ORS Chapter 367
Chapter 367 — TransportationFinancing; Projects
2009 EDITION
TRANSPORTATIONFINANCING; PROJECTS
HIGHWAYS,ROADS, BRIDGES AND FERRIES
FINANCINGFOR TRANSPORTATION PROJECTS
(Generally)
367.010 Definitionsfor chapter
367.015 OregonTransportation Infrastructure Fund; sources; uses; rules; investment
367.017 UrbanTrail Fund
367.020 Loansand other assistance to public and private entities; rules; other authorizedpurposes
367.025 Issuanceof infrastructure bonds
367.030 Issuanceof revenue bonds; bond covenants; maximum amount of bonds
367.035 Loansto municipalities; authority of municipalities; repayment plan
367.040 Loansto state agencies; loan contract
367.050 Powersof department
367.060 Departmentpledge to ensure loan guarantees; transfer of moneys from State Highway Fund
(ShortLine Railroads)
367.066 Definitionsfor ORS 367.066 and 367.067
367.067 ShortLine Credit Premium Account; rules
(IndustrialRail Spurs)
367.070 IndustrialRail Spur Fund
(MultimodalProjects)
367.080 MultimodalTransportation Fund
367.082 Grantsand loans from Multimodal Transportation Fund; rules
367.084 Selectionof projects
367.086 Administrationof projects
SHORT-TERMDEBT
367.105 Short-termborrowing; conditions; repayment
GRANTANTICIPATION REVENUE BONDS
367.161 Definitionsfor ORS 367.161 to 367.181
367.163 Purposesfor which bonds may be issued
367.166 Requirementsfor grant anticipation revenue bonds; authority of State Treasurer
367.168 Revenuedeclaration
367.171 Indenture
367.173 Moneysthat may be used for payment of grant anticipation revenue bonds
367.176 Refundinggrant anticipation revenue bonds
367.178 Collectionand use of federal transportation funds
367.181 Limitson obligation of grant anticipation revenue bonds
BONDEDINDEBTEDNESS FOR STATE HIGHWAYS
367.555 Authorityto issue general obligation bonds
367.560 Dispositionand use of general obligation bond proceeds
367.565 Procedurefor issuing general obligation bonds under ORS 367.555 to 367.600
367.595 Settingaside sufficient moneys to pay maturing obligations
367.600 Compliancewith constitutional debt limits
HIGHWAYUSER TAX BONDS
367.605 Sourceof funds to secure Highway User Tax Bonds
367.615 Bondissuance; bonds not general obligation; conditions for issuance of additionalbonds; use of bond proceeds
367.617 Allocationof bonds
367.620 Limitationon bond amount
367.621 Useof private sector resources in specified work
367.622 Preservationand modernization projects funded by specified bonds; rules; selection criteria
367.623 Consultationwith local governments for project selection
367.630 Highwayrevenue declaration; contents; purpose
367.635 Bondform, issuance and maturity; provisions subject to determination of StateTreasurer
367.640 Indenture;provisions
367.645 Reserveaccount
367.650 Trustindenture to secure bonds; provisions
367.655 Loanof bond proceeds to cities and counties; use of loans; rules
367.660 Lienon certain moneys pledged for bonds; terms of lien
367.665 Intereston bonds exempt from state income tax
BONDEDINDEBTEDNESS FOR CITY AND COUNTY ROADS AND RECREATION FACILITIES
367.700 Authorityto sell limited amount of bonds under ORS 367.700 to 367.750
367.705 Useof funds; priority
367.710 Repaymentby city or county; interest
367.715 Procedurefor issuing bonds under ORS 367.700 to 367.750
367.745 Settingaside sufficient moneys to pay maturing bonds
367.750 Constitutionaldebt limits not to be exceeded
OREGONINNOVATIVE PARTNERSHIPS PROGRAM
367.800 Findings
367.802 Definitions
367.804 Goalsof Oregon Innovative Partnerships Program; authority of Department ofTransportation; confidentiality; expenses
367.806 Agreements
367.808 Evaluationof proposed agreements; role of Attorney General
367.810 StateTransportation Enterprise Fund
367.812 Bondssecured by State Transportation Enterprise Fund; financing of transportationprojects
367.814 Moneysfrom federal government or other sources
367.816 Useof moneys in Oregon Transportation Infrastructure Fund for projects
367.818 Eminentdomain powers
367.820 Creationof district; use of revenues within district
367.822 Advisorycommittees on transportation projects; rules
367.824 Rules;supremacy of federal law
367.826 Reportsto Emergency Board
MISCELLANEOUS
367.850 Alternativesto meeting funding requirements of transportation planning rule; rules
Note Proposedcharter for area commission on transportation for Lane County--2009 c.509 §1
Note: The definitionsin 366.005 and 366.015 apply to this chapter.
FINANCINGFOR TRANSPORTATION PROJECTS
(Generally)
367.010Definitions 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 financingagreement 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 orremarketing 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 bythe State Treasurer or the Department of Transportation.
(4)“Credit enhancement” means a credit enhancement device, as defined in ORS286A.001.
(5)“Financial institution” means a banking institution, a financial institution ora non-Oregon institution, as those terms are defined in ORS 706.008, and anyother institution defined by rule of the Oregon Transportation Commission as afinancial institution for purposes of ORS 367.010 to 367.067.
(6)“Infrastructure assistance” means any use of moneys in the OregonTransportation Infrastructure Fund, other than an infrastructure loan, toprovide financial assistance for transportation projects. The term includes,but is not limited to, use of moneys in the infrastructure fund to financeleases, fund reserves, make grants, pay issuance costs or provide creditenhancement or other security for bonds issued by a public entity to financetransportation projects.
(7)“Infrastructure bonds” means bonds authorized by ORS 367.030, 367.555 to367.600 or 367.605 to 367.665 that are issued to fund infrastructure loans andthe 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 tofinance a transportation project.
(10)“Municipality” means a city, county, road district, school district, specialdistrict, metropolitan service district, the Port of Portland or anintergovernmental entity organized under ORS 190.010.
(11)“Transportation project” means any project or undertaking that facilitates anymode of transportation within this state. The term includes, but is not limitedto, a project for highway, transit, rail and aviation capital infrastructure,bicycle and pedestrian paths, bridges and ways, and other projects thatfacilitate the transportation of materials, animals or people. [1997 c.679 §1;1999 c.1036 §3; 2003 c.201 §11; 2007 c.783 §161]
367.015Oregon Transportation Infrastructure Fund; sources; uses; rules; investment. (1) There isestablished in the State Treasury, separate and distinct from the General Fund,the Oregon Transportation Infrastructure Fund. All moneys in the infrastructurefund are continuously appropriated to the Department of Transportation for thepurposes 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 StateHighway Fund or from other funds available to the Oregon TransportationCommission.
(c)Moneys from any federal grant, state grant or other grant that are deposited inthe infrastructure fund.
(d)Proceeds of infrastructure bonds.
(e)Proceeds of Highway User Tax Bonds issued under ORS 367.615 for the purpose ofproviding 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 toa 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 orinfrastructure assistance.