ORS 367.620 Limitation on bond amount

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 under ORS 367.615 for bridge purposes described in section 10 (1), chapter 618, Oregon Laws 2003, in an aggregate principal amount sufficient to produce net proceeds of not more than $1.6 billion.

Highway User Tax Bonds may be issued under ORS 367.615 for modernization purposes described in sections 10 (2) and 11, chapter 618, Oregon Laws 2003, in an aggregate principal amount sufficient to produce net proceeds of not more than $300 million.

Highway User Tax Bonds may be issued under ORS 367.615 for the purposes described in section 64, chapter 865, Oregon Laws 2009, in an aggregate principal amount sufficient to produce net proceeds of not more than $840 million. The proceeds from bonds issued as described in this paragraph that are not required for the purposes described in section 64, chapter 865, Oregon Laws 2009, shall be allocated to transportation projects, as defined in ORS 367.010.

Highway User Tax Bonds may be issued under ORS 367.615 for purposes described in section 71d, chapter 750, Oregon Laws 2017, in an aggregate principal amount sufficient to produce net proceeds of not more than $480 million.

The Department of Transportation, with the approval of the State Treasurer, may designate the extent to which a series of bonds authorized under this subsection is secured and payable on a parity of lien or on a subordinate basis to existing or future Highway User Tax Bonds. [1985 c.551 §4; 1999 c.1036 §4; 2001 c.669 §1; 2002 s.s.1 c.3 §1; 2003 c.618 §6; 2007 c.783 §171; 2009 c.865 §61; 2011 c.629 §2; 2017 c.191 §2; 2017 c.750 §71i]

provides: Sec. 71d. (1) On and after January 1, 2020, the Oregon Transportation Commission shall use the proceeds of bonds, as defined in ORS 367.010, authorized under ORS 367.620 (3)(d) to finance the transportation projects listed in this section. The commission shall determine the order of completion for the projects listed in subsection (2) of this section.

No later than January 1, 2024, the commission shall allocate the following amounts to each region, as described in ORS 366.805, for the projects listed below, provided that the commission determines that the projects could constitutionally be funded by revenues described in Article IX, section 3a, of the Oregon Constitution: __________________________________________

Region 1: .................................. $ 249,700,000

State Highway 211 improvements beginning where the highway intersects with State Highway 213 and ending where the highway intersects Molalla Avenue in the City of Molalla

WaNaPa Street improvements in the City of Cascade Locks

Port of Hood River bridge replacement environmental impact study

Columbia Boulevard pedestrian safety

Southeast Powell Boulevard jurisdiction transfer as described under ORS 366.483

Interstate 205 active traffic management project

Interstate 205 corridor bottleneck project

State Highway 217 Northbound project

State Highway 217 Southbound project

Improvements to Graham Road where it intersects with Interstate 84 in the City of Troutdale

Region 2: .................................. $ 201,950,000

Oregon Manufacturing Innovation Center Access Roads in Columbia County

Interstate 5 at the Aurora-Donald interchange, Phase I

State Highway 99E in the City of Halsey

State Highway 214 pedestrian safety improvements at the intersection with Jefferson Street in the City of Silverton

Territorial Highway jurisdiction transfer as described under ORS 366.483

U.S. Highway 20 safety upgrades from the City of Albany to the City of Corvallis

State Highway 58, adding passing lanes west of the City of Oakridge

State Highway 22 and Center Street Bridge, seismic retrofit in the City of Salem

State Highway 99 in City of Eugene jurisdiction transfer as described under ORS 366.483

State Highway 126 Florence-Eugene Highway for environmental impact study

42nd Street in the City of Springfield

Newberg and Dundee Bypass, State Highway 99W, Phase II, shovel ready preparations

Region 3: .................................. $ 75 million

Scottsburg Bridge on State Highway 38 in Douglas County

Southern Oregon seismic triage transportation project

Region 4: .................................. $ 76,493,000

U.S. Highway 97 Cooley Road mid-term improvements

U.S. Highway 97 at Terrebonne

Improvements to Alder Creek Road in Wheeler County

Pedestrian safety improvements in the City of Dufur

Pedestrian safety improvements in the City of Prineville

Tom McCall Road roundabout

Pedestrian safety improvements in the City of Arlington

Region 5: .................................. $ 43,647,000

Port of Umatilla Road

Hermiston North First Place Project in the City of Hermiston

State Highway 30 and Hughes Lane intersection in Baker County

Eastern Oregon Trade and Event Center access road

Pedestrian safety improvements in the City of Heppner

Pedestrian safety improvements in the City of Milton-Freewater

Columbia Development Authority Access Road

Pedestrian safety improvements in the City of Burns

Pedestrian safety improvements in the City of Irrigon

U.S. Highway 20 freight mobility enhancements

Cedar Street and Hughes Lane enhancements in Baker County __________________________________________

When the commission determines that a project described in this section is completed, the commission shall reallocate any amount remaining from the allocation made under this section to another project described in the same region.

When the commission determines that all of the projects within a region are completed, the commission shall reallocate any amount remaining from the allocation made under this section to any other project listed in this section.

The amounts described in this section for jurisdiction transfers described in ORS 366.483 may not be allocated until after the transfer for which the allocation is dedicated occurs.