(1) 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. (2) 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 […]
(1) 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. (2) 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 […]
(1) As used in this section: (a) “Bond” has the meaning given that term in ORS 367.010. (b) “Bond debt service” has the meaning given that term in ORS 367.010. (2) On each January 1, April 1, July 1 and October 1, and on the date of issuance of any Highway User Tax Bonds described […]
(1) The principal amount of Highway User Tax Bonds issued under ORS 367.615 shall be subject to the provisions of ORS 286A.035. (2) 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 […]
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 […]
(1) As used in this section: (a) “Highway” has the meaning given that term in ORS 801.305. (b) “Modernization” means improvements that add capacity to highways, including but not limited to new or widened lanes and new bypasses. (c) “Preservation” means paving, striping, reconstruction and other activities designed to add useful life to existing highways. […]
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. [2001 c.669 §3] Note: See note under 367.622.
(1) 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 […]
(1) A bond issued under ORS 367.615: (a) 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. (b) Shall be issued as provided in ORS chapter […]
An indenture under which bonds described under ORS 367.615 are issued may provide for any or all of the following: (1) 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. (2) Requirements concerning particular issues of bonds […]
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: (1) The account may be established as part of the highway fund or separately. (2) The establishment of an account does not, in itself, limit […]
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: (1) The trust indenture shall be by and between the state and a trustee. (2) The trustee may be any trust company or bank […]
(1) Notwithstanding any other provision of law or any provision of charter or local ordinance to the contrary: (a) The Department of Transportation may loan a portion of proceeds from bonds issued under ORS 367.615 to cities and counties; and (b) Cities and counties may borrow moneys under this section. (2) Any loan made under […]
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: (1) The lien is a first lien and security interest and prior charge upon the pledged moneys except to […]
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. [1985 c.551 §12; 2007 c.783 §172a]
