2013 ORS § 367.620¹
Limitation on bond amount

(1) The principal amount of Highway User Tax Bonds issued under ORS 367.615 (Bond issuance) shall be subject to the provisions of ORS 286A.035 (Bond budget authorization).

(2) Highway User Tax Bonds may be issued under ORS 367.615 (Bond issuance) for the purposes described in ORS 367.622 (Preservation and modernization projects funded by specified bonds) 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 (Bond issuance) 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 [bad link] billion.

(b) Highway User Tax Bonds may be issued under ORS 367.615 (Bond issuance) 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) Highway User Tax Bonds may be issued under ORS 367.615 (Bond issuance) for the purposes described section 64, chapter 865, Oregon Laws 2009, in an aggregate principal amount sufficient to produce net proceeds of not more than $840 million. The proceeds from bonds issued as described in this paragraph that are not required for the purposes described in section 64, chapter 865, Oregon Laws 2009, shall be allocated to transportation projects, as defined in ORS 367.010 (Definitions for chapter), that are approved by the Legislative Assembly by law.

(d) The Department of Transportation, with the approval of the State Treasurer, 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; 2007 c.783 §171; 2009 c.865 §61; 2011 c.629 §2]

Note: Sections 64 to 66, chapter 865, Oregon Laws 2009, provide:

Sec. 64. (1) Proceeds of the bonds, as defined in ORS 367.010 (Definitions for chapter), authorized under ORS 367.620 (Limitation on bond amount) (3)(c) may be used to finance all or any portion of the projects as listed in subsection (2) of this section. The Oregon Transportation Commission shall determine the order of completion for the projects listed in subsection (2) of this section.

(2) The following amounts are allocated for the projects listed below:

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(a) U.S. Highway 26 at the

Glencoe Road Interchange $ 32 million

(b) Interstate 84 at the

257th Avenue Interchange $ 24 million

(c) State Highway 212: Sunrise

Corridor, Phase I, Units 1, 2 and 3 $ 100 million

(d) U.S. Highway 26 at the Shute

Road Interchange, Phase I $ 45 million

(e) Interstate 5 at the Interstate

205 Interchange $ 11 million

(f) U.S. Highway 26: 185th Avenue

to Cornell Road $ 20 million

(g) Interstate 205 and State

Highway 213 at the Washington

Street Interchange $ 22 million

(h) Interstate 84 at the Hood

River Interchange $ 10 million

(i) State Highway 43 at the

Sellwood Bridge Interchange $ 30 million

(j) State Highway 6 at U.S.

Highway 101 $ 27 million

(k) State Highway 99W: Newberg

and Dundee Bypass, Phase I $ 192 million

(L) Interstate 5 at the State Highway

214 Interchange $ 53 million

(m) Interstate 5 at Beltline

Highway, Units 3, 4, 5,

6 and 7 $ 70 million

(n) Beltline Highway at

Delta Highway $ 2 million

(o) Interstate 5 at Kuebler

Road, Phase I $ 15 million

(p) Interstate 5 at Kuebler

Road, Phase II (Mill Creek) $ 4 million

(q) State Highway 42, county

line curves $ 10 million

(r) State Highway 62: Corridor

Solution, Phase II $ 100 million

(s) Interstate 5 at the Fern Valley

Road Interchange $ 25 million

(t) Interstate 5 Sutherlin

truck climbing lanes $ 4.1 [bad link] million

(u) Interstate 5 Sexton truck

climbing lanes $ 10 million

(v) Interstate 84 at the U.S.

Highway 97 Interchange $ 19 million

(w) U.S. Highway 97: Crooked

River Bridge to Redmond $ 2 million

(x) State Highway 140:

Klamath Falls to the Nevada

state line $ 23 million

(y) Murphy Road at the U.S.

Highway 97 Interchange $ 25 million

(z) U.S. Highway 97: Redmond

reroute, Phase II $ 5 million

(aa) Chico Road reconstruction

in Baker County $ 621,083

(bb) Chandler Lane reconstruction

in Baker County $ 2,427,758

(cc) Interstate 84 Spring Creek

climbing lane in Union County $ 5.7 [bad link] million

(dd) Northwest Washington Avenue

in Malheur County $ 4.5 [bad link] million

(ee) Pierce Road improvements

in Union County $ 5 million

(ff) State Highway 82 alternate route

in Wallowa County $ 5 million

(gg) Westland Road in Umatilla

County $ 1.1 [bad link] million

(hh) State Highway 207 and State

Highway 206 intersections $ 0.5 million

(ii) Vehicle chain-up areas east

of Pendleton on Interstate 84 $ 4.7 [bad link] million

(jj) Izee-Paulina Highway in

Grant County $ 4.5 [bad link] million

(kk) Monroe Street and U.S. Highway

20 Intersection in Harney County $ 0.9 million

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(3)(a) When the commission determines that the project described in subsection (2)(e) of this section is completed, the commission shall reallocate any amount remaining from the allocation made under subsection (2)(e) of this section to the project described in subsection (2)(b) of this section.

(b) When the commission determines that the project described in subsection (2)(f) of this section is completed, the commission shall reallocate any amount remaining from the allocation made under subsection (2)(f) of this section to the project described in subsection (2)(d) of this section.

(c) When the commission determines that the project described in subsection (2)(a) of this section is completed, the commission shall reallocate any amount remaining from the allocation made under subsection (2)(a) of this section to the project described in subsection (2)(d) of this section.

(4) Prior to June 1, 2010, in addition to the projects listed in subsection (2) of this section, if projects are recommended to the Oregon Transportation Commission by the applicable local area commission on transportation after consultation with the local governments listed in this subsection, the Oregon Transportation Commission may also approve and allocate funds to the following local governments for projects approved by the commission in the following amounts:

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(a) Baker County $ 7,051,159

(b) Grant County $ 1.1 [bad link] million

(c) Harney County $ 4.1 [bad link] million

(d) Malheur County $ 5.8 [bad link] million

(e) Union County $ 1.3 [bad link] million

(f) Umatilla County $ 2.5 [bad link] million

(g) City of Nyssa $ 1 million

(h) City of Heppner $ 3 million

(i) City of Milton-Freewater $ 3 million

(j) City of Ontario $ 1.2 [bad link] million

(k) Port of Umatilla $ 4.5 [bad link] million

(L) Port of Morrow $ 10.7 [bad link] million

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[2009 c.865 §64; 2012 c.55 §3; 2013 c.11 §1]

Sec. 65. Nothing in this 2009 Act [chapter 865, Oregon Laws 2009] is intended to impair and may not impair the interests of the owners of any Highway User Tax Bonds that are outstanding on the effective date of this 2009 Act [September 28, 2009] or any obligations of the agreements of the Department of Transportation under its Amended and Restated Master Highway User Tax Revenue Bond Declaration dated June 1, 2006, as amended and supplemented. [2009 c.865 §65]

Sec. 66. Notwithstanding ORS 367.620 (Limitation on bond amount) (1), the provisions of ORS 286A.035 (Bond budget authorization) do not apply to bonds described in ORS 367.620 (Limitation on bond amount) (3)(c) for the biennium beginning July 1, 2009. [2009 c.865 §66]

Note: Section 1, chapter 55, Oregon Laws 2012, provides:

Sec. 1. On or before November 1 of each year, the Oregon Transportation Commission shall submit a report to the interim legislative committees related to transportation issues. The report must include the following components:

(1) The amount of funding available for reallocation as a result of completion of the transportation projects described in section 64, chapter 865, Oregon Laws 2009, for less than the amounts originally allocated for the projects.

(2) A list of transportation projects, ranked in order of priority by the commission, from the list of projects described in section 64, chapter 865, Oregon Laws 2009, that require additional funding to be completed. [2012 c.55 §1]