Oregon Revised Statutes
As used in this chapter: “Agency” means any department, agency or commission of the State of Oregon. “Bond” means a contractual undertaking or an instrument to borrow money 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. “Bond debt service” m…
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. The infrastructure fund consists of: Moneys appropriated to the infrastruc…
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. Moneys in the infrastru…
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. Infrastructure bonds shall be issued as provided in ORS chapter 286A.
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…
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 …
Notwithstanding ORS 283.087 (4), an agency may obtain an infrastructure loan the principal amount of which, when combined with the principal amount of financing agreements previously entered into for the same project, is more than $100,000 for the project. An agency may agree to pay the infrastructure loan from any or all of the available moneys of the agenc…
The Department of Transportation may: 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 Enter into and perform such contracts an…
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 t…
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 subsec…
As used in this section and ORS 367.067: “Credit premium” means the amount required to be paid to the United States Secretary of Transportation before disbursement of a federal loan under RRIFP. “RRIFP” means the Railroad Rehabilitation and Improvement Financing Program, 49 C.F.R. 260 et seq. “Short line railroad” means a Class II or Class III railroad as…
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. A short line railroad may apply to the Department of Transportat…
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 …
As used in ORS 367.080 to 367.086: “Private entity” means any entity that is not a public body, including but not limited to a corporation, partnership, company, nonprofit organization or other legal entity or natural person. “Public body” has the meaning given that term in ORS 174.109. “Transportation project” means a project or undertaking for rail, mar…
Each biennium, the Department of Transportation may provide grants for transportation projects under ORS 367.080 only if the department determines that $50 million or more will be available in the Connect Oregon Fund for grants awarded under ORS 367.080 to 367.086. The department may use up to one percent of the amounts available within the Connect Oregon F…
Except as provided in subsection (2) of this section, the Department of Transportation may provide, from moneys in the Connect Oregon Fund established under ORS 367.080, grants for transportation projects to public bodies, as defined in ORS 174.109, and to private entities. Grants may not be made from the Connect Oregon Fund for transportation projects that…
The Oregon Transportation Commission shall select transportation projects to be funded with moneys in the Connect Oregon Fund established under ORS 367.080. Prior to selecting transportation projects, the commission shall seek input from the applicable area commission on transportation. Prior to selecting aeronautic and airport transportation projects, the…
The Department of Transportation, in cooperation with the Oregon Department of Aviation, shall administer aeronautic and airport transportation projects selected under ORS 367.084 for funding with moneys in the Connect Oregon Fund. The Oregon Department of Aviation may use moneys from the Connect Oregon Fund to pay administrative costs incurred by the Oregon…
(Multimodal Active Transportation Projects)
As used in this section and ORS 367.093: “Private entity” means any entity that is not a public body, including but not limited to a corporation, partnership, company, nonprofit organization or other legal entity or natural person. “Public body” has the meaning given that term in ORS 174.109. “Transportation project” means a project or undertaking for bic…
The Department of Transportation shall establish the Multimodal Active Transportation Program. The department may provide, from moneys in the Multimodal Active Transportation Fund established under ORS 367.091, grants for transportation projects to public bodies and to private entities. The department shall adopt rules specifying the process by which a publ…
The following amounts shall be distributed in the manner prescribed in this section: The amount attributable to the increase in tax rates by section 45, chapter 750, Oregon Laws 2017, and the amendments to ORS 319.020 and 319.530 by sections 40 to 43, chapter 750, Oregon Laws 2017. The amount attributable to the vehicle registration and title fees imposed …
Notwithstanding ORS 367.095 (4), the Department of Transportation may use amounts available under ORS 367.095 to secure and pay bond debt service on Highway User Tax Bonds under ORS 367.615. Any amounts remaining after the payment of debt service shall be used as described in ORS 367.095 (4). Note: See second note under 367.095.
Each year, the Department of Transportation shall determine the amount of funding allocated under ORS 367.095 (4)(b) that is necessary to fund: Transportation projects specified by the Legislative Assembly by law; The matching moneys needed to spend federal funds; Highway maintenance activities; Programs that are more efficient to operate using state mon…
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 anothe…
GRANT ANTICIPATION REVENUE BONDS
As used in ORS 367.161 to 367.181: “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 tha…
The State Treasurer, at the request of the Department of Transportation, may issue grant anticipation revenue bonds for the purposes of: Financing highway improvement projects including highway improvement projects already under way or scheduled; Financing the restoration, reconstruction or renovation of highway improvements in Oregon; Financing transport…
A grant anticipation revenue bond issued under ORS 367.161 to 367.181: 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. Shall be issued as provided in ORS chapter 286A. Must mature on or before a…
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.…
An indenture under which grant anticipation revenue bonds are issued may provide for: 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; Requirements concerning a particular series of 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: Federal transportation funds. To the extent affirmatively pledged at the time issuance of revenue bonds is authorized, the following moneys that are lawfully ava…
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.
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: For deposit into one or more special funds or accounts that may be pledged to secure payment …
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. The revenue bonds are a limited obligation payable solely from federal transportation funds received by the Department of Transportation and, if pr…
BONDED INDEBTEDNESS FOR STATE HIGHWAYS
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 and those portions of a tollway…
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 either the State Highway Fund or the Toll Program Fund. Such moneys may be used only for the purposes for which the bonds were authorized to be sold and, pending the use of the moneys, may …
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.
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…
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 i…
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. 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: Moneys f…
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. 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 367.6…
As used in this section: “Bond” has the meaning given that term in ORS 367.010. “Bond debt service” has the meaning given that term in ORS 367.010. 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: The amount of Hig…
The principal amount of Highway User Tax Bonds issued under ORS 367.615 shall be subject to the provisions of ORS 286A.035. 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. Highway User Tax Bonds may be issued u…
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 O…
As used in this section: “Highway” has the meaning given that term in ORS 801.305. “Modernization” means improvements that add capacity to highways, including but not limited to new or widened lanes and new bypasses. “Preservation” means paving, striping, reconstruction and other activities designed to add useful life to existing highways. Bonds describe…
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. Note: See note under 367.622.
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. A declarat…
A bond issued under ORS 367.615: 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. Shall be issued as provided in ORS chapter 286A. Must mature on or before a date determined by calculation of the expecte…
An indenture under which bonds described under ORS 367.615 are issued may provide for any or all of the following: 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. Requirements concerning particular issues of bonds under ORS 367.615. Requirements concerning…
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: The account may be established as part of the highway fund or separately. The establishment of an account does not, in itself, limit the payment of bo…
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: The trust indenture shall be by and between the state and a trustee. The trustee may be any trust company or bank having the powers of a trust company whether inside or o…
Notwithstanding any other provision of law or any provision of charter or local ordinance to the contrary: The Department of Transportation may loan a portion of proceeds from bonds issued under ORS 367.615 to cities and counties; and Cities and counties may borrow moneys under this section. Any loan made under this section is subject to all of the follow…
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: 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. The lien…
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.
BONDED INDEBTEDNESS FOR CITY AND COUNTY ROADS AND RECREATION FACILITIES
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.
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. 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 sha…
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…
All bonds issued under ORS 367.700 to 367.750 must be issued in accordance with ORS chapter 286A.
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.
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. OREGON INN…
The Legislative Assembly finds that: Entrepreneurial approaches to the acquisition, design, management and financing of transportation projects will accelerate cost-effective project delivery. Entrepreneurial approaches can bring substantial benefits to the public in transportation project development and execution. Risk management is a critical component…
As used in ORS 367.800 to 367.824: “Agreement” means a written agreement, including but not limited to a contract, for a transportation project that is entered into under ORS 367.806. “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 en…
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. The goals of the Oregon Innovative Partnerships Program are to: …
As part of the Oregon Innovative Partnerships Program established under ORS 367.804, the Department of Transportation may: 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 en…
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 …
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. The following moneys shall be deposited into the State Transportation Enterprise Fund: Proceeds from bonds or other financing instruments issued under the provisions …
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 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 governme…
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,…
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. Note: See note under 367.800.
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, …
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. Memb…
The Department of Transportation may adopt any rules it considers necessary to implement the provisions of ORS 367.800 to 367.824. 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: Conflict with any provision …
MISCELLANEOUS
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: Apply for an extension of time to meet the requirements; Submit a plan to the Oregon Transportation Commissi…