§ 366.523 — Transportation Project Account

Oregon § 366.523

• Jurisdiction: Oregon
• Vol.: 10
• Title 31: Highways, Roads, Bridges and Ferries
• Ch. 366: State Highways and State Highway Fund

Text

(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 and for the purpose of paying bond debt service on Highway User Tax Bonds issued under ORS 367.615. Interest on the account is credited to the State Highway Fund.
(2) Amounts allocated by the Oregon Transportation Commission pursuant to ORS 367.617 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, 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.
(4) For the purposes of this section:
(a) “Bond” has the meaning given that term in ORS 367.010.
(b) “Bond debt service” has the meaning given that term in ORS 367.010.

Legislative History

2009 c.865 §63