391.090 Legislativefindings; use of lottery moneys for light rail project; policy and intent
391.100 LightRail Construction Fund; purpose; requirements for expenditures from fund
391.110 Legislativefindings
391.120 RegionalLight Rail Extension Construction Fund; purpose; requirements for expendituresfrom fund; reversion of unobligated balance
391.125 RegionalLight Rail Extension Bond Account; purpose
391.130 Allocationof lottery moneys to Regional Light Rail Extension Construction Fund;authorized expenditures; end of allocations upon certification by Director ofTransportation
391.140 Revenuebonds for specified light rail project; amount; purpose; issuance by StateTreasurer; pledge of revenues
391.150 Jointmanagement of specified light rail project; contracting procedures
COLUMBIARIVER LIGHT RAIL TRANSIT COMPACT
391.301 Ratificationof compact
391.306 ColumbiaRiver Light Rail Transit Compact
391.311 Effectof compact on powers and privileges of mass transit districts in Oregon andWashington
WESTEUGENE EMX EXTENSION
(Temporaryprovisions relating to West Eugene EmX Extension are compiled as notesfollowing ORS 391.311)
MASSTRANSPORTATION FINANCING AUTHORITY
391.500 Declarationof policy; construction of statutes
391.510 Definitionsfor ORS 391.500 to 391.660
391.520 Financingauthority created; membership
391.530 Meetings;quorum; expenses
391.540 Bylaws;secretary’s duties, power
391.550 Powersof Mass Transportation Financing Authority
391.600 Taxexempt status of income, property and bond interest
391.605 Limitationson transfer to metropolitan service district
391.610 Expensesof authority; borrowed funds
391.620 Limitationon transfer of property rights
391.630 Investmentsof surplus moneys
391.640 Investmentin authority’s bonds authorized
391.650 Severabilityof ORS 391.500 to 391.660
391.660 Shorttitle
ELDERLYAND DISABLED SPECIAL TRANSPORTATION FUND
391.800 Elderlyand Disabled Special Transportation Fund
391.802 Definitionfor ORS 391.800 to 391.830
391.810 Distributionof funds to districts, Indian tribes and counties; rules
391.815 Discretionarygrant account; purpose; application for grant; grant approval; distribution ofmoneys
391.820 Advisorycommittees; membership; duties
391.830 Useof funds to finance and improve transportation for elderly individuals andindividuals with disabilities
LIGHTRAIL TRANSIT
391.090Legislative findings; use of lottery moneys for light rail project; policy andintent.The Legislative Assembly finds that:
(1)The development, acquisition and construction of light rail systems and theirattendant rights of way, equipment and facilities in the urban and metropolitanareas of the State of Oregon do and will accomplish the purpose of creatingjobs and furthering economic development in Oregon by, among other advantages:
(a)Providing an important element of the public infrastructure that provides thebasic framework for continuing and expanding economic activity in this state;
(b)Increasing the economy and efficiency of public transportation, improving theattractiveness of urban and metropolitan areas to new businesses and supportingthe operations and prosperity of existing businesses in those areas by makingthose businesses more accessible to their customers and employees;
(c)Alleviating the inefficiencies of congestion and crowding associated with, andreducing the burdens of expansion and maintenance of, existing publictransportation systems and facilities, as well as reducing energy consumptionand air pollution fostered by the use of motor vehicles; and
(d)Creating employment opportunities in urban and metropolitan areas through thefunding of projects for the development and construction of the light rail systems.
(2)Additionally, the provision of state and local moneys for the proposed Westsidecorridor light rail project identified in ORS 391.120 (2)(a) will encourage thecontribution of otherwise unavailable federal matching grant moneys, the use ofwhich will, for the reasons stated in subsection (1) of this section, forwardthe purpose of creating jobs and furthering economic development in Oregon.
(3)Based on the legislative findings described in this section, the use of netproceeds from the operation of the state lottery for the support of theWestside corridor light rail project, as provided in ORS 391.130, is anappropriate use of state lottery funds under section 4 (3), Article XV of theOregon Constitution and ORS 461.510.
(4)It is the intent and policy of the Legislative Assembly to insure the fundingand support of the Westside corridor light rail project identified in ORS391.120 (2)(a) in the manner provided in ORS 391.130 to 391.150, to the extentrequired for the state to realize the benefit of all federal matching fundsmade available for that project, and to the extent necessary to complete theproject. [1991 c.575 §1]
391.100Light Rail Construction Fund; purpose; requirements for expenditures from fund. (1) There iscreated as a fund the Light Rail Construction Fund separate and distinct fromthe General Fund. The moneys in the fund and the interest earnings of the fundare appropriated continuously to the Department of Transportation for thepurpose of financing that part of the Banfield Transitway Project that includesconstruction of a light rail system from the City of Portland to the City ofGresham to be routed along the corridor in which the Banfield Freeway,Interstate Highway 205 and East Burnside Street are located.
(2)No moneys shall be expended for construction from the fund created bysubsection (1) of this section unless the Director of Transportation determinesthat the following conditions have occurred no later than the last day of June1983:
(a)The United States Department of Transportation, subject to the appropriationsprocess and to the satisfaction of the Joint Committee on Ways and Means or theEmergency Board, if the Legislative Assembly is not in session, has committedsufficient moneys to complete the Banfield Transitway Project; and
(b)The Tri-County Metropolitan Transportation District has entered into a binding,enforceable agreement with the State of Oregon in which:
(A)During the construction of the Banfield Transitway Project, the district agreesnot to request or accept any state General Fund moneys for the light railconstruction portion of that project other than those moneys appropriated tothe fund created in this section by the Sixtieth Legislative Assembly;
(B)The district agrees to provide not less than $2,930,000 of the total fundingfor the light rail construction part of the Banfield Transitway Project; and
(C)In any instance where the actual expenditures for the light rail portion of theBanfield Transitway Project fall short of the estimated expenditures for theproject, those moneys, other than federal moneys, that are not required for theproject shall remain in the fund established by this section.
(3)The Director of Transportation shall certify the unobligated balance of the fundcreated by this section and that unobligated balance shall revert to theGeneral Fund in accordance with the following:
(a)If at any time the Director of Transportation determines that the conditionsrequired under subsection (2) of this section will not occur within therequired time under that subsection, the director shall certify the unobligatedbalance of the fund and the unobligated balance shall revert.
(b)If the Director of Transportation determines that the conditions required undersubsection (2) of this section have occurred and moneys from the fund areexpended on the Banfield Transitway Project, the director shall certify theunobligated balance after the project is accepted by the Director ofTransportation and all claims, suits and actions arising out of the projecthave been resolved. [1979 c.586 §1; 1981 c.262 §1]
391.110Legislative findings.(1) The Legislative Assembly finds that economic growth and livability dependon a solid transportation infrastructure to aid in the production anddistribution of goods and services and the efficient movement of people.
(2)The Legislative Assembly also finds that an efficient surface transportationsystem in our metropolitan areas must balance highways and arterial roads withmass transit and light rail facilities. Mass transit and light railimprovements can lessen the cost of highway expansion, reconstruction andmaintenance by significantly decreasing traffic flow.
(3)Therefore, the Legislative Assembly shall establish the Regional Light RailExtension Construction Fund as a means of facilitating the development of abalanced surface transportation system that includes the appropriateapplication of highways, light rail and mass transit. [1989 c.868 §2]
391.120Regional Light Rail Extension Construction Fund; purpose; requirements forexpenditures from fund; reversion of unobligated balance. (1) TheRegional Light Rail Extension Construction Fund, separate and distinct from theGeneral Fund, is established in the State Treasury. All moneys in the fund areappropriated continuously to the Department of Transportation for the purposesspecified in this section. Interest received on moneys credited to the RegionalLight Rail Extension Construction Fund shall accrue to and become part of the RegionalLight Rail Extension Construction Fund.
(2)The Department of Transportation may expend moneys in the Regional Light RailExtension Construction Fund to finance the preliminary engineering phase, finaldesign phase, advanced right of way acquisition phase or construction andacquisition of equipment and facilities phase of projects for extensions to theTri-County Metropolitan Transportation District’s light rail system, asdesignated in the Regional Transportation Plan adopted by the metropolitan servicedistrict in 1989, as amended from time to time. The Director of Transportationmay enter into written agreements with the Tri-County MetropolitanTransportation District that commit the department to pay anticipated fundsfrom the Regional Light Rail Extension Construction Fund to the district forthe purpose of financing such costs of extending the district’s light railsystem, including servicing any obligations entered into by the district tofinance the costs of extending the district’s light rail system, which writtenagreements may provide for the remittance of such funds on such periodic basis,in such amounts, over such period of years and with such priority over othercommitments of such funds as the director shall specify in the commitment. Anysuch written agreements or commitments, when executed by the director andaccepted by the district, shall be solely conditioned upon actual fundsavailable in the Regional Light Rail Extension Construction Fund and shall bevalid, binding and irrevocable in accordance with its terms, subject only tothe requirements of subsection (3) of this section. The extensions to the lightrail system for which projects may be authorized and financed from the RegionalLight Rail Extension Construction Fund include:
(a)The Westside corridor.
(b)The Interstate 5 North corridor.
(c)The Interstate 205 corridor.
(d)The Milwaukie corridor.
(e)The Barbur corridor.
(f)The Lake Oswego corridor.
(g)Appropriate branches to the Banfield corridor.
(h)Appropriate branches to the corridors specified in paragraphs (a) to (f) ofthis subsection.
(3)Notwithstanding any written agreement entered into by the Director ofTransportation under subsection (2) of this section, no moneys shall beexpended from the Regional Light Rail Extension Construction Fund for thepreliminary engineering phase, final design phase, advanced right of wayacquisition phase or construction and acquisition phase of projects unless theDirector of Transportation determines:
(a)That all state and local approvals are in place for the phase of the specificproject for which funding is being sought;
(b)That assurances are in place for obtaining all moneys, other than moneys forwhich the determination is being made, necessary to enable completion of thephase of the specific project for which funding is being sought and that theTri-County Metropolitan Transportation District has agreed to provide an amountof money equal to that being provided by the Regional Light Rail ExtensionConstruction Fund for the phase of the specific project for which money isbeing sought;
(c)With respect to the phase of the specific project for which funding is beingsought, that the body of local officials and state agency representativesdesignated by the metropolitan service district which functions wholly orpartially within the Tri-County Metropolitan Transportation District and knownas the Joint Policy Advisory Committee on Transportation has certified that thephase of the specific project is a regional priority; and
(d)With respect to construction phases of any project, the elements of the projectthat are designated for state participation and an estimated total amount ofthe state’s funding obligation.
(4)When the actual expenditures for a phase of a specific light rail project fallshort of the estimated expenditures for the project, those moneys, other thanfederal moneys, that are not required for that phase of the project shallremain in the Regional Light Rail Extension Construction Fund for use incompleting other projects described in subsection (2) of this section.
(5)On or before August 31 in each year, the Director of Transportation shallcertify to the Governor and the State Treasurer whether or not there existed,as of the end of the immediately preceding fiscal year, an unobligated balanceof moneys in the Regional Light Rail Extension Construction Fund that wasderived from the moneys required to be transferred to the Regional Light RailExtension Construction Fund under ORS 391.130. If the Director ofTransportation certifies that there existed such an unobligated balance ofmoneys derived from the moneys required to be transferred to the Regional LightRail Extension Construction Fund under ORS 391.130, an amount equal to theunobligated balance as of the end of the immediately preceding fiscal yearshall revert to the Administrative Services Economic Development Fund createdby ORS 461.540, and the State Treasurer shall credit such amount to that fundon or before the September 15 next following the date of the certification bythe Director of Transportation.
(6)The Director of Transportation shall certify the unobligated balance of theRegional Light Rail Extension Construction Fund, and that unobligated balanceshall revert to the Administrative Services Economic Development Fund createdby ORS 461.540 if the Director of Transportation determines that all projectsreferred to in subsection (2) of this section have been completed and theprojects have been accepted by the Director of Transportation and all claims,suits and actions arising out of the projects have been resolved.
(7)For purposes of subsections (5) and (6) of this section, moneys in the RegionalLight Rail Extension Construction Fund derived from the moneys required to betransferred to the Regional Light Rail Extension Construction Fund under ORS391.130 shall be obligated to the extent such moneys are needed to fund theamounts committed to be paid in the current or any future fiscal year under anywritten agreement or commitment entered into by the Director of Transportationunder subsection (2) of this section or to pay any amounts owing under or withrespect to any revenue bonds issued under ORS 391.140.
(8)The Department of Transportation may deduct from the Regional Light RailExtension Construction Fund the costs associated with administering the fund. [1989c.868 §3; 1991 c.575 §6]
391.125Regional Light Rail Extension Bond Account; purpose. (1) TheRegional Light Rail Extension Bond Account is created as a separate anddistinct subaccount in the Regional Light Rail Extension Construction Fund. Ineach fiscal year in which any amounts of principal or interest are due andpayable on any revenue bonds issued under ORS 391.140, the Director ofTransportation shall cause to be transferred from the Regional Light RailExtension Construction Fund to the Regional Light Rail Extension Bond Accountan amount, which, when added to the moneys on deposit in the account that areavailable to be used for such purpose, shall be sufficient to pay when due allamounts of principal and interest coming due on such bonds in that fiscal year.
(2)All moneys on deposit from time to time in the Regional Light Rail ExtensionBond Account, together with all investment earnings thereon, shall be pledgedand are continuously appropriated to the payment of the bonds issued under ORS391.140. All investment earnings on moneys on deposit from time to time in theRegional Light Rail Extension Bond Account shall be retained in that accountand applied to pay the principal of and interest on bonds issued under ORS391.140. [1991 c.575 §3]
391.130Allocation of lottery moneys to Regional Light Rail Extension ConstructionFund; authorized expenditures; end of allocations upon certification by Directorof Transportation.(1) In each fiscal year beginning with the fiscal year commencing July 1, 1991,there is allocated, from the Administrative Services Economic Development Fundcreated by ORS 461.540, the amount of $8 million. However, commencing with thefirst fiscal year next following the fiscal year in which bonds are firstissued under ORS 391.140, there shall be allocated from such fund the amount of$10 million in each fiscal year. In each fiscal year after bonds are firstissued, the Director of Transportation shall certify any funds allotted inexcess of amounts necessary to pay the annual debt service on the outstandingbonds and to fund the amounts committed to be paid in the current or any futurefiscal year under any written agreement or commitment entered into by theDirector of Transportation pursuant to ORS 391.120 (2). The certified amountshall immediately be returned to the Administrative Services EconomicDevelopment Fund. All amounts allocated under this section shall be transferredto the Regional Light Rail Extension Construction Fund established by ORS391.120.
(2)The annual amounts required to be transferred to the Regional Light RailExtension Construction Fund under subsection (1) of this section, together withall investment earnings on the amounts on deposit from time to time in theRegional Light Rail Extension Construction Fund, are continuously appropriatedonly for the purposes of:
(a)Funding the Westside corridor extension of light rail referred to in ORS391.120; and
(b)Paying the principal and interest on revenue bonds issued under ORS 391.140.
(3)Except as provided in subsection (4) of this section, and notwithstanding anyother provision of law, the annual allocation made by this section shall besatisfied and credited as and when net proceeds from the operation of the statelottery are received and before any other allocation, appropriation ordisbursement of the net proceeds from the operation of the state lottery ismade in the applicable fiscal year.
(4)For purposes of this section, net proceeds from the operation of the statelottery in each fiscal year include all revenues derived from the operation ofthe state lottery in each fiscal year less:
(a)The revenues used in that fiscal year for the payment of prizes and theexpenses of the state lottery as provided in section 4 (4)(d), Article XV ofthe Oregon Constitution, ORS 461.500 (2) and 461.510 (3) and (4); and
(b)The revenues required to be applied, distributed or allocated as provided inORS 461.543.
(5)The transfer of moneys to the Regional Light Rail Extension Construction Fundauthorized by this section shall cease when the Director of Transportationcertifies in writing that transfers of moneys under this section are no longernecessary because:
(a)Moneys in the Regional Light Rail Extension Construction Fund are sufficientfor the payment of all amounts committed to be paid under all writtenagreements or commitments entered into between the Director of Transportationand the Tri-County Metropolitan Transportation District pursuant to ORS 391.120with respect to the Westside corridor extension of light rail referred to inORS 391.120 (2)(a), and to pay all amounts of principal of and interest on theoutstanding revenue bonds issued under ORS 391.140; and
(b)The Westside corridor extension of light rail referred to in ORS 391.120 (2)(a)has been completed and such project has been accepted by the Department ofTransportation, and all claims, suits and actions arising out of such projectthat could create a liability payable out of the moneys in the Regional LightRail Extension Construction Fund have been resolved.
(6)The Director of Transportation shall deliver a copy of such certification tothe Governor and the State Treasurer. Upon receipt of the director’s writtencertification that transfer of moneys to the Regional Light Rail ExtensionConstruction Fund under this section is no longer necessary, the StateTreasurer shall thereafter credit moneys received by the Regional Light RailExtension Construction Fund under this section to the Administrative ServicesEconomic Development Fund created by ORS 461.540. [1991 c.575 §2; 1993 c.18 §92;1997 c.249 §124]
391.140Revenue bonds for specified light rail project; amount; purpose; issuance byState Treasurer; pledge of revenues. (1) In accordance with ORS chapter286A, the State Treasurer, at the request of the Director of Transportation,shall issue revenue bonds from time to time in an aggregate amount not toexceed:
(a)The principal sum of $115 million;
(b)The costs incurred in connection with the issuance of the bonds and otheradministrative expenses of the State Treasurer in connection with the issuanceof the bonds; and
(c)The amount of any reserves determined to be necessary or advantageous inconnection with the revenue bonds.
(2)The Director of Transportation shall submit to the State Treasurer from time totime written requests to issue the revenue bonds in amounts sufficient toprovide in a timely fashion the moneys required to fund the obligations of theDepartment of Transportation under any written agreements or commitmentsentered into under ORS 391.120 (2) for the purpose of financing the state shareof the costs of the Westside corridor light rail project identified in ORS391.120 (2)(a).
(3)Moneys received from the issuance of revenue bonds, including any investmentearnings thereon, may be expended only for the purpose of financing the costsof development, acquisition and construction of the Westside corridor lightrail project identified in ORS 391.120 (2)(a), and to pay the costs of issuingthe bonds and other administrative expenses of the State Treasure
391.090 Legislativefindings; use of lottery moneys for light rail project; policy and intent
391.100 LightRail Construction Fund; purpose; requirements for expenditures from fund
391.110 Legislativefindings
391.120 RegionalLight Rail Extension Construction Fund; purpose; requirements for expendituresfrom fund; reversion of unobligated balance
391.125 RegionalLight Rail Extension Bond Account; purpose
391.130 Allocationof lottery moneys to Regional Light Rail Extension Construction Fund;authorized expenditures; end of allocations upon certification by Director ofTransportation
391.140 Revenuebonds for specified light rail project; amount; purpose; issuance by StateTreasurer; pledge of revenues
391.150 Jointmanagement of specified light rail project; contracting procedures
COLUMBIARIVER LIGHT RAIL TRANSIT COMPACT
391.301 Ratificationof compact
391.306 ColumbiaRiver Light Rail Transit Compact
391.311 Effectof compact on powers and privileges of mass transit districts in Oregon andWashington
WESTEUGENE EMX EXTENSION
(Temporaryprovisions relating to West Eugene EmX Extension are compiled as notesfollowing ORS 391.311)
MASSTRANSPORTATION FINANCING AUTHORITY
391.500 Declarationof policy; construction of statutes
391.510 Definitionsfor ORS 391.500 to 391.660
391.520 Financingauthority created; membership
391.530 Meetings;quorum; expenses
391.540 Bylaws;secretary’s duties, power
391.550 Powersof Mass Transportation Financing Authority
391.600 Taxexempt status of income, property and bond interest
391.605 Limitationson transfer to metropolitan service district
391.610 Expensesof authority; borrowed funds
391.620 Limitationon transfer of property rights
391.630 Investmentsof surplus moneys
391.640 Investmentin authority’s bonds authorized
391.650 Severabilityof ORS 391.500 to 391.660
391.660 Shorttitle
ELDERLYAND DISABLED SPECIAL TRANSPORTATION FUND
391.800 Elderlyand Disabled Special Transportation Fund
391.802 Definitionfor ORS 391.800 to 391.830
391.810 Distributionof funds to districts, Indian tribes and counties; rules
391.815 Discretionarygrant account; purpose; application for grant; grant approval; distribution ofmoneys
391.820 Advisorycommittees; membership; duties
391.830 Useof funds to finance and improve transportation for elderly individuals andindividuals with disabilities
LIGHTRAIL TRANSIT
391.090Legislative findings; use of lottery moneys for light rail project; policy andintent.The Legislative Assembly finds that:
(1)The development, acquisition and construction of light rail systems and theirattendant rights of way, equipment and facilities in the urban and metropolitanareas of the State of Oregon do and will accomplish the purpose of creatingjobs and furthering economic development in Oregon by, among other advantages:
(a)Providing an important element of the public infrastructure that provides thebasic framework for continuing and expanding economic activity in this state;
(b)Increasing the economy and efficiency of public transportation, improving theattractiveness of urban and metropolitan areas to new businesses and supportingthe operations and prosperity of existing businesses in those areas by makingthose businesses more accessible to their customers and employees;
(c)Alleviating the inefficiencies of congestion and crowding associated with, andreducing the burdens of expansion and maintenance of, existing publictransportation systems and facilities, as well as reducing energy consumptionand air pollution fostered by the use of motor vehicles; and
(d)Creating employment opportunities in urban and metropolitan areas through thefunding of projects for the development and construction of the light rail systems.
(2)Additionally, the provision of state and local moneys for the proposed Westsidecorridor light rail project identified in ORS 391.120 (2)(a) will encourage thecontribution of otherwise unavailable federal matching grant moneys, the use ofwhich will, for the reasons stated in subsection (1) of this section, forwardthe purpose of creating jobs and furthering economic development in Oregon.
(3)Based on the legislative findings described in this section, the use of netproceeds from the operation of the state lottery for the support of theWestside corridor light rail project, as provided in ORS 391.130, is anappropriate use of state lottery funds under section 4 (3), Article XV of theOregon Constitution and ORS 461.510.
(4)It is the intent and policy of the Legislative Assembly to insure the fundingand support of the Westside corridor light rail project identified in ORS391.120 (2)(a) in the manner provided in ORS 391.130 to 391.150, to the extentrequired for the state to realize the benefit of all federal matching fundsmade available for that project, and to the extent necessary to complete theproject. [1991 c.575 §1]
391.100Light Rail Construction Fund; purpose; requirements for expenditures from fund. (1) There iscreated as a fund the Light Rail Construction Fund separate and distinct fromthe General Fund. The moneys in the fund and the interest earnings of the fundare appropriated continuously to the Department of Transportation for thepurpose of financing that part of the Banfield Transitway Project that includesconstruction of a light rail system from the City of Portland to the City ofGresham to be routed along the corridor in which the Banfield Freeway,Interstate Highway 205 and East Burnside Street are located.
(2)No moneys shall be expended for construction from the fund created bysubsection (1) of this section unless the Director of Transportation determinesthat the following conditions have occurred no later than the last day of June1983:
(a)The United States Department of Transportation, subject to the appropriationsprocess and to the satisfaction of the Joint Committee on Ways and Means or theEmergency Board, if the Legislative Assembly is not in session, has committedsufficient moneys to complete the Banfield Transitway Project; and
(b)The Tri-County Metropolitan Transportation District has entered into a binding,enforceable agreement with the State of Oregon in which:
(A)During the construction of the Banfield Transitway Project, the district agreesnot to request or accept any state General Fund moneys for the light railconstruction portion of that project other than those moneys appropriated tothe fund created in this section by the Sixtieth Legislative Assembly;
(B)The district agrees to provide not less than $2,930,000 of the total fundingfor the light rail construction part of the Banfield Transitway Project; and
(C)In any instance where the actual expenditures for the light rail portion of theBanfield Transitway Project fall short of the estimated expenditures for theproject, those moneys, other than federal moneys, that are not required for theproject shall remain in the fund established by this section.
(3)The Director of Transportation shall certify the unobligated balance of the fundcreated by this section and that unobligated balance shall revert to theGeneral Fund in accordance with the following:
(a)If at any time the Director of Transportation determines that the conditionsrequired under subsection (2) of this section will not occur within therequired time under that subsection, the director shall certify the unobligatedbalance of the fund and the unobligated balance shall revert.
(b)If the Director of Transportation determines that the conditions required undersubsection (2) of this section have occurred and moneys from the fund areexpended on the Banfield Transitway Project, the director shall certify theunobligated balance after the project is accepted by the Director ofTransportation and all claims, suits and actions arising out of the projecthave been resolved. [1979 c.586 §1; 1981 c.262 §1]
391.110Legislative findings.(1) The Legislative Assembly finds that economic growth and livability dependon a solid transportation infrastructure to aid in the production anddistribution of goods and services and the efficient movement of people.
(2)The Legislative Assembly also finds that an efficient surface transportationsystem in our metropolitan areas must balance highways and arterial roads withmass transit and light rail facilities. Mass transit and light railimprovements can lessen the cost of highway expansion, reconstruction andmaintenance by significantly decreasing traffic flow.
(3)Therefore, the Legislative Assembly shall establish the Regional Light RailExtension Construction Fund as a means of facilitating the development of abalanced surface transportation system that includes the appropriateapplication of highways, light rail and mass transit. [1989 c.868 §2]
391.120Regional Light Rail Extension Construction Fund; purpose; requirements forexpenditures from fund; reversion of unobligated balance. (1) TheRegional Light Rail Extension Construction Fund, separate and distinct from theGeneral Fund, is established in the State Treasury. All moneys in the fund areappropriated continuously to the Department of Transportation for the purposesspecified in this section. Interest received on moneys credited to the RegionalLight Rail Extension Construction Fund shall accrue to and become part of the RegionalLight Rail Extension Construction Fund.
(2)The Department of Transportation may expend moneys in the Regional Light RailExtension Construction Fund to finance the preliminary engineering phase, finaldesign phase, advanced right of way acquisition phase or construction andacquisition of equipment and facilities phase of projects for extensions to theTri-County Metropolitan Transportation District’s light rail system, asdesignated in the Regional Transportation Plan adopted by the metropolitan servicedistrict in 1989, as amended from time to time. The Director of Transportationmay enter into written agreements with the Tri-County MetropolitanTransportation District that commit the department to pay anticipated fundsfrom the Regional Light Rail Extension Construction Fund to the district forthe purpose of financing such costs of extending the district’s light railsystem, including servicing any obligations entered into by the district tofinance the costs of extending the district’s light rail system, which writtenagreements may provide for the remittance of such funds on such periodic basis,in such amounts, over such period of years and with such priority over othercommitments of such funds as the director shall specify in the commitment. Anysuch written agreements or commitments, when executed by the director andaccepted by the district, shall be solely conditioned upon actual fundsavailable in the Regional Light Rail Extension Construction Fund and shall bevalid, binding and irrevocable in accordance with its terms, subject only tothe requirements of subsection (3) of this section. The extensions to the lightrail system for which projects may be authorized and financed from the RegionalLight Rail Extension Construction Fund include:
(a)The Westside corridor.
(b)The Interstate 5 North corridor.
(c)The Interstate 205 corridor.
(d)The Milwaukie corridor.
(e)The Barbur corridor.
(f)The Lake Oswego corridor.
(g)Appropriate branches to the Banfield corridor.
(h)Appropriate branches to the corridors specified in paragraphs (a) to (f) ofthis subsection.
(3)Notwithstanding any written agreement entered into by the Director ofTransportation under subsection (2) of this section, no moneys shall beexpended from the Regional Light Rail Extension Construction Fund for thepreliminary engineering phase, final design phase, advanced right of wayacquisition phase or construction and acquisition phase of projects unless theDirector of Transportation determines:
(a)That all state and local approvals are in place for the phase of the specificproject for which funding is being sought;
(b)That assurances are in place for obtaining all moneys, other than moneys forwhich the determination is being made, necessary to enable completion of thephase of the specific project for which funding is being sought and that theTri-County Metropolitan Transportation District has agreed to provide an amountof money equal to that being provided by the Regional Light Rail ExtensionConstruction Fund for the phase of the specific project for which money isbeing sought;
(c)With respect to the phase of the specific project for which funding is beingsought, that the body of local officials and state agency representativesdesignated by the metropolitan service district which functions wholly orpartially within the Tri-County Metropolitan Transportation District and knownas the Joint Policy Advisory Committee on Transportation has certified that thephase of the specific project is a regional priority; and
(d)With respect to construction phases of any project, the elements of the projectthat are designated for state participation and an estimated total amount ofthe state’s funding obligation.
(4)When the actual expenditures for a phase of a specific light rail project fallshort of the estimated expenditures for the project, those moneys, other thanfederal moneys, that are not required for that phase of the project shallremain in the Regional Light Rail Extension Construction Fund for use incompleting other projects described in subsection (2) of this section.
(5)On or before August 31 in each year, the Director of Transportation shallcertify to the Governor and the State Treasurer whether or not there existed,as of the end of the immediately preceding fiscal year, an unobligated balanceof moneys in the Regional Light Rail Extension Construction Fund that wasderived from the moneys required to be transferred to the Regional Light RailExtension Construction Fund under ORS 391.130. If the Director ofTransportation certifies that there existed such an unobligated balance ofmoneys derived from the moneys required to be transferred to the Regional LightRail Extension Construction Fund under ORS 391.130, an amount equal to theunobligated balance as of the end of the immediately preceding fiscal yearshall revert to the Administrative Services Economic Development Fund createdby ORS 461.540, and the State Treasurer shall credit such amount to that fundon or before the September 15 next following the date of the certification bythe Director of Transportation.
(6)The Director of Transportation shall certify the unobligated balance of theRegional Light Rail Extension Construction Fund, and that unobligated balanceshall revert to the Administrative Services Economic Development Fund createdby ORS 461.540 if the Director of Transportation determines that all projectsreferred to in subsection (2) of this section have been completed and theprojects have been accepted by the Director of Transportation and all claims,suits and actions arising out of the projects have been resolved.
(7)For purposes of subsections (5) and (6) of this section, moneys in the RegionalLight Rail Extension Construction Fund derived from the moneys required to betransferred to the Regional Light Rail Extension Construction Fund under ORS391.130 shall be obligated to the extent such moneys are needed to fund theamounts committed to be paid in the current or any future fiscal year under anywritten agreement or commitment entered into by the Director of Transportationunder subsection (2) of this section or to pay any amounts owing under or withrespect to any revenue bonds issued under ORS 391.140.
(8)The Department of Transportation may deduct from the Regional Light RailExtension Construction Fund the costs associated with administering the fund. [1989c.868 §3; 1991 c.575 §6]
391.125Regional Light Rail Extension Bond Account; purpose. (1) TheRegional Light Rail Extension Bond Account is created as a separate anddistinct subaccount in the Regional Light Rail Extension Construction Fund. Ineach fiscal year in which any amounts of principal or interest are due andpayable on any revenue bonds issued under ORS 391.140, the Director ofTransportation shall cause to be transferred from the Regional Light RailExtension Construction Fund to the Regional Light Rail Extension Bond Accountan amount, which, when added to the moneys on deposit in the account that areavailable to be used for such purpose, shall be sufficient to pay when due allamounts of principal and interest coming due on such bonds in that fiscal year.
(2)All moneys on deposit from time to time in the Regional Light Rail ExtensionBond Account, together with all investment earnings thereon, shall be pledgedand are continuously appropriated to the payment of the bonds issued under ORS391.140. All investment earnings on moneys on deposit from time to time in theRegional Light Rail Extension Bond Account shall be retained in that accountand applied to pay the principal of and interest on bonds issued under ORS391.140. [1991 c.575 §3]
391.130Allocation of lottery moneys to Regional Light Rail Extension ConstructionFund; authorized expenditures; end of allocations upon certification by Directorof Transportation.(1) In each fiscal year beginning with the fiscal year commencing July 1, 1991,there is allocated, from the Administrative Services Economic Development Fundcreated by ORS 461.540, the amount of $8 million. However, commencing with thefirst fiscal year next following the fiscal year in which bonds are firstissued under ORS 391.140, there shall be allocated from such fund the amount of$10 million in each fiscal year. In each fiscal year after bonds are firstissued, the Director of Transportation shall certify any funds allotted inexcess of amounts necessary to pay the annual debt service on the outstandingbonds and to fund the amounts committed to be paid in the current or any futurefiscal year under any written agreement or commitment entered into by theDirector of Transportation pursuant to ORS 391.120 (2). The certified amountshall immediately be returned to the Administrative Services EconomicDevelopment Fund. All amounts allocated under this section shall be transferredto the Regional Light Rail Extension Construction Fund established by ORS391.120.
(2)The annual amounts required to be transferred to the Regional Light RailExtension Construction Fund under subsection (1) of this section, together withall investment earnings on the amounts on deposit from time to time in theRegional Light Rail Extension Construction Fund, are continuously appropriatedonly for the purposes of:
(a)Funding the Westside corridor extension of light rail referred to in ORS391.120; and
(b)Paying the principal and interest on revenue bonds issued under ORS 391.140.
(3)Except as provided in subsection (4) of this section, and notwithstanding anyother provision of law, the annual allocation made by this section shall besatisfied and credited as and when net proceeds from the operation of the statelottery are received and before any other allocation, appropriation ordisbursement of the net proceeds from the operation of the state lottery ismade in the applicable fiscal year.
(4)For purposes of this section, net proceeds from the operation of the statelottery in each fiscal year include all revenues derived from the operation ofthe state lottery in each fiscal year less:
(a)The revenues used in that fiscal year for the payment of prizes and theexpenses of the state lottery as provided in section 4 (4)(d), Article XV ofthe Oregon Constitution, ORS 461.500 (2) and 461.510 (3) and (4); and
(b)The revenues required to be applied, distributed or allocated as provided inORS 461.543.
(5)The transfer of moneys to the Regional Light Rail Extension Construction Fundauthorized by this section shall cease when the Director of Transportationcertifies in writing that transfers of moneys under this section are no longernecessary because:
(a)Moneys in the Regional Light Rail Extension Construction Fund are sufficientfor the payment of all amounts committed to be paid under all writtenagreements or commitments entered into between the Director of Transportationand the Tri-County Metropolitan Transportation District pursuant to ORS 391.120with respect to the Westside corridor extension of light rail referred to inORS 391.120 (2)(a), and to pay all amounts of principal of and interest on theoutstanding revenue bonds issued under ORS 391.140; and
(b)The Westside corridor extension of light rail referred to in ORS 391.120 (2)(a)has been completed and such project has been accepted by the Department ofTransportation, and all claims, suits and actions arising out of such projectthat could create a liability payable out of the moneys in the Regional LightRail Extension Construction Fund have been resolved.
(6)The Director of Transportation shall deliver a copy of such certification tothe Governor and the State Treasurer. Upon receipt of the director’s writtencertification that transfer of moneys to the Regional Light Rail ExtensionConstruction Fund under this section is no longer necessary, the StateTreasurer shall thereafter credit moneys received by the Regional Light RailExtension Construction Fund under this section to the Administrative ServicesEconomic Development Fund created by ORS 461.540. [1991 c.575 §2; 1993 c.18 §92;1997 c.249 §124]
391.140Revenue bonds for specified light rail project; amount; purpose; issuance byState Treasurer; pledge of revenues. (1) In accordance with ORS chapter286A, the State Treasurer, at the request of the Director of Transportation,shall issue revenue bonds from time to time in an aggregate amount not toexceed:
(a)The principal sum of $115 million;
(b)The costs incurred in connection with the issuance of the bonds and otheradministrative expenses of the State Treasurer in connection with the issuanceof the bonds; and
(c)The amount of any reserves determined to be necessary or advantageous inconnection with the revenue bonds.
(2)The Director of Transportation shall submit to the State Treasurer from time totime written requests to issue the revenue bonds in amounts sufficient toprovide in a timely fashion the moneys required to fund the obligations of theDepartment of Transportation under any written agreements or commitmentsentered into under ORS 391.120 (2) for the purpose of financing the state shareof the costs of the Westside corridor light rail project identified in ORS391.120 (2)(a).
(3)Moneys received from the issuance of revenue bonds, including any investmentearnings thereon, may be expended only for the purpose of financing the costsof development, acquisition and construction of the Westside corridor lightrail project identified in ORS 391.120 (2)(a), and to pay the costs of issuingthe bonds and other administrative expenses of the State Treasure
391.090 Legislativefindings; use of lottery moneys for light rail project; policy and intent
391.100 LightRail Construction Fund; purpose; requirements for expenditures from fund
391.110 Legislativefindings
391.120 RegionalLight Rail Extension Construction Fund; purpose; requirements for expendituresfrom fund; reversion of unobligated balance
391.125 RegionalLight Rail Extension Bond Account; purpose
391.130 Allocationof lottery moneys to Regional Light Rail Extension Construction Fund;authorized expenditures; end of allocations upon certification by Director ofTransportation
391.140 Revenuebonds for specified light rail project; amount; purpose; issuance by StateTreasurer; pledge of revenues
391.150 Jointmanagement of specified light rail project; contracting procedures
COLUMBIARIVER LIGHT RAIL TRANSIT COMPACT
391.301 Ratificationof compact
391.306 ColumbiaRiver Light Rail Transit Compact
391.311 Effectof compact on powers and privileges of mass transit districts in Oregon andWashington
WESTEUGENE EMX EXTENSION
(Temporaryprovisions relating to West Eugene EmX Extension are compiled as notesfollowing ORS 391.311)
MASSTRANSPORTATION FINANCING AUTHORITY
391.500 Declarationof policy; construction of statutes
391.510 Definitionsfor ORS 391.500 to 391.660
391.520 Financingauthority created; membership
391.530 Meetings;quorum; expenses
391.540 Bylaws;secretary’s duties, power
391.550 Powersof Mass Transportation Financing Authority
391.600 Taxexempt status of income, property and bond interest
391.605 Limitationson transfer to metropolitan service district
391.610 Expensesof authority; borrowed funds
391.620 Limitationon transfer of property rights
391.630 Investmentsof surplus moneys
391.640 Investmentin authority’s bonds authorized
391.650 Severabilityof ORS 391.500 to 391.660
391.660 Shorttitle
ELDERLYAND DISABLED SPECIAL TRANSPORTATION FUND
391.800 Elderlyand Disabled Special Transportation Fund
391.802 Definitionfor ORS 391.800 to 391.830
391.810 Distributionof funds to districts, Indian tribes and counties; rules
391.815 Discretionarygrant account; purpose; application for grant; grant approval; distribution ofmoneys
391.820 Advisorycommittees; membership; duties
391.830 Useof funds to finance and improve transportation for elderly individuals andindividuals with disabilities
LIGHTRAIL TRANSIT
391.090Legislative findings; use of lottery moneys for light rail project; policy andintent.The Legislative Assembly finds that:
(1)The development, acquisition and construction of light rail systems and theirattendant rights of way, equipment and facilities in the urban and metropolitanareas of the State of Oregon do and will accomplish the purpose of creatingjobs and furthering economic development in Oregon by, among other advantages:
(a)Providing an important element of the public infrastructure that provides thebasic framework for continuing and expanding economic activity in this state;
(b)Increasing the economy and efficiency of public transportation, improving theattractiveness of urban and metropolitan areas to new businesses and supportingthe operations and prosperity of existing businesses in those areas by makingthose businesses more accessible to their customers and employees;
(c)Alleviating the inefficiencies of congestion and crowding associated with, andreducing the burdens of expansion and maintenance of, existing publictransportation systems and facilities, as well as reducing energy consumptionand air pollution fostered by the use of motor vehicles; and
(d)Creating employment opportunities in urban and metropolitan areas through thefunding of projects for the development and construction of the light rail systems.
(2)Additionally, the provision of state and local moneys for the proposed Westsidecorridor light rail project identified in ORS 391.120 (2)(a) will encourage thecontribution of otherwise unavailable federal matching grant moneys, the use ofwhich will, for the reasons stated in subsection (1) of this section, forwardthe purpose of creating jobs and furthering economic development in Oregon.
(3)Based on the legislative findings described in this section, the use of netproceeds from the operation of the state lottery for the support of theWestside corridor light rail project, as provided in ORS 391.130, is anappropriate use of state lottery funds under section 4 (3), Article XV of theOregon Constitution and ORS 461.510.
(4)It is the intent and policy of the Legislative Assembly to insure the fundingand support of the Westside corridor light rail project identified in ORS391.120 (2)(a) in the manner provided in ORS 391.130 to 391.150, to the extentrequired for the state to realize the benefit of all federal matching fundsmade available for that project, and to the extent necessary to complete theproject. [1991 c.575 §1]
391.100Light Rail Construction Fund; purpose; requirements for expenditures from fund. (1) There iscreated as a fund the Light Rail Construction Fund separate and distinct fromthe General Fund. The moneys in the fund and the interest earnings of the fundare appropriated continuously to the Department of Transportation for thepurpose of financing that part of the Banfield Transitway Project that includesconstruction of a light rail system from the City of Portland to the City ofGresham to be routed along the corridor in which the Banfield Freeway,Interstate Highway 205 and East Burnside Street are located.
(2)No moneys shall be expended for construction from the fund created bysubsection (1) of this section unless the Director of Transportation determinesthat the following conditions have occurred no later than the last day of June1983:
(a)The United States Department of Transportation, subject to the appropriationsprocess and to the satisfaction of the Joint Committee on Ways and Means or theEmergency Board, if the Legislative Assembly is not in session, has committedsufficient moneys to complete the Banfield Transitway Project; and
(b)The Tri-County Metropolitan Transportation District has entered into a binding,enforceable agreement with the State of Oregon in which:
(A)During the construction of the Banfield Transitway Project, the district agreesnot to request or accept any state General Fund moneys for the light railconstruction portion of that project other than those moneys appropriated tothe fund created in this section by the Sixtieth Legislative Assembly;
(B)The district agrees to provide not less than $2,930,000 of the total fundingfor the light rail construction part of the Banfield Transitway Project; and
(C)In any instance where the actual expenditures for the light rail portion of theBanfield Transitway Project fall short of the estimated expenditures for theproject, those moneys, other than federal moneys, that are not required for theproject shall remain in the fund established by this section.
(3)The Director of Transportation shall certify the unobligated balance of the fundcreated by this section and that unobligated balance shall revert to theGeneral Fund in accordance with the following:
(a)If at any time the Director of Transportation determines that the conditionsrequired under subsection (2) of this section will not occur within therequired time under that subsection, the director shall certify the unobligatedbalance of the fund and the unobligated balance shall revert.
(b)If the Director of Transportation determines that the conditions required undersubsection (2) of this section have occurred and moneys from the fund areexpended on the Banfield Transitway Project, the director shall certify theunobligated balance after the project is accepted by the Director ofTransportation and all claims, suits and actions arising out of the projecthave been resolved. [1979 c.586 §1; 1981 c.262 §1]
391.110Legislative findings.(1) The Legislative Assembly finds that economic growth and livability dependon a solid transportation infrastructure to aid in the production anddistribution of goods and services and the efficient movement of people.
(2)The Legislative Assembly also finds that an efficient surface transportationsystem in our metropolitan areas must balance highways and arterial roads withmass transit and light rail facilities. Mass transit and light railimprovements can lessen the cost of highway expansion, reconstruction andmaintenance by significantly decreasing traffic flow.
(3)Therefore, the Legislative Assembly shall establish the Regional Light RailExtension Construction Fund as a means of facilitating the development of abalanced surface transportation system that includes the appropriateapplication of highways, light rail and mass transit. [1989 c.868 §2]
391.120Regional Light Rail Extension Construction Fund; purpose; requirements forexpenditures from fund; reversion of unobligated balance. (1) TheRegional Light Rail Extension Construction Fund, separate and distinct from theGeneral Fund, is established in the State Treasury. All moneys in the fund areappropriated continuously to the Department of Transportation for the purposesspecified in this section. Interest received on moneys credited to the RegionalLight Rail Extension Construction Fund shall accrue to and become part of the RegionalLight Rail Extension Construction Fund.
(2)The Department of Transportation may expend moneys in the Regional Light RailExtension Construction Fund to finance the preliminary engineering phase, finaldesign phase, advanced right of way acquisition phase or construction andacquisition of equipment and facilities phase of projects for extensions to theTri-County Metropolitan Transportation District’s light rail system, asdesignated in the Regional Transportation Plan adopted by the metropolitan servicedistrict in 1989, as amended from time to time. The Director of Transportationmay enter into written agreements with the Tri-County MetropolitanTransportation District that commit the department to pay anticipated fundsfrom the Regional Light Rail Extension Construction Fund to the district forthe purpose of financing such costs of extending the district’s light railsystem, including servicing any obligations entered into by the district tofinance the costs of extending the district’s light rail system, which writtenagreements may provide for the remittance of such funds on such periodic basis,in such amounts, over such period of years and with such priority over othercommitments of such funds as the director shall specify in the commitment. Anysuch written agreements or commitments, when executed by the director andaccepted by the district, shall be solely conditioned upon actual fundsavailable in the Regional Light Rail Extension Construction Fund and shall bevalid, binding and irrevocable in accordance with its terms, subject only tothe requirements of subsection (3) of this section. The extensions to the lightrail system for which projects may be authorized and financed from the RegionalLight Rail Extension Construction Fund include:
(a)The Westside corridor.
(b)The Interstate 5 North corridor.
(c)The Interstate 205 corridor.
(d)The Milwaukie corridor.
(e)The Barbur corridor.
(f)The Lake Oswego corridor.
(g)Appropriate branches to the Banfield corridor.
(h)Appropriate branches to the corridors specified in paragraphs (a) to (f) ofthis subsection.
(3)Notwithstanding any written agreement entered into by the Director ofTransportation under subsection (2) of this section, no moneys shall beexpended from the Regional Light Rail Extension Construction Fund for thepreliminary engineering phase, final design phase, advanced right of wayacquisition phase or construction and acquisition phase of projects unless theDirector of Transportation determines:
(a)That all state and local approvals are in place for the phase of the specificproject for which funding is being sought;
(b)That assurances are in place for obtaining all moneys, other than moneys forwhich the determination is being made, necessary to enable completion of thephase of the specific project for which funding is being sought and that theTri-County Metropolitan Transportation District has agreed to provide an amountof money equal to that being provided by the Regional Light Rail ExtensionConstruction Fund for the phase of the specific project for which money isbeing sought;
(c)With respect to the phase of the specific project for which funding is beingsought, that the body of local officials and state agency representativesdesignated by the metropolitan service district which functions wholly orpartially within the Tri-County Metropolitan Transportation District and knownas the Joint Policy Advisory Committee on Transportation has certified that thephase of the specific project is a regional priority; and
(d)With respect to construction phases of any project, the elements of the projectthat are designated for state participation and an estimated total amount ofthe state’s funding obligation.
(4)When the actual expenditures for a phase of a specific light rail project fallshort of the estimated expenditures for the project, those moneys, other thanfederal moneys, that are not required for that phase of the project shallremain in the Regional Light Rail Extension Construction Fund for use incompleting other projects described in subsection (2) of this section.
(5)On or before August 31 in each year, the Director of Transportation shallcertify to the Governor and the State Treasurer whether or not there existed,as of the end of the immediately preceding fiscal year, an unobligated balanceof moneys in the Regional Light Rail Extension Construction Fund that wasderived from the moneys required to be transferred to the Regional Light RailExtension Construction Fund under ORS 391.130. If the Director ofTransportation certifies that there existed such an unobligated balance ofmoneys derived from the moneys required to be transferred to the Regional LightRail Extension Construction Fund under ORS 391.130, an amount equal to theunobligated balance as of the end of the immediately preceding fiscal yearshall revert to the Administrative Services Economic Development Fund createdby ORS 461.540, and the State Treasurer shall credit such amount to that fundon or before the September 15 next following the date of the certification bythe Director of Transportation.
(6)The Director of Transportation shall certify the unobligated balance of theRegional Light Rail Extension Construction Fund, and that unobligated balanceshall revert to the Administrative Services Economic Development Fund createdby ORS 461.540 if the Director of Transportation determines that all projectsreferred to in subsection (2) of this section have been completed and theprojects have been accepted by the Director of Transportation and all claims,suits and actions arising out of the projects have been resolved.
(7)For purposes of subsections (5) and (6) of this section, moneys in the RegionalLight Rail Extension Construction Fund derived from the moneys required to betransferred to the Regional Light Rail Extension Construction Fund under ORS391.130 shall be obligated to the extent such moneys are needed to fund theamounts committed to be paid in the current or any future fiscal year under anywritten agreement or commitment entered into by the Director of Transportationunder subsection (2) of this section or to pay any amounts owing under or withrespect to any revenue bonds issued under ORS 391.140.
(8)The Department of Transportation may deduct from the Regional Light RailExtension Construction Fund the costs associated with administering the fund. [1989c.868 §3; 1991 c.575 §6]
391.125Regional Light Rail Extension Bond Account; purpose. (1) TheRegional Light Rail Extension Bond Account is created as a separate anddistinct subaccount in the Regional Light Rail Extension Construction Fund. Ineach fiscal year in which any amounts of principal or interest are due andpayable on any revenue bonds issued under ORS 391.140, the Director ofTransportation shall cause to be transferred from the Regional Light RailExtension Construction Fund to the Regional Light Rail Extension Bond Accountan amount, which, when added to the moneys on deposit in the account that areavailable to be used for such purpose, shall be sufficient to pay when due allamounts of principal and interest coming due on such bonds in that fiscal year.
(2)All moneys on deposit from time to time in the Regional Light Rail ExtensionBond Account, together with all investment earnings thereon, shall be pledgedand are continuously appropriated to the payment of the bonds issued under ORS391.140. All investment earnings on moneys on deposit from time to time in theRegional Light Rail Extension Bond Account shall be retained in that accountand applied to pay the principal of and interest on bonds issued under ORS391.140. [1991 c.575 §3]
391.130Allocation of lottery moneys to Regional Light Rail Extension ConstructionFund; authorized expenditures; end of allocations upon certification by Directorof Transportation.(1) In each fiscal year beginning with the fiscal year commencing July 1, 1991,there is allocated, from the Administrative Services Economic Development Fundcreated by ORS 461.540, the amount of $8 million. However, commencing with thefirst fiscal year next following the fiscal year in which bonds are firstissued under ORS 391.140, there shall be allocated from such fund the amount of$10 million in each fiscal year. In each fiscal year after bonds are firstissued, the Director of Transportation shall certify any funds allotted inexcess of amounts necessary to pay the annual debt service on the outstandingbonds and to fund the amounts committed to be paid in the current or any futurefiscal year under any written agreement or commitment entered into by theDirector of Transportation pursuant to ORS 391.120 (2). The certified amountshall immediately be returned to the Administrative Services EconomicDevelopment Fund. All amounts allocated under this section shall be transferredto the Regional Light Rail Extension Construction Fund established by ORS391.120.
(2)The annual amounts required to be transferred to the Regional Light RailExtension Construction Fund under subsection (1) of this section, together withall investment earnings on the amounts on deposit from time to time in theRegional Light Rail Extension Construction Fund, are continuously appropriatedonly for the purposes of:
(a)Funding the Westside corridor extension of light rail referred to in ORS391.120; and
(b)Paying the principal and interest on revenue bonds issued under ORS 391.140.
(3)Except as provided in subsection (4) of this section, and notwithstanding anyother provision of law, the annual allocation made by this section shall besatisfied and credited as and when net proceeds from the operation of the statelottery are received and before any other allocation, appropriation ordisbursement of the net proceeds from the operation of the state lottery ismade in the applicable fiscal year.
(4)For purposes of this section, net proceeds from the operation of the statelottery in each fiscal year include all revenues derived from the operation ofthe state lottery in each fiscal year less:
(a)The revenues used in that fiscal year for the payment of prizes and theexpenses of the state lottery as provided in section 4 (4)(d), Article XV ofthe Oregon Constitution, ORS 461.500 (2) and 461.510 (3) and (4); and
(b)The revenues required to be applied, distributed or allocated as provided inORS 461.543.
(5)The transfer of moneys to the Regional Light Rail Extension Construction Fundauthorized by this section shall cease when the Director of Transportationcertifies in writing that transfers of moneys under this section are no longernecessary because:
(a)Moneys in the Regional Light Rail Extension Construction Fund are sufficientfor the payment of all amounts committed to be paid under all writtenagreements or commitments entered into between the Director of Transportationand the Tri-County Metropolitan Transportation District pursuant to ORS 391.120with respect to the Westside corridor extension of light rail referred to inORS 391.120 (2)(a), and to pay all amounts of principal of and interest on theoutstanding revenue bonds issued under ORS 391.140; and
(b)The Westside corridor extension of light rail referred to in ORS 391.120 (2)(a)has been completed and such project has been accepted by the Department ofTransportation, and all claims, suits and actions arising out of such projectthat could create a liability payable out of the moneys in the Regional LightRail Extension Construction Fund have been resolved.
(6)The Director of Transportation shall deliver a copy of such certification tothe Governor and the State Treasurer. Upon receipt of the director’s writtencertification that transfer of moneys to the Regional Light Rail ExtensionConstruction Fund under this section is no longer necessary, the StateTreasurer shall thereafter credit moneys received by the Regional Light RailExtension Construction Fund under this section to the Administrative ServicesEconomic Development Fund created by ORS 461.540. [1991 c.575 §2; 1993 c.18 §92;1997 c.249 §124]
391.140Revenue bonds for specified light rail project; amount; purpose; issuance byState Treasurer; pledge of revenues. (1) In accordance with ORS chapter286A, the State Treasurer, at the request of the Director of Transportation,shall issue revenue bonds from time to time in an aggregate amount not toexceed:
(a)The principal sum of $115 million;
(b)The costs incurred in connection with the issuance of the bonds and otheradministrative expenses of the State Treasurer in connection with the issuanceof the bonds; and
(c)The amount of any reserves determined to be necessary or advantageous inconnection with the revenue bonds.
(2)The Director of Transportation shall submit to the State Treasurer from time totime written requests to issue the revenue bonds in amounts sufficient toprovide in a timely fashion the moneys required to fund the obligations of theDepartment of Transportation under any written agreements or commitmentsentered into under ORS 391.120 (2) for the purpose of financing the state shareof the costs of the Westside corridor light rail project identified in ORS391.120 (2)(a).
(3)Moneys received from the issuance of revenue bonds, including any investmentearnings thereon, may be expended only for the purpose of financing the costsof development, acquisition and construction of the Westside corridor lightrail project identified in ORS 391.120 (2)(a), and to pay the costs of issuingthe bonds and other administrative expenses of the State Treasure
