ORS 383.005 Agreements for tollway projects; operation of projects

(1)

For purposes of the acquisition, design, construction, reconstruction, operation or maintenance and repair of tollway projects, the Department of Transportation may enter into any combination of contracts, agreements and other arrangements with any one or more private entities or units of government, or any combination thereof, including but not limited to the following:

(a)

Design-build contracts with private entities pursuant to which a portion or all aspects of the design, construction and installation of all or any portion of a tollway project are accomplished by the private entity;

(b)

Lease agreements, lease-purchase agreements and installment sale arrangements for the lease, sale or purchase of real and personal property for tollway projects by the state from private entities or units of government or by private entities or units of government from the state;

(c)

Licenses, franchises or other agreements for the periodic or long-term operation or maintenance of a tollway project;

(d)

Financing agreements for a tollway project pursuant to which the department borrows from, or makes any loan, grant, guaranty or other financing arrangement to or with, a private entity or unit of government; and

(e)

Agreements for purchase or acquisition of fee ownership, easements, rights of way or any other interests in land upon which a tollway project is to be built.

(2)

The department may operate tollway projects and impose and collect tolls on any tollway project the department operates. Any private entity or unit of government that operates a tollway project pursuant to an agreement with the department may impose and collect tolls on the tollway project. [1995 c.668 §3; 2001 c.844 §7; 2013 c.4 §14] (Temporary provisions relating to the Interstate 5 bridge replacement project)

Note: Sections 7 and 8, chapter 4, Oregon Laws

2013, provide: Sec. 7. Section 8 of this 2013 Act is added to and made a part of ORS 383.003 to 383.075 [series became 383.001 to 383.245]. [2013 c.4 §7] Sec. 8. (1) The Oregon Transportation Commission may enter into agreements with the State of Washington, or the State of Washington’s designee, relating to establishing, reviewing, adjusting and collecting tolls for the Interstate 5 bridge replacement project.

(2)

The commission shall consider the factors listed in ORS 383.004 and traffic demand management in considering tolls for the Interstate 5 bridge replacement project. Tolls for the project must be sufficient to:

(a)

Meet debt service requirements for debt issued to finance construction, development, equipping or improvement for the project, including any reserves required by bond or other contractual covenants;

(b)

Pay for maintenance and operation of the project; and

(c)

Fund any repair reserves, replacement reserves or other reserves that are required by bond or other contractual covenants or that are otherwise determined by the commission to be necessary in connection with the project.

(3)

The portion of toll revenues accruing to the State of Oregon from the Interstate 5 bridge replacement project may be used only for the purposes described in Article IX, section 3a, of the Oregon Constitution. The toll revenues shall be used exclusively for the project, and may not be used for any other purpose, for as long as bonds issued to finance the project, including any refunding bonds, remain outstanding. After all bonds issued to finance the project, including any refunding bonds, have been repaid, the toll revenues shall be reduced to an amount that is sufficient to do only the following:

(a)

Pay the cost of maintenance and operation of the project; and

(b)

Pay the cost of, including the cost of funding reserves for, reconstruction, improvement and replacement of facilities related to the project.