Purposes for which bonds may be issued. The State Treasurer, at the request of the Department of Transportation, may issue grant anticipation revenue bonds for the purposes of

(1) Financing highway improvement projects including highway improvement projects already under way or scheduled;

(2) Financing the restoration, reconstruction or renovation of highway improvements in Oregon;

(3) Financing transportation projects;

(4) Paying the costs of issuance of the revenue bonds including, but not limited to, the costs and fees of paying agents, trustees and remarketing agents;

(5) Paying the costs of credit enhancements; or

(6) Financing the Interstate 5 bridge replacement project. [2003 c.201 §3; 2013 c.4 §17]