ORS 367.615
Bond issuance

  • bonds not general obligation
  • conditions for issuance of additional bonds
  • use of bond proceeds

(1)

The Department of Transportation may request the State Treasurer to issue and sell revenue bonds known as Highway User Tax Bonds as provided in this section.

(2)

Bonds issued under this section do not constitute a debt or general obligation of this state or any political subdivision of this state but are secured and payable from moneys described under ORS 367.605 (Source of funds to secure Highway User Tax Bonds). 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.

(3)

This state shall provide for the continued assessment, levy, collection and deposit into the highway fund of moneys described under ORS 367.605 (Source of funds to secure Highway User Tax Bonds) 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 (Indenture).

(4)

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

(5)

The authority granted by this section is continuing and the department reserves the right to request 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 (Source of funds to secure Highway User Tax Bonds) unless the State Treasurer, 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 (Source of funds to secure Highway User Tax Bonds) that is superior to or subordinate to the lien of the pledge securing any other series of Highway User Tax Bonds.

(b)

The State Treasurer may only issue additional bonds under this section if sufficient moneys described under ORS 367.605 (Source of funds to secure Highway User Tax Bonds) 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.

(6)

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 (Loans to municipalities) or 367.655 (Loan of bond proceeds to cities and counties).

(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.

(7)

The State Treasurer, at the request of 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.

(8)

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; 2007 c.783 §170; 2021 c.630 §157]

Source: Section 367.615 — Bond issuance; bonds not general obligation; conditions for issuance of additional bonds; use of bond proceeds, https://www.­oregonlegislature.­gov/bills_laws/ors/ors367.­html.

367.010
Definitions for chapter
367.015
Oregon Transportation Infrastructure Fund
367.020
Loans and other assistance to public and private entities
367.025
Issuance of infrastructure bonds
367.030
Issuance of revenue bonds
367.035
Loans to municipalities
367.040
Loans to state agencies
367.050
Powers of department
367.055
Federal stimulus moneys
367.060
Department pledge to ensure loan guarantees
367.066
Definitions for ORS 367.066 and 367.067
367.067
Short Line Credit Premium Account
367.070
Industrial Rail Spur Fund
367.080
Connect Oregon Fund
367.081
Distribution of amounts in Connect Oregon Fund
367.082
Grants from Connect Oregon Fund
367.084
Selection of projects
367.086
Administration of projects
367.091
Multimodal Active Transportation Fund
367.093
Grants from Multimodal Active Transportation Fund
367.095
Tax and fee distribution and projects
367.097
Debt service
367.105
Short-term borrowing
367.161
Definitions for ORS 367.161 to 367.181
367.163
Purposes for which bonds may be issued
367.166
Requirements for grant anticipation revenue bonds
367.168
Revenue declaration
367.171
Indenture
367.173
Moneys that may be used for payment of grant anticipation revenue bonds
367.176
Refunding grant anticipation revenue bonds
367.178
Collection and use of federal transportation funds
367.181
Limits on obligation of grant anticipation revenue bonds
367.555
Authority to issue general obligation bonds
367.560
Disposition and use of general obligation bond proceeds
367.565
Procedure for issuing general obligation bonds under ORS 367.555 to 367.600
367.595
Setting aside sufficient moneys to pay maturing obligations
367.600
Compliance with constitutional debt limits
367.605
Source of funds to secure Highway User Tax Bonds
367.615
Bond issuance
367.617
Allocation of bonds
367.620
Limitation on bond amount
367.621
Use of private sector resources in specified work
367.622
Preservation and modernization projects funded by specified bonds
367.623
Consultation with local governments for project selection
367.630
Highway revenue declaration
367.635
Bond form, issuance and maturity
367.640
Indenture
367.645
Reserve account
367.650
Trust indenture to secure bonds
367.655
Loan of bond proceeds to cities and counties
367.660
Lien on certain moneys pledged for bonds
367.665
Interest on bonds exempt from state income tax
367.700
Authority to sell limited amount of bonds under ORS 367.700 to 367.750
367.705
Use of funds
367.710
Repayment by city or county
367.715
Procedure for issuing bonds under ORS 367.700 to 367.750
367.745
Setting aside sufficient moneys to pay maturing bonds
367.750
Constitutional debt limits not to be exceeded
367.800
Findings
367.802
Definitions
367.804
Goals of Oregon Innovative Partnerships Program
367.806
Agreements
367.808
Evaluation of proposed agreements
367.810
State Transportation Enterprise Fund
367.812
Bonds secured by State Transportation Enterprise Fund
367.814
Moneys from federal government or other sources
367.816
Use of moneys in Oregon Transportation Infrastructure Fund for projects
367.818
Eminent domain powers
367.820
Creation of district
367.822
Advisory committees on transportation projects
367.824
Rules
367.850
Alternatives to meeting funding requirements of transportation planning rule
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