2015 ORS 367.645¹
Reserve account

The Department of Transportation may establish a separate reserve account to provide additional security for bonds issued under ORS 367.615 (Bond issuance). 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 (Bond issuance) to moneys in the account. Bond debt service for bonds issued under ORS 367.615 (Bond issuance) may be paid from any moneys under ORS 367.605 (Source of funds to secure Highway User Tax Bonds), whether or not an account is established, unless otherwise provided by indenture under ORS 367.640 (Indenture).

(3) The account is subject to any provisions established by indenture under ORS 367.640 (Indenture) 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 (Indenture). [1985 c.551 §8; 1989 c.610 §2; 2003 c.201 §28]


1 Legislative Counsel Committee, CHAPTER 367—Transportation Financing; Projects, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors367.­html (2015) (last ac­cessed Jul. 16, 2016).
 
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.