Oregon Statute | Act | Code |Title 31 Highways, Roads, Bridges And Ferries| US Code - US Statute | Chapter 367 Transportation Financing; Projects

As used in this chapter:

(1) "Agency" means any department, agency or commission of the
State of Oregon.

(2) "Bond" means an evidence of indebtedness 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.

(3) "Bond debt service" means payment of:

(a) Principal, interest, premium, if any, or purchase price of a
bond;

(b) Amounts due to a credit enhancement provider authorized by this
chapter;

(c) Amounts necessary to fund bond debt service reserves; and

(d) Amounts due under an agreement for exchange of interest rates
if designated by the State Treasurer or the Department of Transportation.

(4) "Credit enhancement" means a letter of credit, line of credit,
bond insurance policy, standby purchase agreement, surety bond or other
device or facility used to enhance the creditworthiness, liquidity or
marketability of a bond.

(5) "Financial institution" means a banking institution, a
financial institution or a non-Oregon institution, as those terms are
defined in ORS 706.008, and any other institution defined by rule of the
Oregon Transportation Commission as a financial institution for purposes
of ORS 367.010 to 367.067.

(6) "Infrastructure assistance" means any use of moneys in the
Oregon Transportation Infrastructure Fund, other than an infrastructure
loan, to provide financial assistance for transportation projects. The
term includes, but is not limited to, use of moneys in the infrastructure
fund to finance leases, fund reserves, make grants, pay issuance costs or
provide credit enhancement or other security for bonds issued by a public
entity to finance transportation projects.

(7) "Infrastructure bonds" means bonds authorized by ORS 367.030,
367.555 to 367.600 or 367.605 to 367.670 that are issued to fund
infrastructure loans and the proceeds of which are deposited in the
infrastructure fund.

(8) "Infrastructure fund" means the Oregon Transportation
Infrastructure Fund.

(9) "Infrastructure loan" means a loan of moneys in the
infrastructure fund to finance a transportation project.

(10) "Municipality" means a city, county, road district, school
district, special district, metropolitan service district, the Port of
Portland or an intergovernmental entity organized under ORS 190.010.

(11) "Transportation project" means any project or undertaking that
facilitates any mode of transportation within this state. The term
includes, but is not limited to, a project for highway, transit, rail and
aviation capital infrastructure, bicycle and pedestrian paths, bridges
and ways, and other projects that facilitate the transportation of
materials, animals or people. [1997 c.679 §1; 1999 c.1036 §3; 2003 c.201
§11](1) 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.

(2) The infrastructure fund consists of:

(a) Moneys appropriated to the infrastructure fund by the
Legislative Assembly.

(b) Moneys transferred to the infrastructure fund by the department
from the State Highway Fund or from other funds available to the Oregon
Transportation Commission.

(c) Moneys from any federal grant, state grant or other grant that
are deposited in the infrastructure fund.

(d) Proceeds of infrastructure bonds.

(e) Proceeds of Highway User Tax Bonds issued under ORS 367.615 and
367.670 for the purpose of providing infrastructure assistance or an
infrastructure loan.

(f) Moneys due to a municipality that are withheld pursuant to ORS
367.035 (3) or (5) and, for a loan made with proceeds of Highway User Tax
Bonds, moneys due to a municipality that are withheld pursuant to ORS
367.655 (2)(c).

(g) Earnings on the infrastructure fund.

(h) Moneys paid to the department in connection with infrastructure
loans or infrastructure assistance.

(i) Any grants or donations made to the State of Oregon for deposit
in the infrastructure fund.

(3) A pledge by the department of its revenues or other moneys in
the infrastructure fund is valid and binding from the time the pledge is
made as provided in ORS 288.594.

(4) The department shall use moneys in the infrastructure fund
solely to:

(a) Provide infrastructure loans and infrastructure assistance;

(b) Pay the bond debt service for infrastructure bonds and pay the
costs of issuance and other costs related to infrastructure bonds;

(c) Pay the department's costs of administering the infrastructure
fund and providing infrastructure loans and infrastructure assistance,
including any costs of monitoring transportation projects and obtaining
repayment of infrastructure loans and infrastructure assistance;

(d) Pay the department's or another public entity's costs for
transportation projects including, but not limited to, projects funded
with the proceeds of Highway User Tax Bonds; and

(e) Ensure repayment of loan guarantees or extensions of credit as
provided in ORS 367.816.

(5) The department may establish separate accounts in the
infrastructure fund for infrastructure loans, infrastructure assistance,
the funding of infrastructure bond reserves, bond debt service payments
for infrastructure bonds and related costs, administrative and operating
expenses or any other purpose necessary or desirable for carrying out the
purposes of ORS 367.010 to 367.067. The commission may adopt rules that
govern how the infrastructure fund and its accounts are used. The
infrastructure fund or any of its accounts may be held by an escrow agent
or bond trustee.

(6) The department shall administer the infrastructure fund. Moneys
in the infrastructure fund, with the approval of the State Treasurer, may
be invested as provided by ORS 293.701 to 293.820 and the earnings from
such investments must be credited to the account in the infrastructure
fund designated by the department. [1997 c.679 §2; 2003 c.201 §12; 2003
c.790 §14](1) 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.

(2) Moneys in the infrastructure fund may be used for any purpose
as long as the use is consistent with any restrictions of the Oregon
Constitution that may apply to such moneys. [1997 c.679 §§3,4; 2003 c.201
§13] (1) 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.

(2) When the department asks the State Treasurer to issue
infrastructure bonds, if the State Treasurer determines that
infrastructure bonds shall be issued:

(a) The State Treasurer may authorize and issue infrastructure
bonds to provide moneys for the infrastructure fund.

(b) The State Treasurer may enter into agreements with bond
underwriters, trustees, financial advisers and other persons to carry out
ORS 367.010 to 367.067. The department may appoint bond counsel as
authorized by ORS 288.523, or the State Treasurer may enter into an
agreement with bond counsel if the services provided under the agreement
comply with the provisions of ORS 288.523 and the appointment is approved
by the Attorney General as required by ORS 288.523. The department may
not appoint bond counsel under this paragraph unless the State Treasurer
has reviewed and approved the terms and conditions of the appointment.
ORS 279A.140 does not apply to an appointment or agreement described in
this paragraph. [1997 c.679 §5; 2001 c.536 §9; 2003 c.794 §266](1) To provide moneys for the Oregon Transportation
Infrastructure Fund or to refund bonds authorized by this section, the
State Treasurer may, in cooperation with 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 to secure the revenue
bonds. The department or State Treasurer may exercise any power granted
to a municipality or public body by the Uniform Revenue Bond Act in
connection with bonds authorized by this section. However, the State
Treasurer or the department shall not pledge or encumber any moneys of
the State of Oregon other than those required by ORS 367.010 to 367.067
to be deposited in the infrastructure fund.

(2) The department may enter into covenants for the benefit of the
owners of bonds authorized by this section regarding the use of moneys in
the infrastructure fund, the providing of infrastructure assistance and
the collection of infrastructure loans. Any such covenants shall be
binding upon the State of Oregon in accordance with their terms and shall
be enforceable against the State of Oregon by owners of the bonds.
However, no owner of bonds authorized by this section shall ever have the
right to compel any exercise of the taxing power of the state to pay any
such bonds or the interest thereon, or to enforce payment thereof against
any property of the state, except those moneys in the infrastructure fund
that are pledged to pay the bonds and any moneys the department or an
agency may agree to use to repay infrastructure loans under ORS 367.040.
Bonds authorized by this section shall not constitute a charge, lien or
encumbrance, legal or equitable, upon any property of the state, except
moneys in the infrastructure fund that are pledged to pay the bonds, and
any property that the department or agency pledges, mortgages or assigns
to secure infrastructure loans pursuant to ORS 367.040. Revenue bonds
authorized by this section shall not constitute a debt of the state or a
lending of the credit of the state within the meaning of any
constitutional or statutory limitation.

(3) The total principal amount of revenue bonds that are issued
under this section and outstanding at any time shall not exceed $200
million. [1997 c.679 §6](1) 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 revenue sources specified in this subsection. A
municipality shall repay an infrastructure loan in accordance with the
terms of the loan contract and to the extent required by the loan
contract from any or all of the following sources:

(a) Revenues of any transportation project, including special
assessment revenues;

(b) Moneys withheld under subsection (3) or (5) of this section;

(c) The general fund of the municipality; or

(d) Any other sources including, but not limited to, an
appropriation or allocation to a county under ORS 366.762 to 366.768 or
to a city under ORS 366.785 to 366.820.

(2) An infrastructure loan contract with a municipality may provide
that a portion of the proceeds of the loan be applied to fund a reserve
fund to secure the repayment of the loan or secure the repayment of
revenue bonds issued to finance the loan.

(3) An infrastructure loan contract with a city or county may
provide that all or a portion of the principal and interest on an
infrastructure loan be repaid by withholding all or a portion of an
apportionment due to a county under ORS 366.762 to 366.768 or due to a
city under ORS 366.785 to 366.820. The department shall immediately
transfer funds withheld under this subsection from the State Highway Fund
to the Oregon Transportation Infrastructure Fund.

(4) A municipality that intends to obtain an infrastructure loan
shall adopt an ordinance or resolution authorizing the infrastructure
loan.

(5) If a municipality fails to comply with the terms of an
infrastructure loan contract, the department may seek any legal or
equitable remedy to obtain compliance or payment of damages. If any
municipality fails to make an infrastructure loan payment when due, the
State of Oregon shall, at the request of the department, withhold any
funds due to the municipality from the state and apply the amounts
withheld to pay the entire amount owed by the municipality under the
infrastructure loan contract. The department shall deposit funds withheld
under this subsection in the account of the infrastructure fund to which
the municipality's infrastructure loan payments are required to be
deposited. The department may waive the right of the State of Oregon to
withhold moneys under this subsection only if the department has not
pledged the right as security for the repayment of infrastructure bonds.
[1997 c.679 §7; 2003 c.201 §14] (1) Notwithstanding
ORS 283.087 (5), an agency may obtain an infrastructure loan. An agency
may agree to pay the infrastructure loan from any or all of the available
moneys of the agency and may pledge all or any portion of those moneys to
repay the infrastructure loan. An infrastructure loan of an agency does
not constitute a debt of the state or a lending of the credit of the
state within the meaning of any constitutional or statutory limitation.

(2) If an infrastructure loan is made to an agency, the terms of
the infrastructure loan contract bind the State of Oregon and the agency,
and the agency shall unconditionally repay the infrastructure loan from
the moneys the agency has pledged in accordance with the terms of the
infrastructure loan contract. [1997 c.679 §8; 2003 c.201 §15] The Department of Transportation may:

(1) 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

(2) Enter into and perform such contracts and agreements with
entities concerning the planning, construction, lease or other
acquisition, installation or financing of transportation projects. [1997
c.679 §9; 2003 c.201 §16](1) 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 subsection is subordinate
to the lien of a pledge securing bonds issued under ORS 367.605 to
367.670.

(2) If, during a fiscal year, the moneys in the Oregon
Transportation Infrastructure Fund are insufficient to cover any claims
by financial institutions, credit enhancement providers, bondholders or
bond trustees that arise from loan guarantees or other extensions of
credit made under ORS 367.010 to 367.067, the department shall transfer,
as often as necessary or appropriate in that fiscal year, moneys from the
State Highway Fund to satisfy such claims. However, the department may
not make a transfer of moneys from the State Highway Fund otherwise
required by this section if:

(a) The transfer will reduce the moneys in the State Highway Fund
to an amount that is insufficient to pay the principal and interest that
will fall due during the fiscal year on outstanding bonds issued under
ORS 367.555 to 367.600; or

(b) The transfer relates to a claim arising out of a transportation
project for which moneys in the State Highway Fund may not be used under
section 3a, Article IX, Oregon Constitution, and ORS 366.505. [1999
c.1036 §2; 2003 c.201 §17; 2003 c.790 §15](Short Line Railroads) As used in this
section and ORS 367.067:

(1) "Credit premium" means the amount required to be paid to the
United States Secretary of Transportation before disbursement of a
federal loan under RRIFP.

(2) "RRIFP" means the Railroad Rehabilitation and Improvement
Financing Program, 49 C.F.R. 260 et seq.

(3) "Short line railroad" means a class II or class III railroad as
defined in 49 C.F.R. 1201. [2001 c.942 §15] (1) 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.

(2) A short line railroad may apply to the Department of
Transportation for infrastructure assistance in a manner determined by
the department by rule.

(3) In evaluating applications for infrastructure assistance under
this section, the department shall give priority to projects that:

(a) Enhance public safety;

(b) Enhance the environment;

(c) Appear creditworthy, providing financially secure sources of
repayment to secure a federal credit instrument;

(d) Promote rural economic development;

(e) Reduce demand for expansion of highway capacity;

(f) Enable Oregon companies to be more competitive in regional,
national and international markets;

(g) Preserve or enhance rail or intermodal service to small
communities or rural areas; and

(h) Will be operated by a short line railroad with federal credit
assistance under the RRIFP.

(4) If a short line railroad receives infrastructure assistance
under this section for a project for which federal credit assistance was
received under RRIFP, and if all or part of the credit premium is
returned to the railroad by the federal government, the railroad shall
remit to the department the amount of moneys returned to the railroad.

(5) All moneys remitted to the department under subsection (4) of
this section shall be deposited by the department into the Short Line
Credit Premium Account. [2001 c.942 §16](Industrial Rail Spurs) 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 fund under section 10, chapter
741, Oregon Laws 2003, and may include fees, moneys, federal funds,
Miscellaneous Receipts or other revenues available for the purpose. [2003
c.741 §11]Note: 367.070 was enacted into law by the Legislative Assembly but
was not added to or made a part of ORS chapter 367 or any series therein
by legislative action. See Preface to Oregon Revised Statutes for further
explanation.(Multimodal Projects)(1) As used in ORS 367.080
to 367.086, "transportation project" has the meaning given that term in
ORS 367.010.

(2) The Multimodal Transportation Fund is established separate and
distinct from the General Fund. Earnings on moneys in the Multimodal
Transportation Fund shall be deposited into the fund. Moneys in the
Multimodal Transportation Fund are continuously appropriated to the
Department of Transportation for the purposes described in subsection (3)
of this section and in ORS 367.086.

(3) The department shall use moneys in the Multimodal
Transportation Fund to provide grants and loans for transportation
projects as provided in ORS 367.080 to 367.086. Grants and loans may be
provided only for projects that involve one or more of the following
modes of transportation:

(a) Air;

(b) Marine;

(c) Rail; and

(d) Public transit.

(4) All moneys received by the department as interest on loans made
under this section and as repayment of principal of loans made under this
section shall be deposited into the Multimodal Transportation Fund. [2005
c.816 §1]Note: 367.080 to 367.086 were enacted into law by the Legislative
Assembly but were not added to or made a part of ORS chapter 367 or any
series therein by legislative action. See Preface to Oregon Revised
Statutes for further explanation.Note: Sections 2 and 5, chapter 816, Oregon Laws 2005, provide:

Sec. 2. (1) Pursuant to ORS 286.560 to 286.580, for the biennium
beginning July 1, 2005, the State Treasurer may issue lottery bonds to
finance grants and loans for transportation projects selected under
section 4 of this 2005 Act [367.084].

(2) The use of lottery bond proceeds pursuant to this section is
authorized based on the following findings:

(a) There is an urgent need to improve and expand publicly owned
and privately owned transportation infrastructure to support economic
development in this state.

(b) A safe, efficient and reliable transportation network supports
the long-term economic development and livability of this state. A
multimodal network of air, rail, public transit, highway and marine
transportation moves people and goods efficiently.

(c) Local governments and private sector businesses often lack
capital and the technical capacity to undertake multimodal transportation
projects.

(d) Public financial assistance can stimulate industrial growth and
commercial enterprise and promote employment opportunities in this state.

(e) Public investment in transportation infrastructure will create
jobs and further economic development in this state.

(3) The aggregate principal amount of lottery bonds issued pursuant
to this section may not exceed the sum of $100 million plus an additional
amount established by the State Treasurer to pay bond-related costs. The
State Treasurer may issue lottery bonds pursuant to this section only at
the request of the Director of Transportation.

(4) The net proceeds of the lottery bonds issued pursuant to this
section shall be deposited in the Multimodal Transportation Fund
established by section 1 of this 2005 Act [367.080]. [2005 c.816 §2]

Sec. 5. The Oregon Transportation Commission shall allocate at
least 15 percent of the net proceeds of the lottery bonds authorized by
section 2 of this 2005 Act to each region described in this section. For
purposes of this section, the regions are as follows:

(1) Region one consists of Clackamas, Columbia, Hood River,
Multnomah and Washington Counties.

(2) Region two consists of Benton, Clatsop, Lane, Lincoln, Linn,
Marion, Polk, Tillamook and Yamhill Counties.

(3) Region three consists of Coos, Curry, Douglas, Jackson and
Josephine Counties.

(4) Region four consists of Crook, Deschutes, Gilliam, Jefferson,
Klamath, Lake, Sherman, Wasco and Wheeler Counties.

(5) Region five consists of Baker, Grant, Harney, Malheur, Morrow,
Umatilla, Union and Wallowa Counties. [2005 c.816 §5](1) Except as provided in subsection (2) of this section, the
Department of Transportation may provide, from moneys in the Multimodal
Transportation Fund established by ORS 367.080:

(a) Grants for transportation projects to public bodies, as defined
in ORS 174.109, and to private entities; and

(b) Loans for transportation projects to public bodies, as defined
in ORS 174.109, and to private entities.

(2) Grants and loans may not be made from the Multimodal
Transportation Fund for transportation projects that could
constitutionally be funded by revenues described in section 3a, Article
IX of the Oregon Constitution.

(3) The Department of Transportation shall adopt rules:

(a) Specifying the process by which a public body or private entity
may apply for a loan under this section and prescribing the terms and
conditions of loans, including but not necessarily limited to interest
rates and repayment schedules; and

(b) Specifying the process by which a public body or private entity
may apply for a grant under this section and prescribing the terms and
conditions of grants, including but not necessarily limited to a
requirement that the public body or private entity receiving the grant
provide at least 20 percent of the moneys required for the transportation
project. [2005 c.816 §3]Note: See first note under 367.080. (1) The Oregon Transportation
Commission shall select transportation projects to be funded with moneys
in the Multimodal Transportation Fund established by ORS 367.080.

(2)(a) Prior to selecting aeronautic and airport transportation
projects, the commission shall solicit recommendations from the State
Aviation Board.

(b) Prior to selecting freight transportation projects, the
commission shall solicit recommendations from the Freight Advisory
Committee.

(c) Prior to selecting public transit and rail projects, the
commission shall solicit recommendations from its public transit and rail
advisory committees.

(3) In selecting transportation projects the commission shall
consider:

(a) Whether a proposed transportation project reduces
transportation costs for Oregon businesses;

(b) Whether a proposed transportation project benefits or connects
two or more modes of transportation;

(c) Whether a proposed transportation project is a critical link in
a statewide or regional transportation system that will measurably
improve utilization and efficiency of the system;

(d) How much of the cost of a proposed transportation project can
be borne by the applicant for the grant or loan;

(e) Whether a proposed transportation project creates construction
and permanent jobs in this state; and

(f) Whether a proposed transportation project is ready for
construction. [2005 c.816 §4]Note: See first note under 367.080. (1) The Oregon Transportation
Commission shall transfer moneys for aeronautic and airport
transportation projects selected under ORS 367.084 from the Multimodal
Transportation Fund to the Oregon Department of Aviation, which shall
administer the projects. The amount transferred shall include moneys to
pay administrative costs incurred by the Oregon Department of Aviation in
carrying out the provisions of ORS 367.080 to 367.086.

(2) Except as provided in subsection (1) of this section, the
Department of Transportation shall administer all transportation projects
that are selected under ORS 367.084. The department may use moneys from
the Multimodal Transportation Fund to pay administrative costs incurred
by the department in carrying out the provisions of ORS 367.080 to
367.086. [2005 c.816 §6]Note: See first note under 367.080.Note: Sections 7 and 8, chapter 816, Oregon Laws 2005, provide:

Sec. 7. The Port of Portland may not expend any moneys to finance
transportation projects that consist of capital improvements on the
property in Troutdale, Oregon, formerly known as the Reynolds Aluminum
property, if the capital improvements are intended to allow use of the
facility as an intermodal transportation facility primarily focused on
rail transportation. This section does not prohibit financing
construction of individual rail spurs or individual rail tracks to serve
individual buildings on the property. [2005 c.816 §7]

Sec. 8. Section 7 of this 2005 Act is repealed on January 1, 2012.
SHORT-TERM DEBT (1) In
addition to the authority for short-term borrowing granted in ORS
288.165, 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 another similar
obligation, for the following purposes:

(a) Providing matching funds as set forth in ORS 366.564.

(b) Providing funds with which to pay when due the principal or
interest of bonded indebtedness created for highway purposes, the payment
of which is necessary to preserve the financial credit of the state.

(c) Meeting emergencies.

(d) Providing funds for use by the department during times when
expenditures exceed revenues, whether or not the department anticipated
that expenditures would exceed revenues.

(e) Providing funds for the payment of current expenses in
anticipation of revenue, grants or other moneys intended for payment of
the current expenses.

(f) Providing funds for interim financing of a capital asset or
project to be undertaken by the department.

(g) Refunding an outstanding obligation.

(2) Short-term borrowing under this section may be in such
denominations or for such sums as the department fixes and may draw
interest at a negotiated rate.

(3) The total outstanding indebtedness created by the short-term
borrowing under this section may not exceed $100 million in outstanding
principal amount.

(4) All short-term borrowing issued pursuant to this section shall
mature within three years from the date of issuance.

(5) The department shall pay for and secure short-term borrowing
under this section with funds from the State Highway Fund or other funds
that are legally available to the department for the purposes for which
the moneys were borrowed, including moneys received by the department
from the United States government. [Formerly 366.605; 1969 c.427 §1; 1975
c.614 §11; 1981 c.94 §32; 1981 c.311 §1; 1991 c.793 §3; 2003 c.201 §18]GRANT ANTICIPATION REVENUE BONDS As used in ORS
367.161 to 367.181:

(1) "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 that may be used for a
highway improvement project that are available or are anticipated to be
available in the current or a future federal fiscal year.

(2) "Grant anticipation revenue bond" means a revenue bond secured
based on receipt, or anticipation of receipt in the current or a future
federal fiscal year, of federal transportation funds.

(3) "Highway improvement project" means a federal-aid highway or
highway safety construction project, a transportation project or another
project for which the Department of Transportation may use federal
transportation funds. [2003 c.201 §2] The State
Treasurer, at the request of the Department of Transportation, may issue
grant anticipation revenue bonds for the purposes of:

(1) Financing highway improvement projects including highway
improvement projects already under way or scheduled;

(2) Financing the restoration, reconstruction or renovation of
highway improvements in Oregon;

(3) Financing transportation projects;

(4) Paying the costs of issuance of the revenue bonds including,
but not limited to, the costs and fees of paying agents, trustees and
remarketing agents; or

(5) Paying the costs of credit enhancements. [2003 c.201 §3](1) A grant anticipation revenue bond
issued under ORS 367.161 to 367.181:

(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 revenue
bond.

(b) May be sold at public competitive bid or at private negotiated
sale.

(c) May be sold at the price or prices established by the State
Treasurer, upon the advice of the Department of Transportation.

(d) Must mature on or before a date determined by calculation of
the expected economic life of the improvements, assets and projects
financed with the proceeds of the revenue bonds.

(2) The State Treasurer shall determine, upon the advice of the
department and consistent with ORS 288.805 to 288.945, all aspects
relating to the sale of revenue bonds under ORS 367.161 to 367.181 that
are not otherwise specifically provided, including rate of interest and
discount, if any. [2003 c.201 §4] (1) 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.

(2) A declaration under this section may:

(a) Pledge all or a portion of the moneys described in ORS 367.173
for purposes of the revenue bonds to be issued.

(b) Limit the purposes to which the department may apply the
proceeds of the sale.

(c) Make pledges concerning the proceeds of the sale or moneys
described in ORS 367.173 to secure payment of the revenue bonds issued
under ORS 367.161 to 367.181.

(d) Limit or otherwise provide for the issuance of additional
revenue bonds, including refunding bonds, under ORS 367.161 to 367.181,
limit or establish terms upon which additional revenue bonds, including
refunding bonds, may be issued under ORS 367.161 to 367.181.

(e) Provide for procedures, if any, by which the terms of contracts
with bondholders may be amended or rescinded, for the percentage of the
bondholders that must consent to amendment or rescission of the contract
and for the manner of bondholder consent to amendment or rescission of
the contract.

(f) Establish a trustee and vest the trustee with property, rights,
powers or duties in trust, as the State Treasurer determines appropriate.

(g) Provide for other matters affecting issuance of the revenue
bonds.

(3) A declaration under this section may establish the same
requirements, be subject to the same provisions, create the same
obligations and confer the same rights as an indenture under ORS 367.171,
if so provided in the declaration. [2003 c.201 §5] An indenture under which grant anticipation
revenue bonds are issued may provide for:

(1) 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;

(2) Requirements concerning a particular series of revenue bonds
issued under ORS 367.161 to 367.181;

(3) Requirements concerning moneys described in ORS 367.173 and
payment on outstanding revenue bonds issued under ORS 367.161 to 367.181;

(4) A contractual undertaking for the benefit of bondholders
concerning assessment, levy collection and deposit of moneys described in
ORS 367.173;

(5) Provisions concerning the registration of revenue bonds or the
recording or filing of the indenture;

(6) Provisions relating to a reserve account. Provisions under this
subsection may include, but are not limited to, the amount required for
an account and provisions for replenishing the account from moneys
described in ORS 367.173;

(7) Provisions concerning trustees including, but not limited to:

(a) Establishing funds, accounts or moneys described in ORS 367.173
over which the trustee will be custodian; and

(b) Providing that a trustee will be appointed; or

(8) Establishing the maturation date of the revenue bonds. [2003
c.201 §6]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:

(1) Federal transportation funds.

(2) To the extent affirmatively pledged at the time issuance of
revenue bonds is authorized, the following moneys that are lawfully
available:

(a) Moneys deposited in the State Highway Fund established under
ORS 366.505.

(b) Except as provided in paragraph (c) of this subsection, moneys,
once deposited in the State Highway Fund established under ORS 366.505,
from the following sources may be affirmatively pledged:

(A) Moneys from the taxes and fees on motor carriers imposed under
ORS 825.474 and 825.480.

(B) Moneys from the tax on motor vehicle fuel imposed under ORS
319.020.

(C) Moneys from the tax on fuel used in motor vehicles imposed
under ORS 319.530.

(D) Moneys described under ORS 803.090 from the titling of vehicles.

(E) Moneys described under ORS 803.420 from the registration of
vehicles.

(F) Moneys described under ORS 807.370 relating to the issuance of
driver licenses and driver permits.

(G) Moneys received by the Department of Transportation from taxes,
fees or charges imposed after January 1, 2001, or other revenues or
moneys received by the department from sources not listed in
subparagraphs (A) to (F) of this paragraph that are lawfully available to
be pledged under this section.

(c) Moneys described in paragraph (b) of this subsection do not
include:

(A) Moneys provided for appropriations to counties under ORS
366.762 to 366.768.

(B) Moneys provided for appropriations to cities under ORS 366.785
to 366.820.

(C) Moneys in the account established under ORS 366.512 for parks
and recreation. [2003 c.201 §7] 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. [2003 c.201 §8] (1)
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:

(a) For deposit into one or more special funds or accounts that may
be pledged to secure payment of the revenue bonds.

(b) For payment of the costs of highway improvement projects.

(c) For reimbursement to the department of moneys previously spent
on highway improvement projects.

(2) The department may direct the United States government to
deposit federal transportation funds directly with a trustee for the
holders of the revenue bonds to secure payment of the revenue bonds.

(3) The department shall use the proceeds of a sale of revenue
bonds issued under ORS 367.161 to 367.181 to pay:

(a) The costs and expenses incurred in the construction or
acquisition of a highway improvement project.

(b) Legal and financial costs and expenses incurred to issue or
administer the revenue bonds.

(4) If moneys pledged to secure Highway User Tax Bonds pursuant to
ORS 367.605 are also pledged to secure payment of principal, interest,
premium, if any, and purchase or tender price of grant anticipation
revenue bonds issued under ORS 367.161 to 367.181, the pledge to secure
grant anticipation revenue bonds issued under ORS 367.161 to 367.181 is
subordinate and subject to prior use of the moneys to pay Highway User
Tax Bonds. [2003 c.201 §9]
(1) 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.

(2) The revenue bonds are a limited obligation payable solely from
federal transportation funds received by the Department of Transportation
and, if provided by the department when issuance of the revenue bonds is
authorized, other moneys lawfully available for the purpose and
affirmatively pledged to the payment of principal, interest, premium, if
any, and purchase or tender price of the revenue bonds.

(3) A holder of revenue bonds issued under ORS 367.161 to 367.181
may not compel the payment of federal transportation funds to the
Department of Transportation. [2003 c.201 §10]BONDED INDEBTEDNESS FOR STATE HIGHWAYS

335 §47] In addition to
the authority now vested by any other provision of law, the Department of
Transportation may 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, in an outstanding principal amount that is subject to the
provisions of ORS 286.505 to 286.545. [1973 c.698 §2; 1981 c.660 §32;
2003 c.201 §19]
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 the State Highway Fund. Such moneys may be used
only for the purposes stated in ORS 367.555 to 367.600 and, pending the
use of such moneys for highway purposes, may be invested as provided by
law. [1973 c.698 §3; 2003 c.201 §20]The Department of Transportation shall issue general
obligation bonds under ORS 367.555 to 367.600 in accordance with ORS
286.031 to 286.066. [1973 c.698 §4; 1981 c.660 §33; 2003 c.201 §21]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 obligations. [1973 c.698 §10; 2003 c.201 §22] 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 any limitation provided in the Oregon
Constitution at the date of the issuance and sale of such general
obligation bonds. [1973 c.698 §11; 2003 c.201 §23]HIGHWAY USER TAX BONDS (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
and 367.670.

(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 subsection (1) of this section:

(a) Moneys from the taxes and fees on motor carriers imposed under
ORS 825.474 and 825.480.

(b) Moneys from the tax on motor vehicle fuel imposed under ORS
319.020.

(c) Moneys from the tax on fuel used in motor vehicles imposed
under ORS 319.530.

(d) Moneys described under ORS 803.090 from the titling of vehicles.

(e) Moneys described under ORS 803.420 from the registration of
vehicles.

(f) Moneys described under ORS 807.370 relating to the issuance of
driver licenses and driver permits.

(g) Moneys received by the Department of Transportation from taxes,
fees or charges imposed after January 1, 2001, or other revenues received
by the department from sources not listed in paragraphs (a) to (f) of
this subsection that are available for the use or pledge described by
this section.

(3) Moneys described under subsection (2) of this section do not
include:

(a) Moneys provided for appropriations to counties under ORS
366.762 to 366.768.

(b) Moneys provided for appropriations to cities under ORS 366.785
to 366.820.

(c) Moneys in the account established under ORS 366.512 for parks
and recreation.

(4) To the extent affirmatively pledged, moneys from the following
sources are subject to the use or pledge described in subsection (1) of
this section:

(a) Moneys received by the Department of Transportation from the
United States government.

(b) Any other moneys legally available to the department.

(5) Notwithstanding ORS 366.507, the lien or charge of any pledge
of moneys securing bonds issued under ORS 367.615 or 367.670 is superior
or prior to any other lien or charge and to any law of the state
requiring the department to spend moneys for specified highway purposes.
[1985 c.551 §2; 2001 c.669 §8; 2003 c.201 §24]In
addition to any authority the Department of Transportation has to issue
and sell bonds, the department may issue and sell revenue bonds known as
Highway User Tax Bonds as provided in this section:

(1) 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
367.605. A holder of bonds issued under this section may not compel the
exercise of the ad valorem taxing power of the state to pay the bond debt
service on the bonds.

(2) This state shall provide for the continued assessment, levy,
collection and deposit into the highway fund moneys described under ORS
367.605 in amounts sufficient to pay, when due, the annual bond debt
service and other amounts necessary to meet requirements established by
indenture under ORS 367.640.

(3) This state may not in any way impair obligations of any
agreement between this state and the holders of bonds issued under this
section.

(4) The authority granted by this section is continuing and the
department reserves the right, through and with the prior approval of the
State Treasurer, to issue additional bonds under this section subject to
the following:

(a) Additional bonds must be secured equally and ratably by the
pledge and appropriation of moneys described under ORS 367.605 unless the
department, as permitted by law and the contracts with owners of
outstanding Highway User Tax Bonds, issues additional bonds in different
series and secures each series by a lien on and pledge of moneys
described under ORS 367.605 that is superior to or subordinate to the
lien of the pledge securing any other series of Highway User Tax Bonds.

(b) The department may only issue additional bonds if sufficient
moneys described under ORS 367.605 may be pledged to pay the annual bond
debt service for all outstanding bonds issued under this section as well
as for the additional bonds.

(5) Proceeds from the sale of bonds under this section are declared
to be for the purpose of building and maintaining permanent public roads
and may be used:

(a) To finance the cost of state highway, county road and city
street projects in this state.

(b) To pay the cost of issuing the bonds.

(c) For loans to cities and counties as provided under ORS 367.035
or 367.655.

(d) To pay the bond debt service of the bonds.

(e) To pay the costs of the State Treasurer and the department to
administer and maintain the bonds and the Highway User Tax Bond program,
including the cost of consultants, advisors, attorneys or other
professional service providers appointed, retained or approved by the
treasurer or the department.

(f) To pay capitalized interest, principal or premium, if any, of
the bonds.

(g) For rebates or penalties due to the United States in connection
with the bonds.

(6) The department may issue Highway User Tax Bonds as capital
appreciation bonds, auction rate bonds, variable rate bonds, deep
discount bonds or deferred interest bonds.

(7) The State Treasurer or the Director of Transportation, if so
directed by the treasurer, may obtain credit enhancement or an agreement
for exchange of interest rates to provide additional security or
liquidity for the bonds or to provide funding, in lieu of cash, for all
or a portion of a bond debt service reserve account established with
respect to the bonds. [1985 c.551 §3; 2003 c.201 §25] (1) The principal amount of
Highway User Tax Bonds issued under ORS 367.615 shall be subject to the
provisions of ORS 286.505 to 286.545.

(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 million.

(3)(a) 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.

(b) 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.

(c) The Department of Transportation 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]Note: Section 2, chapter 3, Oregon Laws 2002 (first special
session), provides:

Sec. 2. The Department of Transportation may not issue bonds under
the authority granted by ORS 367.620 (2) in an aggregate principal amount
that exceeds an amount the department reasonably believes can be paid
with $71.2 million in biennial debt service. [2002 s.s.1 c.3 §2] 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 ORS 803.090, 803.420, 818.225, 825.476 and 825.480 by
sections 1 to 5, chapter 618, Oregon Laws 2003, shall use private sector
resources to the greatest extent possible in accomplishing the work
funded by 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.
[2003 c.618 §41]Note: 367.621 was enacted into law by the Legislative Assembly but
was not added to or made a part of ORS chapter 367 or any series therein
by legislative action. See Preface to Oregon Revised Statutes for further
explanation.Note: Sections 10 to 13, chapter 618, Oregon Laws 2003, provide:

Sec. 10. (1) Proceeds of bonds authorized under ORS 367.620 (3)(a)
shall be used as follows:

(a) Replacement and repair of bridges on state highways, $1.3
billion. The Oregon Transportation Commission shall choose projects under
this paragraph that meet the criteria for freight mobility projects as
defined in section 37 of this 2003 Act [184.611].

(b) Replacement and repair of bridges on county and city highways,
$300 million. The commission shall choose projects under this paragraph
that meet the criteria for freight mobility projects as defined in
section 37 of this 2003 Act. In determining which bridges to replace or
repair under this paragraph, the commission shall consult with
representatives of local governments.

(2) Except as otherwise provided in section 11 of this 2003 Act,
proceeds of bonds authorized under ORS 367.620 (3)(b) shall be used for
the modernization program described in ORS 366.507. The commission shall
give funding priority for modernization projects funded with the proceeds
of bonds authorized under ORS 367.620 (3)(b) to projects that are ready
for construction. [2003 c.618 §10]

Sec. 11. (1) The Oregon Transportation Commission shall use $100
million of the net proceeds of bonds authorized under ORS 367.620 (3)(b):

(a) For the capitalizable cost of planning, development, design and
construction of projects recommended by the Freight Advisory Committee
created by section 2, chapter 240, Oregon Laws 2001 [366.212].

(b) To provide or improve access to industrial land sites. In
selecting sites under this paragraph, the commission shall consult with
the Economic and Community Development Department and local governments
and shall give preference to sites for which local matching moneys are
available.

(c) To provide or improve access to sites where jobs can be created.

(2) Notwithstanding ORS 366.507 (4)(b), projects selected under
this section need not be equitably distributed throughout the state.
[2003 c.618 §11]

Sec. 12. (1) In order to facilitate the replacement and repair of
bridges described in section 10 of this 2003 Act, the Department of
Transportation, after consultation with affected road authorities, may
designate temporary detour routes, and may specify conditions of travel,
over highways that are not state highways.

(2) Prior to directing traffic onto a detour route chosen under
this section, the department may repair or reconstruct the highways
chosen as detour routes if the repair or reconstruction will be
cost-effective in minimizing or preventing damage from the increased
traffic on the detour route.

(3) The department shall repair damage to highways that are
designated as detour routes under this section if the damage results from
the increase in traffic caused by the detour.

(4) The department may exercise the authority granted under this
section for as long as the replacement and repair of bridges described in
section 10 of this 2003 Act continues, or until January 2, 2013,
whichever comes first. [2003 c.618 §12]

Sec. 13. Section 12 of this 2003 Act is repealed on January 2,
Note: Section 1, chapter 486, Oregon Laws 2005, provides:

Sec. 1. (1) If the Department of Transportation does not need the
total $1.3 billion in bond proceeds authorized by section 10 (1), chapter
618, Oregon Laws 2003, for replacement and repair of the bridges
described in subsection (2) of this section, the department shall use the
proceeds not needed for the bridges as follows:

(a) Seventy-five percent for highway projects of statewide
significance that are on the list adopted by the Oregon Transportation
Commission in May 2002; and

(b) Twenty-five percent for freight projects that the Freight
Advisory Committee considered under section 11 (1)(a), chapter 618,
Oregon Laws 2003.

(2) The bridges for which the bond proceeds described in subsection
(1) of this section may be used are those bridges identified on the
document issued by the Department of Transportation titled "Oregon
Transportation Investment Act, State Bridge Projects, Summary of Progress
on Bridges in Stages 1-5," and dated January 2005. [2005 c.486 §1](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.

(2) Bonds described in ORS 367.620 (2) shall be used to finance
preservation and modernization projects chosen by the Oregon
Transportation Commission. The commission shall select projects from
among the following:

(a) Highways that need increased lane capacity.

(b) Highways and bridges that have weight limitations.

(c) State and local bridges.

(d) Interchanges on multilane highways.

(e) District highways in cities and counties that require
preservation. The Department of Transportation shall adopt rules defining
"district highway" for purposes of this paragraph.

(3) In choosing projects under subsection (2) of this section, the
commission shall use the following criteria, in addition to any criteria
developed under ORS 367.623:

(a) Lane capacity projects shall be chosen from a financially
constrained list.

(b) Bridge projects shall be chosen on the basis of a bridge
inventory or rating system recognized by the commission.

(c) Priority for interchange projects shall be given to projects on
multilane highways where safety can be enhanced by constructing a
grade-separated interchange to replace an at-grade crossing.

(d) Priority for district highway preservation projects shall be
given to those projects that may facilitate transfer of jurisdiction over
the highway from the state to a local government.

(e) Projects selected for financing under this section shall be
equitably distributed throughout the state, using the criteria for
distribution of projects that are used for the Statewide Transportation
Improvement Program. [2001 c.669 §2; 2005 c.612 §8]Note: 367.622 and 367.623 were added to and made a part of ORS
chapter 367 by legislative action but were not added to any smaller
series therein. See Preface to Oregon Revised Statutes for further
explanation.
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 Treasurer.

(2) A declaration prepared under this section may do any of the
following:

(a) Pledge any part or all of moneys described under ORS 367.605
for purposes of the bonds to be issued.

(b) Limit the purpose for which the proceeds of the sale may be
applied by the department.

(c) Make pledges concerning the proceeds of the sale or moneys
described under ORS 367.605 as necessary to secure payment of bonds of
the department.

(d) Limit the issuance of additional bonds under ORS 367.615, limit
or establish terms upon which additional bonds may be issued under ORS
367.615 or limit or establish the issuance or the terms of issuance or
provide for the refunding of outstanding bonds.

(e) Provide for procedures, if any, by which the terms of contracts
with bondholders may be amended or rescinded, for the percentage of the
bondholders that must consent to amendment or rescinding of such contract
and for the manner of bondholder consent to any amendment or rescinding
of such contract.

(f) Establish a trustee as described under ORS 367.650.

(g) Vest a trustee appointed under ORS 367.650 with property,
rights, powers and duties in trust, as the State Treasurer determines
appropriate. Authority granted by this paragraph includes authority to:

(A) Include the rights, powers and duties of a trustee appointed to
bondholders.

(B) Limit the rights, powers and duties of the trustee.

(h) Provide for other matters affecting issuance of the bonds.

(3) A declaration under this section may establish the same
requirements, be subject to the same provisions, create the same
obligations and confer the same rights and is otherwise subject to the
same provisions as an indenture under ORS 367.640, if so provided in the
declaration. [1985 c.551 §5; 1987 c.158 §64](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) May be sold at public competitive bid or at private negotiated
sale.

(c) May be sold at the price or prices established by the State
Treasurer, upon the advice of the Department of Transportation.

(d) Must mature on or before a date determined by calculation of
the expected economic life of the improvements, assets and projects
financed with the proceeds of the bonds. Subject to this paragraph, the
time bonds mature may be as established by indenture under ORS 367.640.

(2) The State Treasurer shall determine, upon the advice of the
department and consistent with ORS 288.805 to 288.945, all aspects
relating to the sale of bonds under ORS 367.615 that are not otherwise
specifically provided, including rate of interest and discount, if any.
[1985 c.551 §6; 2003 c.201 §26] 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 under ORS
367.615.

(3) Requirements concerning moneys described under ORS 367.605 and
payment on outstanding bonds issued under ORS 367.615.

(4) A contractual undertaking for the benefit of bondholders
concerning assessment, levy collection and deposit of moneys described
under ORS 367.605.

(5) Provisions concerning the registration of bonds or recording or
filing of the indenture.

(6) Provisions relating to a reserve account under ORS 367.645.
Provisions under this subsection may include, but are not limited to, the
amount required for such account or provisions for replenishing the
account from moneys described under ORS 367.605.

(7) Provisions concerning trustees under ORS 367.650 including, but
not limited to:

(a) Establishing funds, accounts or moneys described under ORS
367.605 over which the trustee will be custodian.

(b) Providing that a trustee will be appointed.

(8) Establishing the maturation date for the bonds, subject to ORS
367.635. [1985 c.551 §7; 2003 c.201 §27] 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 the
payment of bond debt service for bonds issued under ORS 367.615 to moneys
in the account. Bond debt service for bonds issued under ORS 367.615 may
be paid from any moneys under ORS 367.605, whether or not an account is
established, unless otherwise provided by indenture under ORS 367.640.

(3) The account is subject to any provisions established by
indenture under ORS 367.640 concerning the amount of money in the account
or the replenishing of moneys if the account is drawn down at any time
while bonds are outstanding.

(4) The account is subject to any other provisions concerning the
account that are established by indenture under ORS 367.640. [1985 c.551
§8; 1989 c.610 §2; 2003 c.201 §28] 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 having the powers
of a trust company whether inside or outside the state.

(3) The trustee may act as custodian as provided for by indenture
under ORS 367.640.

(4) The trustee must be jointly appointed by the director and the
State Treasurer.

(5) The trustee shall be vested with such powers and duties as
provided for by indenture under ORS 367.640. [1985 c.551 §9](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 this section is subject to all of the
following provisions:

(a) Moneys from the loan may only be used to defray costs of
location, relocation, improvements, construction and reconstruction of
city and county streets and roads.

(b) The department shall establish rules concerning the making of
agreements for the loans. Repayment of principal and interest by any city
or county must be made according to the agreement between the department
and the city or county.

(c) If a city or county defaults of repayment, the department may
withhold any part of the appropriation or allocation to the city under
ORS 366.785 to 366.820 or the county under ORS 366.762 to 366.768 as
provided for in the agreement for repayment made under this section.
[1985 c.551 §10; 2003 c.201 §29] 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 extent provided otherwise by the
indenture.

(2) The lien is valid and binding from the time the pledge is made.

(3) The pledged moneys are immediately subject to the lien without
physical delivery or further act.

(4) The lien is valid and binding against all parties having claims
on the money of any kind including claims under tort or contract.

(5) The lien is valid and binding against all parties irrespective
of whether the parties have notice of the lien.

(6) No bond, indenture or any other instrument by which the pledge
is made or the lien created must be recorded or filed except as provided
by the indenture under ORS 367.640. [1985 c.551 §11; 2003 c.201 §30] The
interest upon all bonds issued under ORS 367.615 and upon all refunding
and advance refunding bonds issued under ORS 367.670 is exempt from
personal income taxation imposed by this state under ORS chapter 316.
[1985 c.551 §12]Outstanding bonds issued under ORS 367.615
may be refunded by the issuance of refunding or advance refunding bonds.
Refunding and advance refunding bonds issued under this section are
subject to the provisions relating to bonds issued under ORS 367.615 and
are subject to and shall be issued in accordance with the provisions of
ORS 286.051 and 288.605 to 288.695. [1985 c.551 §13]BONDED INDEBTEDNESS FOR CITY AND COUNTY ROADS AND RECREATION FACILITIESIn 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. [1975 c.211 §1; 1981 c.660 §34] (1) 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.

(2) 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 shall give priority to projects in cities and
counties having the highest rates of unemployment in this state. [1975
c.211 §2; 2003 c.201 §31] (1) 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 law.

(2) The Department of Transportation shall fix the rate of interest
to be charged on any advance made under ORS 367.705. [1975 c.211 §3; 2003
c.201 §32]
All bonds issued under ORS 367.700 to 367.750 must be issued in
accordance with ORS 286.031 to 286.066. [1975 c.211 §4; 1981 c.660 §35;
2003 c.201 §33] 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. [1975
c.211 §10; 2003 c.201 §34] 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. [1975
c.211 §11; 2003 c.201 §35]OREGON INNOVATIVE PARTNERSHIPS PROGRAM The Legislative Assembly finds that:

(1) Entrepreneurial approaches to the acquisition, design,
management and financing of transportation projects will accelerate
cost-effective project delivery.

(2) Entrepreneurial approaches can bring substantial benefits to
the public in transportation project development and execution.

(3) Risk management is a critical component of partnerships for
transportation projects.

(4) Successful implementation of an Oregon innovative partnership
program for transportation projects requires that risk in a project be
managed and shared by public and private sector participants, with the
partner best able to control a risk bearing responsibility for the risk.

(5) The Legislative Assembly and the executive branch of government
accept responsibility for providing predictability for partnerships for
transportation projects and for allowing negotiated agreements to be
implemented.

(6) The development, acquisition and construction of transportation
projects creates jobs and furthers economic development in Oregon by,
among other things:

(a) Increasing the economy and efficiency of public transportation,
improving the flow of commerce into and around the state and the
surrounding region, improving the attractiveness of Oregon to new
businesses and supporting the operations and prosperity of existing
businesses; and

(b) Improving the movement of people into and around the state and
the surrounding region, alleviating congestion and crowding and reducing
the burdens on existing public transportation systems and transportation
facilities. [2003 c.790 §1]Note: 367.800 to 367.826 were enacted into law by the Legislative
Assembly but were not added to or made a part of ORS chapter 367 or any
series therein by legislative action. See Preface to Oregon Revised
Statutes for further explanation.As used in ORS 367.800 to 367.824:

(1) "Agreement" means a written agreement, including but not
limited to a contract, for a transportation project that is entered into
under ORS 367.806.

(2) "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 entity or a natural person.

(3) "Transportation project" or "project" means any proposed or
existing undertaking that facilitates any mode of transportation in this
state.

(4) "Unit of government" means any department or agency of the
federal government, any state or any agency, office or department of a
state, any city, county, district, commission, authority, entity, port or
other public corporation organized and existing under statutory law or
under a voter-approved charter and any intergovernmental entity created
under ORS 190.003 to 190.130, 190.410 to 190.440 or 190.480 to 190.490.
[2003 c.790 §2]Note: See note under 367.800.(1) 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.

(2) The goals of the program are to:

(a) Develop an expedited project delivery process;

(b) Maximize innovation; and

(c) Develop partnerships with private entities and units of
government.

(3) As part of the program established under this section, the
department may:

(a) Solicit concepts or proposals for transportation projects from
private entities and units of government.

(b) Accept unsolicited concepts or proposals for transportation
projects from private entities and units of government.

(c) Evaluate the concepts or proposals received under this
subsection and select potential projects based on the concepts or
proposals. The evaluation under this paragraph shall include consultation
with any appropriate local government, metropolitan planning organization
or area commission on transportation.

(d) Charge an administrative fee for the evaluation in an amount
determined by the department.

(4) Following an evaluation by the department of concepts or
proposals submitted under subsection (3) of this section, and the
selection of potential transportation projects, the department may
negotiate and enter into the agreements described in ORS 367.806 for
implementing the selected transportation projects.

(5) Except as provided in subsection (6) of this section:

(a) Information related to a transportation project proposed under
ORS 367.800 to 367.824, including but not limited to the project's
design, management, financing and other details, is exempt from
disclosure under ORS 192.410 to 192.505 until:

(A) The department shares the information with a local government,
metropolitan planning organization or area commission on transportation
under subsection (3)(c) of this section; or

(B) The department completes its evaluation of the proposed project
and has selected the proposal for negotiation of an agreement.

(b) After the department has either shared the information
described in paragraph (a) of this subsection with a local government,
metropolitan planning organization or area commission on transportation,
or has completed its evaluation of the proposed project, the information
is subject to disclosure under ORS 192.410 to 192.505.

(6) Sensitive business, commercial or financial information that is
not customarily provided to business competitors that is submitted to the
department in connection with a transportation project under ORS 367.800
to 367.824 is exempt from disclosure under ORS 192.410 to 192.505 until
the information is submitted to the Oregon Transportation Commission in
connection with its review and approval of the transportation project
under ORS 367.806.

(7) The department may, in connection with the evaluation of
concepts or proposals for transportation projects, consider any financing
mechanisms, including but not limited to the imposition and collection of
franchise fees or user fees and the development or use of other revenue
sources.

(8) The department and any other unit of government may expend, out
of any funds available for the purpose, such moneys as may be necessary
for the evaluation of concepts or proposals for transportation projects
and for negotiating agreements for transportation projects under ORS
367.806. The department or other unit of government may employ engineers,
consultants or other experts the department or other unit of government
determines are needed for the purposes of doing the evaluation and
negotiation. Expenses incurred by the department or other unit of
government under this subsection prior to the issuance of transportation
project revenue bonds or other financing shall be paid by the department
or other unit of government, as applicable, and charged to the
appropriate transportation project. The department or other unit of
government shall keep records and accounts showing each amount so
charged. Upon the sale of transportation project revenue bonds or upon
obtaining other financing for any transportation project, the funds
expended by the department or other unit of government under this
subsection in connection with the project shall be repaid to the
department or the unit of government from the proceeds of the bonds or
other financing, as allowed by applicable law. [2003 c.790 §3]Note: See note under 367.800. (1) As part of the program established under
ORS 367.804, the Department of Transportation may:

(a) 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 entered into under this section may
include, but need not be limited to, planning, acquisition, financing,
development, design, construction, reconstruction, replacement,
improvement, maintenance, management, repair, leasing and operation of
transportation projects.

(b) Include in any agreement entered into under this section any
financing mechanisms, including but not limited to the imposition and
collection of franchise fees or user fees and the development or use of
other revenue sources.

(2) The agreements among the public and private sector partners
entered into under this section must specify at least the following:

(a) At what point in the transportation project public and private
sector partners will enter the project and which partners will assume
responsibility for specific project elements;

(b) How the partners will share management of the risks of the
project;

(c) How the partners will share the costs of development of the
project;

(d) How the partners will allocate financial responsibility for
cost overruns;

(e) The penalties for nonperformance;

(f) The incentives for performance;

(g) The accounting and auditing standards to be used to evaluate
work on the project; and

(h) Whether the project is consistent with the plan developed by
the Oregon Transportation Commission under ORS 184.618 and any applicable
regional transportation plans or local transportation system programs
and, if not consistent, how and when the project will become consistent
with applicable plans and programs.

(3) The department may, either separately or in combination with
any other unit of government, enter into working agreements, coordination
agreements or similar implementation agreements to carry out the joint
implementation of any transportation project selected under ORS 367.804.

(4) The provisions of ORS 383.003 to 383.027 do not apply to any
tollway project entered into under ORS 367.800 to 367.824.

(5) The provisions of ORS 279.835 to 279.855 and ORS chapters 279A,
279B and 279C do not apply to concepts or proposals submitted under ORS
367.804, or to agreements entered into under this section, except that if
public moneys are used to pay any costs of construction of public works
that is part of a project, the provisions of ORS 279C.800 to 279C.870
apply to the public works. In addition, if public moneys are used to pay
any costs of construction of public works that is part of a project, the
construction contract for the public works must contain provisions that
require the payment of workers under the contract in accordance with ORS
279C.540 and 279C.800 to 279C.870.

(6)(a) The department may not enter into an agreement under this
section until the agreement is reviewed and approved by the Oregon
Transportation Commission.

(b) The department may not enter into, and the commission may not
approve, an agreement under this section for the construction of a public
improvement as part of a transportation project unless the agreement
provides for bonding, financial guarantees, deposits or the posting of
other security to secure the payment of laborers, subcontractors and
suppliers who perform work or provide materials as part of the project.

(c) Before presenting an agreement to the commission for approval
under this subsection, the department must consider whether to implement
procedures to promote competition among subcontractors for any
subcontracts to be let in connection with the transportation project. As
part of its request for approval of the agreement, the department shall
report in writing to the commission its conclusions regarding the
appropriateness of implementing such procedures.

(7)(a) Except as provided in paragraph (b) of this subsection,
documents, communications and information developed, exchanged or
compiled in the course of negotiating an agreement with a private entity
under this section are exempt from disclosure under ORS 192.410 to
192.505.

(b) The documents, communications or information described in
paragraph (a) of this subsection are subject to disclosure under ORS
192.410 to 192.505 when the documents, communications or information are
submitted to the commission in connection with its review and approval of
a transportation project under subsection (6) of this section.

(8) The terms of a final agreement entered into under this section
and the terms of a proposed agreement presented to the commission for
review and approval under subsection (6) of this section are subject to
disclosure under ORS 192.410 to 192.505.

(9) As used in this section:

(a) "Public improvement" has the meaning given that term in ORS
279A.010.

(b) "Public works" has the meaning given that term in ORS 279C.800.
[2003 c.790 §§4,4b]Note: See note under 367.800.(1) 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 General and may:

(a) Advise the Department of Transportation concerning the legality
of specific proposed partnerships;

(b) Advise the department on legal procedures and practices related
to implementation of specific projects that use a partnership;

(c) Assist the department in negotiating partnership agreements;

(d) Assist the department in preparing any document related to a
specific partnership;

(e) Advise the department regarding accounting, investment and tax
requirements applicable to specific projects that use a partnership; and

(f) Advise the department regarding any relevant federal securities
or other laws and related disclosure requirements.

(2) When the Attorney General, as part of the review under ORS
291.047, reviews an agreement entered into under ORS 367.806, the
Attorney General shall:

(a) Recognize that the agreement is the product of a partnership;
and

(b) Defer to the business judgment of the department and the Oregon
Transportation Commission concerning the assignment of risks and the
incentives provided within the agreement. [2003 c.790 §5]Note: See note under 367.800. (1) 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.

(2) The following moneys shall be deposited into the State
Transportation Enterprise Fund:

(a) Proceeds from bonds or other financing instruments issued under
the provisions of ORS 367.800 to 367.824;

(b) Revenues received from any transportation project developed
under the program established under ORS 367.804; and

(c) Any other moneys that are by donation, grant, contract, law or
other means transferred, allocated or appropriated to the fund.

(3) Moneys in the State Transportation Enterprise Fund are
continuously appropriated to the Department of Transportation for the
purpose of carrying out the provisions of ORS 367.800 to 367.824 and
implementing all or portions of any transportation project developed
under the program established under ORS 367.804.

(4) Moneys in the State Transportation Enterprise Fund that are
transferred from the State Highway Fund or from any one of the sources
that comprise the State Highway Fund as specified in ORS 366.505 and that
are revenue under section 3a, Article IX of the Oregon Constitution, may
be used only for purposes authorized by section 3a, Article IX of the
Oregon Constitution.

(5) The department shall establish a separate account in the State
Transportation Enterprise Fund for each transportation project that is
undertaken under the program established under ORS 367.804. Except as
provided in subsection (4) of this section, the department may pledge
moneys in the State Transportation Enterprise Fund to secure revenue
bonds or any other debt obligations relating to the transportation
project for which the account is established.

(6) Moneys in an account established under subsection (5) of this
section shall be used as provided in any agreement applicable to the
transportation project for which the account is established. [2003 c.790
§6]Note: See note under 367.800.(1) In addition to any authority
the Department of Transportation has to issue and sell bonds and other
similar obligations, this section establishes continuing authority for
the issuance and sale of bonds and other similar obligations in a manner
consistent with this section. To finance any transportation project in
whole or in part, the department may request that the State Treasurer
issue revenue bonds on behalf of the department. Revenue bonds authorized
under this section shall be issued in accordance with the applicable
provisions of ORS chapters 286 and 288. The bonds shall be secured by a
pledge of, and a lien on, and shall be payable only from moneys in the
State Transportation Enterprise Fund established by ORS 367.810 and any
other revenues specifically pledged to repayment of the bonds. Such a
pledge by the department of its revenues creates a lien that is valid and
binding from the time the pledge is made as provided in ORS 288.594.
Revenue bonds issued pursuant to this section are not general obligations
of the state and are not secured by or payable from any funds or assets
of the state other than the moneys and revenues specifically pledged to
the repayment of such revenue bonds.

(2) Moneys received from the issuance of revenue bonds or other
debt obligations, including any investment earnings thereon, may be
expended:

(a) For the purpose of financing the costs of the transportation
project for which the bonds are issued;

(b) To pay the costs and other administrative expenses of the bonds;

(c) To pay the costs of credit enhancement or to fund any reserves
determined to be necessary or advantageous in connection with the revenue
bonds; and

(d) To reimburse the department for any costs related to carrying
out the purposes of the program established under ORS 367.804.

(3) Any transportation project may be financed in whole or in part
with:

(a) The proceeds of grant anticipation revenue bonds authorized by
23 U.S.C. 122 and applicable state law.

(b) Grants, loans, loan guarantees, lines of credit, revolving
lines of credit or other financing arrangements available pursuant to the
Transportation Infrastructure Finance and Innovation Act under 23 U.S.C.
181 et seq., or any other applicable federal law.

(c) Infrastructure loans or assistance from the Oregon
Transportation Infrastructure Fund established by ORS 367.015.

(4) As security for the payment of financing described in
subsection (3) of this section, the revenues from the project may be
pledged, but no such pledge of revenues constitutes in any manner or to
any extent a general obligation of the state. Any financing described in
subsection (3) of this section may be structured on a senior, parity or
subordinate basis to any other financing. [2003 c.790 §7]Note: See note under 367.800. (1) 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 government may
enter into such agreements and other arrangements with the United States
or any of its agencies as may be necessary, proper and convenient for
carrying out the purposes of ORS 367.800 to 367.824.

(2) The department or a unit of government may accept from any
source any grant, donation, gift or other form of conveyance of land,
money, other real or personal property or other valuable thing made to
the State of Oregon, the department or the unit of government for
carrying out the purposes of ORS 367.800 to 367.824.

(3) Any transportation project may be financed in whole or in part
by contribution of any funds or property made by any private entity or
unit of government that is a party to any agreement entered into under
ORS 367.806. [2003 c.790 §8]Note: See note under 367.800.(1) 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, replacement, improvement,
maintenance, management, repair, leasing or operation of any
transportation project that is part of the program established under ORS
367.804.

(2) The lien of a pledge made under this section is subordinate to
the lien of a pledge securing bonds payable from moneys in the State
Highway Fund described in ORS 366.505, the State Tollway Account
established by ORS 383.009 or the State Transportation Enterprise Fund
established by ORS 367.810. [2003 c.790 §9]Note: See note under 367.800. 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. [2003 c.790 §10]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, other user fees or other revenue sources collected within the
district in connection with the transportation project be used
exclusively for the benefit of the district. [2003 c.790 §11]Note: See note under 367.800. (1)
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. Members shall be appointed by the department, or in a
manner agreed to by the department and any participating unit of
government.

(2) At the request of the department, an advisory committee may
review concepts or proposals for transportation projects and submit
recommendations to the department or the participating unit of government.

(3) An advisory committee shall meet as necessary at times and
places fixed by the department or the participating unit of government.
The department shall provide personnel services to assist the advisory
committee within the limits of available funds. An advisory committee may
adopt rules to govern its proceedings and may select officers. [2003
c.790 §12]Note: See note under 367.800. (1) The Department of
Transportation may adopt any rules it considers necessary to implement
the provisions of ORS 367.800 to 367.824.

(2) 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:

(a) Conflict with any provision of ORS 367.800 to 367.824;

(b) Require procedures that are additional to or different from
those provided in ORS 367.800 to 367.824; or

(c) Require contract provisions not authorized by ORS 367.800 to
367.824. [2003 c.790 §§4a,13]Note: See note under 367.800. (1) The Department of
Transportation shall report to the Emergency Board at least twice during
each interim regarding the transportation projects proposed or agreed to
under ORS 367.800 to 367.824.

(2) The report under subsection (1) of this section shall include
but need not be limited to information about expenditure of moneys for
evaluation of concepts and proposals for transportation projects,
agreements entered into, transportation projects that have been agreed to
and financing mechanisms being used for transportation projects. [2003
c.790 §16]Note: See note under 367.800.

_______________

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