§ 367.812 — Bonds secured by State Transportation Enterprise Fund; financing of transportation projects

Oregon § 367.812

• Jurisdiction: Oregon
• Vol.: 10
• Title 31: Highways, Roads, Bridges and Ferries
• Ch. 367: Transportation Financing; Projects

Text

(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 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. 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.
(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.
(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.

Legislative History

2003 c.790 §7; 2007 c.783 §174