2011 ORS § 366.523¹
Transportation Project Account

(1) The Transportation Project Account is created in the State Highway Fund. Moneys in the account are continuously appropriated to the Department of Transportation for the purpose of making allocations described in ORS 367.617 (Allocation of bonds) and for the purpose of paying bond debt service on Highway User Tax Bonds issued under ORS 367.615 (Bond issuance). Interest on the account is credited to the State Highway Fund.

(2) Amounts allocated by the Oregon Transportation Commission pursuant to ORS 367.617 (Allocation of bonds) for the purposes described in section 64, chapter 865, Oregon Laws 2009, shall be expended from the account.

(3) If at any time the department determines that there are not sufficient funds in the State Highway Fund to pay bond debt service on Highway User Tax Bonds issued under ORS 367.615 (Bond issuance), moneys in the Transportation Project Account shall be transferred to the State Highway Fund and shall be used by the department to pay bond debt service on Highway User Tax Bonds issued under ORS 367.615 (Bond issuance).

(4) For the purposes of this section:

(a) Bond has the meaning given that term in ORS 367.010 (Definitions for chapter).

(b) Bond debt service has the meaning given that term in ORS 367.010 (Definitions for chapter). [2009 c.865 §63]

Note: 366.523 (Transportation Project Account) was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 366 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.