate reserve account to provide additional security for
bonds issued under ORS 367.615. The following apply to any account established
under this section:
(1) The account may be established as part
of the highway fund or separately.
(2) The establishment of an account does
not, in itself, limit the payment of bond debt service for bonds issued under
ORS 367.615 to moneys in the account. Bond debt service for bonds issued under
ORS 367.615 may be paid from any moneys under ORS 367.605, whether or not an
account is established, unless otherwise provided by indenture under ORS
367.640.
(3) The account is subject to any
provisions established by indenture under ORS 367.640 concerning the amount of
money in the account or the replenishing of moneys if the account is drawn down
at any time while bonds are outstanding.
(4) The account is subject to any other
provisions concerning the account that are established by indenture under ORS
367.640. [1985 c.551 §8; 1989 c.610 §2; 2003 c.201 §28]
367.650
Trust indenture to secure bonds; provisions. At the
discretion of the State Treasurer, bonds issued under ORS 367.615 may be
secured by a trust indenture. A trust indenture established under this section
is subject to the following:
(1) The trust indenture shall be by and
between the state and a trustee.
(2) The trustee may be any trust company
or bank having the powers of a trust company whether inside or outside the
state.
(3) The trustee may act as custodian as
provided for by indenture under ORS 367.640.
(4) The trustee must be jointly appointed
by the director and the State Treasurer.
(5) The trustee shall be vested with such
powers and duties as provided for by indenture under ORS 367.640. [1985 c.551 §9]
367.655
Loan of bond proceeds to cities and counties; use of loans; rules.
(1) Notwithstanding any other provision of law or any provision of charter or
local ordinance to the contrary:
(a) The Department of Transportation may
loan a portion of proceeds from bonds issued under ORS 367.615 to cities and
counties; and
(b) Cities and counties may borrow moneys
under this section.
(2) Any loan made under this section is
subject to all of the following provisions:
(a) Moneys from the loan may only be used
to defray costs of location, relocation, improvements, construction and
reconstruction of city and county streets and roads.
(b) The department shall establish rules
concerning the making of agreements for the loans. Repayment of principal and
interest by any city or county must be made according to the agreement between
the department and the city or county.
(c) If a city or county defaults of
repayment, the department may withhold any part of the appropriation or
allocation to the city under ORS 366.785 to 366.820 or the county under ORS
366.762 to 366.768 as provided for in the agreement for repayment made under
this section. [1985 c.551 §10; 2003 c.201 §29]
367.660
Lien on certain moneys pledged for bonds; terms of lien.
If moneys under ORS 367.605 are pledged for purposes of bonds by indenture
under ORS 367.640, a lien is established upon the moneys. A lien established by
this section is subject to all of the following:
(1) The lien is a first lien and security
interest and prior charge upon the pledged moneys except to the extent provided
otherwise by the indenture.
(2) The lien is valid and binding from the
time the pledge is made.
(3) The pledged moneys are immediately
subject to the lien without physical delivery or further act.
(4) The lien is valid and binding against
all parties having claims on the money of any kind including claims under tort
or contract.
(5) The lien is valid and binding against
all parties irrespective of whether the parties have notice of the lien.
(6) No bond, indenture or any other
instrument by which the pledge is made or the lien created must be recorded or
filed except as provided by the indenture under ORS 367.640. [1985 c.551 §11;
2003 c.201 §30]
367.665
Interest on bonds exempt from state income tax.
The interest upon all bonds issued under ORS 367.615 and upon all refunding and
advance refunding bonds issued under ORS chapter 286A is exempt from personal
income taxation imposed by this state under ORS chapter 316. [1985 c.551 §12;
2007 c.783 §172a]
367.670
[1985 c.551 §13; repealed by 2007 c.783 §234]
BONDED
INDEBTEDNESS FOR CITY AND COUNTY ROADS AND RECREATION FACILITIES
367.700
Authority to sell limited amount of bonds under ORS 367.700 to 367.750.
In addition to the authority now vested by any other provision of law state
highway bonds of the State of Oregon used to provide funds for purposes of ORS
367.700 to 367.750 in the aggregate principal sum may not exceed $50 million. [1975
c.211 §1; 1981 c.660 §34]
367.705
Use of funds; priority. (1) The Department of
Transportation shall make loans to cities and counties from funds available
under ORS 367.700 to 367.750 for the purposes stated in section 3a, Article IX
of the Oregon Constitution.
(2) If funds available under ORS 367.700
to 367.750 are not sufficient to fund all projects for which funds are applied
by cities and counties, the department shall give priority to projects in
cities and counties having the highest rates of unemployment in this state. [1975
c.211 §2; 2003 c.201 §31]
367.710
Repayment by city or county; interest. (1) The
Department of Transportation shall cause cities and counties that receive funds
under ORS 367.705 to repay bond debt service by withholding from payments due
to the city under ORS 366.785 to 366.820 or to the county under ORS 366.762 to
366.768. Funds withheld under this subsection remain in the State Highway Fund
available for the purposes authorized by law.
(2) The Department of Transportation shall
fix the rate of interest to be charged on any advance made under ORS 367.705. [1975
c.211 §3; 2003 c.201 §32]
367.715
Procedure for issuing bonds under ORS 367.700 to 367.750.
All bonds issued under ORS 367.700 to 367.750 must be issued in accordance with
ORS chapter 286A. [1975 c.211 §4; 1981 c.660 §35; 2003 c.201 §33; 2007 c.783 §173]
367.720
[1975 c.211 §5; repealed by 1981 c.660 §18]
367.725
[1975 c.211 §6; repealed by 1981 c.660 §18]
367.730
[1975 c.211 §7; repealed by 1981 c.660 §18]
367.735
[1975 c.211 §8; repealed by 1981 c.660 §18]
367.740
[1975 c.211 §9; repealed by 1981 c.660 §18]
367.745
Setting aside sufficient moneys to pay maturing bonds.
The Department of Transportation shall compute and determine in January of each
year, after the sale of bonds under ORS 367.700 to 367.750, the amount of bond
debt service that will fall due during such year on bonds then outstanding and
unpaid and shall maintain or hold in the State Highway Fund sufficient moneys
to pay such maturing obligations. [1975 c.211 §10; 2003 c.201 §34]
367.750
Constitutional debt limits not to be exceeded.
The Department of Transportation may not issue or sell general obligation bonds
under ORS 367.700 to 367.750 that, singly or in the aggregate with previous
debts or liabilities incurred for the building and maintaining of permanent
roads, exceed any limitation provided in the Oregon Constitution at the date of
the issuance and sale of such bonds. [1975 c.211 §11; 2003 c.201 §35]
OREGON
INNOVATIVE PARTNERSHIPS PROGRAM
367.800
Findings. The Legislative Assembly finds that:
(1) Entrepreneurial approaches to the
acquisition, design, management and financing of transportation projects will
accelerate cost-effective project delivery.
(2) Entrepreneurial approaches can bring
substantial benefits to the public in transportation project development and
execution.
(3) Risk management is a critical
component of partnerships for transportation projects.
(4) Successful implementation of an Oregon
innovative partnership program for transportation projects requires that risk
in a project be managed and shared by public and private sector participants,
with the partner best able to control a risk bearing responsibility for the
risk.
(5) The Legislative Assembly and the
executive branch of government accept responsibility for providing
predictability for partnerships for transportation projects and for allowing
negotiated agreements to be implemented.
(6) The development, acquisition and
construction of transportation projects creates jobs and furthers economic
development in Oregon by, among other things:
(a) Increasing the economy and efficiency
of public transportation, improving the flow of commerce into and around the
state and the surrounding region, improving the attractiveness of Oregon to new
businesses and supporting the operations and prosperity of existing businesses;
and
(b) Improving the movement of people into
and around the state and the surrounding region, alleviating congestion and
crowding and reducing the burdens on existing public transportation systems and
transportation facilities. [2003 c.790 §1]
Note:
367.800 to 367.826 were enacted into law by the Legislative Assembly but were
not added to or made a part of ORS chapter 367 or any series therein by
legislative action. See Preface to Oregon Revised Statutes for further
explanation.
367.802
Definitions. As used in ORS 367.800 to 367.824:
(1) “Agreement” means a written agreement,
including but not limited to a contract, for a transportation project that is
entered into under ORS 367.806.
(2) “Private entity” means any entity that
is not a unit of government, including but not limited to a corporation,
partnership, company, nonprofit organization or other legal entity or a natural
person.
(3) “Transportation project” or “project”
means any proposed or existing undertaking that facilitates any mode of transportation
in this state or that facilitates the collection of taxes and fees as an
alternative to the motor vehicle fuel taxes imposed under ORS 319.020 and
319.530.
(4) “Unit of government” means any
department or agency of the federal government, any state or any agency, office
or department of a state, any city, county, district, commission, authority,
entity, port or other public corporation organized and existing under statutory
law or under a voter-approved charter and any intergovernmental entity created
under ORS 190.003 to 190.130, 190.410 to 190.440 or 190.480 to 190.490. [2003
c.790 §2; 2011 c.470 §8]
Note:
See note under 367.800.
367.804
Goals of Oregon Innovative Partnerships Program; authority of Department of
Transportation; confidentiality; expenses. (1)
The Department of Transportation shall establish the Oregon Innovative
Partnerships Program for the planning, acquisition, financing, development,
design, construction, reconstruction, replacement, improvement, maintenance,
management, repair, leasing and operation of transportation projects.
(2) The goals of the program are to:
(a) Develop an expedited project delivery
process;
(b) Maximize innovation; and
(c) Develop partnerships with private
entities and units of government.
(3) As part of the program established
under this section, the department may:
(a) Solicit concepts or proposals for
transportation projects from private entities and units of government.
(b) Accept unsolicited concepts or
proposals for transportation projects from private entities and units of
government.
(c) Evaluate the concepts or proposals
received under this subsection and select potential projects based on the
concepts or proposals. The evaluation under this paragraph shall include
consultation with any appropriate local government, metropolitan planning
organization or area commission on transportation.
(d) Charge an administrative fee for the
evaluation in an amount determined by the department.
(4) Following an evaluation by the
department of concepts or proposals submitted under subsection (3) of this
section, and the selection of potential transportation projects, the department
may negotiate and enter into the agreements described in ORS 367.806 for
implementing the selected transportation projects.
(5) Except as provided in subsection (6)
of this section:
(a) Information related to a
transportation project proposed under ORS 367.800 to 367.824, including but not
limited to the project’s design, management, financing and other details, is
exempt from disclosure under ORS 192.410 to 192.505 until:
(A) The department shares the information
with a local government, metropolitan planning organization or area commission
on transportation under subsection (3)(c) of this section; or
(B) The department completes its
evaluation of the proposed project and has selected the proposal for
negotiation of an agreement.
(b) After the department has either shared
the information described in paragraph (a) of this subsection with a local
government, metropolitan planning organization or area commission on
transportation, or has completed its evaluation of the proposed project, the
information is subject to disclosure under ORS 192.410 to 192.505.
(6) Sensitive business, commercial or
financial information that is not customarily provided to business competitors
that is submitted to the department in connection with a transportation project
under ORS 367.800 to 367.824 is exempt from disclosure under ORS 192.410 to
192.505 until the information is submitted to the Oregon Transportation
Commission in connection with its review and approval of the transportation
project under ORS 367.806.
(7) The department may, in connection with
the evaluation of concepts or proposals for transportation projects, consider
any financing mechanisms, including but not limited to the imposition and
collection of franchise fees or user fees and the development or use of other
revenue sources.
(8) The department and any other unit of
government may expend, out of any funds available for the purpose, such moneys
as may be necessary for the evaluation of concepts or proposals for
transportation projects and for negotiating agreements for transportation
projects under ORS 367.806. The department or other unit of government may
employ engineers, consultants or other experts the department or other unit of
government determines are needed for the purposes of doing the evaluation and
negotiation. Expenses incurred by the department or other unit of government
under this subsection prior to the issuance of transportation project revenue
bonds or other financing shall be paid by the department or other unit of
government, as applicable, and charged to the appropriate transportation
project. The department or other unit of government shall keep records and
accounts showing each amount so charged. Upon the sale of transportation
project revenue bonds or upon obtaining other financing for any transportation
project, the funds expended by the department or other unit of government under
this subsection in connection with the project shall be repaid to the
department or the unit of government from the proceeds of the bonds or other
financing, as allowed by applicable law. [2003 c.790 §3]
Note:
See note under 367.800.
367.806
Agreements. (1) As part of the program established
under ORS 367.804, the Department of Transportation may:
(a) Enter into any agreement or any
configuration of agreements relating to transportation projects with any
private entity or unit of government or any configuration of private entities
and units of government. The subject of agreements entered into under this
section may include, but need not be limited to, planning, acquisition,
financing, development, design, construction, reconstruction, replacement,
improvement, maintenance, management, repair, leasing and operation of
transportation projects.
(b) Include in any agreement entered into
under this section any financing mechanisms, including but not limited to the
imposition and collection of franchise fees or user fees and the development or
use of other revenue sources.
(2) The agreements among the public and
private sector partners entered into under this section must specify at least
the following:
(a) At what point in the transportation
project public and private sector partners will enter the project and which
partners will assume responsibility for specific project elements;
(b) How the partners will share management
of the risks of the project;
(c) How the partners will share the costs
of development of the project;
(d) How the partners will allocate
financial responsibility for cost overruns;
(e) The penalties for nonperformance;
(f) The incentives for performance;
(g) The accounting and auditing standards
to be used to evaluate work on the project; and
(h) Whether the project is consistent with
the plan developed by the Oregon Transportation Commission under ORS 184.618
and any applicable regional transportation plans or local transportation system
programs and, if not consistent, how and when the project will become
consistent with applicable plans and programs.
(3) The department may, either separately
or in combination with any other unit of government, enter into working
agreements, coordination agreements or similar implementation agreements to
carry out the joint implementation of any transportation project selected under
ORS 367.804.
(4) Except for ORS 383.015, 383.017 (1),
(2), (3) and (5) and 383.019, the provisions of ORS 383.003 to 383.075 apply to
any tollway project entered into under ORS 367.800 to 367.824.
(5) The provisions of ORS 279.835 to
279.855 and ORS chapters 279A, 279B and 279C do not apply to concepts or
proposals submitted under ORS 367.804, or to agreements entered into under this
section, except that if public moneys are used to pay any costs of construction
of public works that is part of a project, the provisions of ORS 279C.800 to
279C.870 apply to the public works. In addition, if public moneys are used to
pay any costs of construction of public works that is part of a project, the
construction contract for the public works must contain provisions that require
the payment of workers under the contract in accordance with ORS 279C.540 and
279C.800 to 279C.870.
(6)(a) The department may not enter into
an agreement under this section until the agreement is reviewed and approved by
the Oregon Transportation Commission.
(b) The department may not enter into, and
the commission may not approve, an agreement under this section for the
construction of a public improvement as part of a transportation project unless
the agreement provides for bonding, financial guarantees, deposits or the
posting of other security to secure the payment of laborers, subcontractors and
suppliers who perform work or provide materials as part of the project.
(c) Before presenting an agreement to the
commission for approval under this subsection, the department must consider
whether to implement procedures to promote competition among subcontractors for
any subcontracts to be let in connection with the transportation project. As
part of its request for approval of the agreement, the department shall report
in writing to the commission its conclusions regarding the appropriateness of
implementing such procedures.
(7)(a) Except as provided in paragraph (b)
of this subsection, documents, communications and information developed,
exchanged or compiled in the course of negotiating an agreement with a private
entity under this section are exempt from disclosure under ORS 192.410 to
192.505.
(b) The documents, communications or
information described in paragraph (a) of this subsection are subject to
disclosure under ORS 192.410 to 192.505 when the documents, communications or
information are submitted to the commission in connection with its review and
approval of a transportation project under subsection (6) of this section.
(8) The terms of a final agreement entered
into under this section and the terms of a proposed agreement presented to the
commission for review and approval under subsection (6) of this section are
subject to disclosure under ORS 192.410 to 192.505.
(9) As used in this section:
(a) “Public improvement” has the meaning
given that term in ORS 279A.010.
(b) “Public works” has the meaning given
that term in ORS 279C.800. [2003 c.790 §§4,4b; 2007 c.531 §13]
Note:
See note under 367.800.
367.808
Evaluation of proposed agreements; role of Attorney General.
(1) At the request of the Department of Transportation, the Attorney General
may appoint special assistant attorneys general for the purpose of evaluating
partnership agreements entered into or to be entered into as part of the
program established under ORS 367.804. The special assistant attorneys general
shall be under the direction and control of the Attorney General and may:
(a) Advise the Department of
Transportation concerning the legality of specific proposed partnerships;
(b) Advise the department on legal
procedures and practices related to implementation of specific projects that
use a partnership;
(c) Assist the department in negotiating
partnership agreements;
(d) Assist the department in preparing any
document related to a specific partnership;
(e) Advise the department regarding
accounting, investment and tax requirements applicable to specific projects
that use a partnership; and
(f) Advise the department regarding any
relevant federal securities or other laws and related disclosure requirements.
(2) When the Attorney General, as part of
the review under ORS 291.047, reviews an agreement entered into under ORS
367.806, the Attorney General shall:
(a) Recognize that the agreement is the
product of a partnership; and
(b) Defer to the business judgment of the
department and the Oregon Transportation Commission concerning the assignment
of risks and the incentives provided within the agreement. [2003 c.790 §5]
Note:
See note under 367.800.
367.810
State Transportation Enterprise Fund. (1) The State
Transportation Enterprise Fund is established separate and distinct from the
General Fund. Interest earned by the State Transportation Enterprise Fund shall
be credited to the fund.
(2) The following moneys shall be
deposited into the State Transportation Enterprise Fund:
(a) Proceeds from bonds or other financing
instruments issued under the provisions of ORS 367.800 to 367.824;
(b) Revenues received from any
transportation project developed under the program established under ORS
367.804; and
(c) Any other moneys that are by donation,
grant, contract, law or other means transferred, allocated or appropriated to
the fund.
(3) Moneys in the State Transportation
Enterprise Fund are continuously appropriated to the Department of
Transportation for the purpose of carrying out the provisions of ORS 367.800 to
367.824 and implementing all or portions of any transportation project developed
under the program established under ORS 367.804.
(4) Moneys in the State Transportation
Enterprise Fund that are transferred from the State Highway Fund or from any
one of the sources that comprise the State Highway Fund as specified in ORS
366.505 and that are revenue under section 3a, Article IX of the Oregon
Constitution, may be used only for purposes authorized by section 3a, Article
IX of the Oregon Constitution.
(5) The department shall establish a
separate account in the State Transportation Enterprise Fund for each
transportation project that is undertaken under the program established under
ORS 367.804. Except as provided in subsection (4) of this section, the
department may pledge moneys in the State Transportation Enterprise Fund to
secure revenue bonds or any other debt obligations relating to the
transportation project for which the account is established.
(6) Moneys in an account established under
subsection (5) of this section shall be used as provided in any agreement
applicable to the transportation project for which the account is established. [2003
c.790 §6]
Note:
See note under 367.800.
367.812
Bonds secured by State Transportation Enterprise Fund; financing of
transportation projects. (1) In addition to any authority
to issue and sell bonds and other similar obligations, this section establishes
continuing authority for the State Treasurer to issue and sell bonds and other
similar obligations, at the request of the Department of Transportation, in a
manner consistent with this section. To finance any transportation project in
whole or in part, the department may request that the State Treasurer issue
revenue bonds on behalf of the department. Revenue bonds authorized under this
section shall be issued in accordance with the applicable provisions of ORS
chapter 286A. The bonds shall be secured by a pledge of, and a lien on, and
shall be payable only from moneys in the State Transportation Enterprise Fund
established by ORS 367.810 and any other revenues specifically pledged to
repayment of the bonds. Such a pledge by the department of its revenues creates
a lien that is valid and binding from the time the pledge is made as provided
in ORS 286A.102. Revenue bonds issued pursuant to this section are not general
obligations of the state and are not secured by or payable from any funds or
assets of the state other than the moneys and revenues specifically pledged to
the repayment of such revenue bonds.
(2) Moneys received from the issuance of
revenue bonds or other debt obligations, including any investment earnings
thereon, may be expended:
(a) For the purpose of financing the costs
of the transportation project for which the bonds are issued;
(b) To pay the costs and other
administrative expenses of the bonds;
(c) To pay the costs of credit enhancement
or to fund any reserves determined to be necessary or advantageous in
connection with the revenue bonds; and
(d) To reimburse the department for any
costs related to carrying out the purposes of the program established under ORS
367.804.
(3) Any transportation project may be
financed in whole or in part with:
(a) The proceeds of grant anticipation
revenue bonds authorized by 23 U.S.C. 122 and applicable state law.
(b) Grants, loans, loan guarantees, lines
of credit, revolving lines of credit or other financing arrangements available
pursuant to the Transportation Infrastructure Finance and Innovation Act under
23 U.S.C. 181 et seq., or any other applicable federal law.
(c) Infrastructure loans or assistance
from the Oregon Transportation Infrastructure Fund established by ORS 367.015.
(4) As security for the payment of
financing described in subsection (3) of this section, the revenues from the
project may be pledged, but no such pledge of revenues constitutes in any
manner or to any extent a general obligation of the state. Any financing
described in subsection (3) of this section may be structured on a senior,
parity or subordinate basis to any other financing. [2003 c.790 §7; 2007 c.783 §174]
Note:
See note under 367.800.
367.814
Moneys from federal government or other sources.
(1) The Department of Transportation or a unit of government may accept from
the United States or any of its agencies such funds as are available to this
state or to the unit of government for carrying out the purposes of ORS 367.800
to 367.824, whether the funds are made available by grant, loan or other
financing arrangement. The department or unit of government may enter into such
agreements and other arrangements with the United States or any of its agencies
as may be necessary, proper and convenient for carrying out the purposes of ORS
367.800 to 367.824.
(2) The department or a unit of government
may accept from any source any grant, donation, gift or other form of
conveyance of land, money, other real or personal property or other valuable
thing made to the State of Oregon, the department or the unit of government for
carrying out the purposes of ORS 367.800 to 367.824.
(3) Any transportation project may be
financed in whole or in part by contribution of any funds or property made by
any private entity or unit of government that is a party to any agreement
entered into under ORS 367.806. [2003 c.790 §8]
Note:
See note under 367.800.
367.816
Use of moneys in Oregon Transportation Infrastructure Fund for projects.
(1) Notwithstanding ORS 367.020, the Department of Transportation may use
moneys in the Oregon Transportation Infrastructure Fund established by ORS
367.015 to ensure the repayment of loan guarantees or extensions of credit made
to or on behalf of private entities engaged in the planning, acquisition,
financing, development, design, construction, reconstruction, replacement,
improvement, maintenance, management, repair, leasing or operation of any
transportation project that is part of the program established under ORS
367.804.
(2) The lien of a pledge made under this
section is subordinate to the lien of a pledge securing bonds payable from
moneys in the State Highway Fund described in ORS 366.505, the State Tollway
Account established by ORS 383.009 or the State Transportation Enterprise Fund
established by ORS 367.810. [2003 c.790 §9]
Note:
See note under 367.800.
367.818
Eminent domain powers. The Department of Transportation
may exercise the power of eminent domain to acquire property, rights of way or
other rights in property for transportation projects that are part of the
program established under ORS 367.804, regardless of whether the property will
be owned in fee simple by the department. [2003 c.790 §10]
Note:
See note under 367.800.
367.820
Creation of district; use of revenues within district.
An agreement among the Department of Transportation and other units of
government may create a new district, or designate a previously existing
district, that includes any or all of the territory within the geographic
boundaries of any or all Oregon counties in which a transportation project is
located, and may require that all revenues from franchise fees, other user fees
or other revenue sources collected within the district in connection with the
transportation project be used exclusively for the benefit of the district. [2003
c.790 §11]
Note:
See note under 367.800.
367.822
Advisory committees on transportation projects; rules.
(1) The Department of Transportation and any unit of government that
participates in a transportation project may establish advisory committees to
advise the department or the unit of government with respect to transportation
projects. An advisory committee shall consist of not fewer than five and not
more than nine members, as determined by the department. Members shall be
appointed by the department, or in a manner agreed to by the department and any
participating unit of government.
(2) At the request of the department, an
advisory committee may review concepts or proposals for transportation projects
and submit recommendations to the department or the participating unit of
government.
(3) An advisory committee shall meet as
necessary at times and places fixed by the department or the participating unit
of government. The department shall provide personnel services to assist the
advisory committee within the limits of available funds. An advisory committee
may adopt rules to govern its proceedings and may select officers. [2003 c.790 §12]
Note:
See note under 367.800.
367.824
Rules; supremacy of federal law. (1) The
Department of Transportation may adopt any rules it considers necessary to
implement the provisions of ORS 367.800 to 367.824.
(2) Notwithstanding any provision of ORS
367.800 to 367.824, applicable federal laws, rules and regulations govern in
any situation that involves federal funds if the federal laws, rules or
regulations:
(a) Conflict with any provision of ORS
367.800 to 367.824;
(b) Require procedures that are additional
to or different from those provided in ORS 367.800 to 367.824; or
(c) Require contract provisions not
authorized by ORS 367.800 to 367.824. [2003 c.790 §§4a,13]
Note:
See note under 367.800.
367.826
Reports to Emergency Board. (1) The Department of
Transportation shall report to the Emergency Board at least twice during each
interim regarding the transportation projects proposed or agreed to under ORS
367.800 to 367.824.
(2) The report under subsection (1) of
this section shall include but need not be limited to information about
expenditure of moneys for evaluation of concepts and proposals for
transportation projects, agreements entered into, transportation projects that
have been agreed to and financing mechanisms being used for transportation
projects. [2003 c.790 §16]
Note:
See note under 367.800.
MISCELLANEOUS
367.850
Alternatives to meeting funding requirements of transportation planning rule;
rules. (1) Subject to the limitations in
subsection (2) of this section, if a local government is unable to meet the
funding requirements of the transportation planning rule adopted by the Land
Conservation and Development Commission, the local government may:
(a) Apply for an extension of time to meet
the requirements;
(b) Submit a plan to the Oregon Transportation
Commission and the Department of Transportation proposing alternative methods
of funding that will meet the standards adopted by the Oregon Transportation
Commission; or
(c) Apply to the Department of
Transportation:
(A) To adjust various traffic performance
measures during an interim period prior to completion of construction of the
development in question for a period of no more than 20 years; or
(B) To allow various types of traffic
performance measures other than a volume to capacity ratio.
(2) The Oregon Transportation Commission
may not approve more than four applications for extension or alternative plans
in each Department of Transportation region in a calendar year. For purposes of
this subsection, the regions are as follows:
(a) Region one consists of Clackamas,
Columbia, Hood River, Multnomah and Washington Counties.
(b) Region two consists of Benton,
Clatsop, Lane, Lincoln, Linn, Marion, Polk, Tillamook and Yamhill Counties.
(c) Region three consists of Coos, Curry,
Douglas, Jackson and Josephine Counties.
(d) Region four consists of Crook,
Deschutes, Gilliam, Jefferson, Klamath, Lake, Sherman, Wasco and Wheeler
Counties.
(e) Region five consists of Baker, Grant,
Harney, Malheur, Morrow, Umatilla, Union and Wallowa Counties.
(3) The Oregon Transportation Commission
shall adopt rules for the administration of this section. In adopting rules,
the commission may not define under what circumstances a local government is
considered to be able to meet the funding requirements of the transportation
planning rule adopted by the Land Conservation and Development Commission. [2009
c.589 §1]
Note:
367.850 was enacted into law by the Legislative Assembly but was not added to
or made a part of ORS chapter 367 or any series therein by legislative action.
See Preface to Oregon Revised Statutes for further explanation.
_______________