ORS 367.812
Bonds secured by State Transportation Enterprise Fund

  • financing of transportation projects

(1)

In addition to any authority to issue and sell bonds and other similar obligations, this section establishes continuing authority for the State Treasurer to issue and sell bonds and other similar obligations, at the request of the Department of Transportation, 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 chapter 286A. 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 (State Transportation Enterprise Fund) 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 286A.102 (Lien of a pledge). 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 (Goals of Oregon Innovative Partnerships Program).

(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 (Oregon Transportation Infrastructure Fund).

(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; 2007 c.783 §174]
Note: See note under 367.800 (Findings).

Source: Section 367.812 — Bonds secured by State Transportation Enterprise Fund; financing of transportation projects, 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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