Chapter 367 — Chapter 367
172 sections in this chapter.
ORS 367.010 Definitions for chapter. As used in this chapter
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(1) “Agency” means any department, agency or commission of the State of Oregon. (2) “Bond” means a contractual undertaking or an instrument to borrow money including, but not limited to, a bond, a note, an obligation, a loan agreement, a financing lease, a financing agreement or …
ORS 367.015 Oregon Transportation Infrastructure Fund; sources; uses; rules; investment. (1) There is established in the State Treasury, separate and distinct from the General Fund, the Oregon Transportation Infrastructure Fund. All moneys in the infrastructure fund are continuously appropriated to the Department of Transportation for the purposes of ORS 367.010 to 367.067
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(2) The infrastructure fund consists of: (a) Moneys appropriated to the infrastructure fund by the Legislative Assembly. (b) Moneys transferred to the infrastructure fund by the department from the State Highway Fund or from other funds available to the Oregon Transportation Comm…
ORS 367.017 [2009 c.865 §31; repealed by 2017 c.750 §140]
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[Repealed or reserved.]
ORS 367.020 Loans and other assistance to public and private entities; rules; other authorized purposes. (1) Moneys in the Oregon Transportation Infrastructure Fund may be used to make infrastructure loans and provide infrastructure assistance to any public or private entity. The Oregon Transportation Commission shall adopt rules that prescribe procedures and standards for making infrastructure loans and providing infrastructure assistance
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(2) Moneys in the infrastructure fund may be used for any purpose as long as the use is consistent with any restrictions of the Oregon Constitution that may apply to such moneys. [1997 c.679 §§3,4; 2003 c.201 §13]
ORS 367.025 Issuance of infrastructure bonds. (1) If the Department of Transportation determines that it is necessary or desirable to issue infrastructure bonds to provide moneys for the Oregon Transportation Infrastructure Fund, the department shall ask the State Treasurer to issue infrastructure bonds
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(2) Infrastructure bonds shall be issued as provided in ORS chapter 286A. [1997 c.679 §5; 2001 c.536 §9; 2003 c.794 §266; 2007 c.783 §163]
ORS 367.030 Issuance of revenue bonds; bond covenants; maximum amount of bonds. (1) To provide moneys for the Oregon Transportation Infrastructure Fund or to refund bonds authorized by this section, the State Treasurer may, at the request of the Department of Transportation, issue revenue bonds of the State of Oregon that are payable solely from all or any portion of the moneys deposited in the infrastructure fund and may pledge such moneys to secure the revenue bonds. The department or State Treasurer may exercise any power granted by ORS chapter 286A in connection with bonds authorized by this section. However, the State Treasurer or the department shall not pledge or encumber any moneys of the State of Oregon other than those required by ORS 367.010 to 367.067 to be deposited in the infrastructure fund
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(2) The department may enter into covenants for the benefit of the owners of bonds authorized by this section regarding the use of moneys in the infrastructure fund, the providing of infrastructure assistance and the collection of infrastructure loans. Any such covenants shall be…
ORS 367.035 Loans to municipalities; authority of municipalities; repayment plan. (1) Notwithstanding any other provision of law or any restriction on indebtedness contained in a charter, a municipality may obtain an infrastructure loan from the Department of Transportation by entering into a loan contract with the department. A municipality that obtains an infrastructure loan may pledge to the repayment of the loan all or any portion of the revenue sources specified in this subsection. A municipality shall repay an infrastructure loan in accordance with the terms of the loan contract and to the extent required by the loan contract from any or all of the following sources
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(a) Revenues of any transportation project, including special assessment revenues; (b) Moneys withheld under subsection (3) or (5) of this section; (c) The general fund of the municipality; or (d) Any other sources including, but not limited to, an appropriation or allocation to …
ORS 367.040 Loans to state agencies; loan contract. (1) Notwithstanding ORS 283.087 (4), an agency may obtain an infrastructure loan the principal amount of which, when combined with the principal amount of financing agreements previously entered into for the same project, is more than $100,000 for the project. An agency may agree to pay the infrastructure loan from any or all of the available moneys of the agency and may pledge all or any portion of those moneys to repay the infrastructure loan. An infrastructure loan of an agency does not constitute a debt of the state or a lending of the credit of the state within the meaning of any constitutional or statutory limitation
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(2) If an infrastructure loan is made to an agency, the terms of the infrastructure loan contract bind the State of Oregon and the agency, and the agency shall unconditionally repay the infrastructure loan from the moneys the agency has pledged in accordance with the terms of the…
ORS 367.050 Powers of department. The Department of Transportation may
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(1) Make all contracts and agreements, execute and deliver all instruments and do all things necessary or convenient to provide financial assistance for transportation projects in accordance with ORS 367.010 to 367.067 or to perform covenants made to secure infrastructure bonds; …
ORS 367.055 Federal stimulus moneys. (1) The Department of Transportation shall consult with the legislative committees related to transportation during a session of the Legislative Assembly, or the interim legislative committees related to transportation, prior to expending federal funds received under a federal law that provides general economic stimulus moneys to this state that may be used by the department for transportation projects
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(2) As used in this section, “transportation project” has the meaning given that term in ORS 367.010. [2011 c.629 §3] Note: 367.055 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 367 or any series therein by legislative action.…
ORS 367.060 Department pledge to ensure loan guarantees; transfer of moneys from State Highway Fund. (1) The Department of Transportation may pledge not more than $50 million to ensure the repayment of loan guarantees or other extensions of credit made to or on behalf of municipalities to finance transportation projects or to ensure repayment of loan guarantees or other extensions of credit as provided in ORS 367.816. The lien of a pledge made under this subsection is subordinate to the lien of a pledge securing bonds issued under ORS 367.605 to 367.665
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(2) If, during a fiscal year, the moneys in the Oregon Transportation Infrastructure Fund are insufficient to cover any claims by financial institutions, credit enhancement providers, bondholders or bond trustees that arise from loan guarantees or other extensions of credit made …
ORS 367.066 Definitions for ORS 367.066 and 367.067. As used in this section and ORS 367.067
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(1) “Credit premium” means the amount required to be paid to the United States Secretary of Transportation before disbursement of a federal loan under RRIFP. (2) “RRIFP” means the Railroad Rehabilitation and Improvement Financing Program, 49 C.F.R. 260 et seq. (3) “Short line rai…
ORS 367.067 Short Line Credit Premium Account; rules. (1) The Short Line Credit Premium Account is established as an account in the Oregon Transportation Infrastructure Fund. Moneys in the Short Line Credit Premium Account are continuously appropriated to the Department of Transportation for the purpose of carrying out the provisions of this section
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(2) A short line railroad may apply to the Department of Transportation for infrastructure assistance in a manner determined by the department by rule. (3) In evaluating applications for infrastructure assistance under this section, the department shall give priority to projects …
ORS 367.070 Industrial Rail Spur Fund. The Industrial Rail Spur Fund is established separate and distinct from the General Fund. The moneys in the Industrial Rail Spur Fund and the interest earnings of the fund are continuously appropriated to the Department of Transportation for the purpose of financing grants and loans to fund industrial rail spurs. The fund consists of moneys deposited in the fund under section 10, chapter 741, Oregon Laws 2003, and may include fees, moneys, federal funds, Miscellaneous Receipts or other revenues available for the purpose. [2003 c.741 §11]
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Note: 367.070 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 367 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation. (Connect Oregon Projects)
ORS 367.080 Connect Oregon Fund. (1) As used in ORS 367.080 to 367.086
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(a) “Private entity” means any entity that is not a public body, including but not limited to a corporation, partnership, company, nonprofit organization or other legal entity or natural person. (b) “Public body” has the meaning given that term in ORS 174.109. (c)(A) “Transportat…
ORS 367.081 Distribution of amounts in Connect Oregon Fund. (1) Each biennium, the Department of Transportation may provide grants for transportation projects under ORS 367.080 only if the department determines that $50 million or more will be available in the Connect Oregon Fund for grants awarded under ORS 367.080 to 367.086
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(2) The department may use up to one percent of the amounts available within the Connect Oregon Fund to pay administrative costs incurred by the department in carrying out the provisions of ORS 367.080 to 367.086. (3) Each biennium, the department shall transfer seven percent of …
ORS 367.082 Grants from Connect Oregon Fund; rules. (1) Except as provided in subsection (2) of this section, the Department of Transportation may provide, from moneys in the Connect Oregon Fund established under ORS 367.080, grants for transportation projects to public bodies, as defined in ORS 174.109, and to private entities
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(2) Grants may not be made from the Connect Oregon Fund for transportation projects that could constitutionally be funded by revenues described in Article IX, section 3a, of the Oregon Constitution. (3) The Department of Transportation shall adopt rules specifying the process by …
ORS 367.084 Selection of projects. (1) The Oregon Transportation Commission shall select transportation projects to be funded with moneys in the Connect Oregon Fund established under ORS 367.080
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(2)(a) Prior to selecting transportation projects, the commission shall seek input from the applicable area commission on transportation. (b) Prior to selecting aeronautic and airport transportation projects, the commission shall solicit recommendations from the State Aviation Bo…
ORS 367.086 Administration of projects. (1) The Department of Transportation, in cooperation with the Oregon Department of Aviation, shall administer aeronautic and airport transportation projects selected under ORS 367.084 for funding with moneys in the Connect Oregon Fund. The Oregon Department of Aviation may use moneys from the Connect Oregon Fund to pay administrative costs incurred by the Oregon Department of Aviation in carrying out the provisions of ORS 367.080 to 367.086
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(2) Except as provided in subsection (1) of this section, the Department of Transportation shall administer all transportation projects that are selected under ORS 367.084. [2005 c.816 §6; 2013 c.765 §3; 2015 c.707 §4; 2017 c.750 §81] Note: See first note under 367.080.
ORS 367.089 [2017 c.750 §84; repealed by 2019 c.491 §56]
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(Multimodal Active Transportation Projects)
ORS 367.091 Multimodal Active Transportation Fund. (1) As used in this section and ORS 367.093
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(a) “Private entity” means any entity that is not a public body, including but not limited to a corporation, partnership, company, nonprofit organization or other legal entity or natural person. (b) “Public body” has the meaning given that term in ORS 174.109. (c) “Transportation…
ORS 367.093 Grants from Multimodal Active Transportation Fund; rules. (1) The Department of Transportation shall establish the Multimodal Active Transportation Program. The department may provide, from moneys in the Multimodal Active Transportation Fund established under ORS 367.091, grants for transportation projects to public bodies and to private entities
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(2) The department shall adopt rules specifying the process by which a public body or private entity may apply for a grant under this section and prescribing the terms and conditions of grants. An applicant receiving a grant must provide 30 percent of the moneys required for the …
ORS 367.095 Tax and fee distribution and projects. (1) The following amounts shall be distributed in the manner prescribed in this section
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(a) The amount attributable to the increase in tax rates by section 45, chapter 750, Oregon Laws 2017, and the amendments to ORS 319.020 and 319.530 by sections 40 to 43, chapter 750, Oregon Laws 2017. (b) The amount attributable to the vehicle registration and title fees imposed…
ORS 367.097 Debt service. (1) Notwithstanding ORS 367.095 (4), the Department of Transportation may use amounts available under ORS 367.095 to secure and pay bond debt service on Highway User Tax Bonds under ORS 367.615
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(2) Any amounts remaining after the payment of debt service shall be used as described in ORS 367.095 (4). [2017 c.750 §71h; 2019 c.491 §15] Note: See second note under 367.095.
ORS 367.098 Fund exchange; allocation to local governments; rules. (1) Each year, the Department of Transportation shall determine the amount of funding allocated under ORS 367.095 (4)(b) that is necessary to fund
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(a) Transportation projects specified by the Legislative Assembly by law; (b) The matching moneys needed to spend federal funds; (c) Highway maintenance activities; (d) Programs that are more efficient to operate using state moneys; and (e) Other purposes for which federal funds …
ORS 367.105 Short-term borrowing; conditions; repayment. (1) In addition to the authority for short-term borrowing granted in ORS 286A.025 (2)(d) and 286A.045, the Department of Transportation, acting through the State Treasurer, may borrow money by entering into a credit agreement, a line of credit or a revolving line of credit, or by issuing a note, a warrant, a short-term promissory note, commercial paper or another similar obligation, for the following purposes
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(a) Providing matching funds as set forth in ORS 366.564. (b) Providing funds with which to pay when due the principal or interest of bonded indebtedness created for highway purposes, the payment of which is necessary to preserve the financial credit of the state. (c) Meeting eme…
ORS 367.155 [Formerly part of 366.735; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.160 [Formerly 366.740; 1981 c.94 §33; repealed by 1981 c.660 §18]
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GRANT ANTICIPATION REVENUE BONDS
ORS 367.161 Definitions for ORS 367.161 to 367.181. As used in ORS 367.161 to 367.181
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(1) “Federal transportation funds” means funds apportioned or allocated, or anticipated to be apportioned or allocated in the current or a future federal fiscal year, to the state by the United States Department of Transportation for use on a federal-aid highway or highway safety…
ORS 367.163 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
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(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…
ORS 367.165 [Formerly 366.745; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.166 Requirements for grant anticipation revenue bonds; authority of State Treasurer. (1) A grant anticipation revenue bond issued under ORS 367.161 to 367.181
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(a) Must contain on its face a statement that the ad valorem taxing power of this state or any political subdivision of this state is not pledged to the payment of the principal or the interest on the revenue bond. (b) Shall be issued as provided in ORS chapter 286A. (c) Must mat…
ORS 367.168 Revenue declaration. (1) Before grant anticipation revenue bonds are issued under ORS 367.161 to 367.181, the Department of Transportation shall prepare a revenue declaration authorizing issuance of the revenue bonds. The declaration must be signed by the Director of Transportation, or the director’s designee, and must be approved by the State Treasurer, or the treasurer’s designee
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(2) A declaration under this section may: (a) Pledge all or a portion of the moneys described in ORS 367.173 for purposes of the revenue bonds to be issued. (b) Limit the purposes to which the department may apply the proceeds of the sale. (c) Make pledges concerning the proceeds…
ORS 367.170 [Formerly 366.750; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.171 Indenture. An indenture under which grant anticipation revenue bonds are issued may provide for
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(1) The pledging of all or a portion of the moneys described in ORS 367.173 to the payment of the principal, interest, premium, if any, or the bond debt service of revenue bonds issued under ORS 367.161 to 367.181; (2) Requirements concerning a particular series of revenue bonds …
ORS 367.173 Moneys that may be used for payment of grant anticipation revenue bonds. The principal, interest, premium, if any, and the purchase or tender price of the grant anticipation revenue bonds issued under ORS 367.161 to 367.181 are payable solely from the following moneys
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(1) Federal transportation funds. (2) To the extent affirmatively pledged at the time issuance of revenue bonds is authorized, the following moneys that are lawfully available: (a) Moneys deposited in the State Highway Fund established under ORS 366.505. (b) Except as provided in…
ORS 367.175 [Formerly 366.755; 1975 c.462 §5; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.176 Refunding grant anticipation revenue bonds. The State Treasurer may issue grant anticipation revenue bonds to refund outstanding grant anticipation revenue bonds or other obligations, the proceeds of which were used to finance highway improvement projects. Refunding and advance refunding bonds authorized in this section are subject to the provisions of ORS 367.161 to 367.181. [2003 c.201 §8]
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[Repealed or reserved.]
ORS 367.178 Collection and use of federal transportation funds. (1) When grant anticipation revenue bonds have been issued under ORS 367.161 to 367.181, the Department of Transportation shall collect federal transportation funds and may, as provided by the department when issuance of the revenue bonds was authorized, use the funds
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(a) For deposit into one or more special funds or accounts that may be pledged to secure payment of the revenue bonds. (b) For payment of the costs of highway improvement projects. (c) For reimbursement to the department of moneys previously spent on highway improvement projects.…
ORS 367.180 [Formerly 366.760; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.181 Limits on obligation of grant anticipation revenue bonds. (1) Grant anticipation revenue bonds issued under ORS 367.161 to 367.181 are not general obligations of the State of Oregon or of an agency, department, board, commission, officer or employee of the State of Oregon
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(2) The revenue bonds are a limited obligation payable solely from federal transportation funds received by the Department of Transportation and, if provided by the department when issuance of the revenue bonds is authorized, other moneys lawfully available for the purpose and af…
ORS 367.185 [1975 c.436 §6; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.202 [Formerly 366.625; repealed by 1963 c.61 §1]
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[Repealed or reserved.]
ORS 367.204 [Formerly 366.627; repealed by 1963 c.61 §1]
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[Repealed or reserved.]
ORS 367.206 [Formerly 366.629; repealed by 1963 c.61 §1]
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[Repealed or reserved.]
ORS 367.208 [Formerly 366.631; repealed by 1963 c.61 §1]
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[Repealed or reserved.]
ORS 367.210 [Formerly 366.633; repealed by 1963 c.61 §1]
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[Repealed or reserved.]
ORS 367.212 [Formerly 366.635; repealed by 1963 c.61 §1]
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[Repealed or reserved.]
ORS 367.214 [Formerly 366.637; repealed by 1963 c.61 §1]
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[Repealed or reserved.]
ORS 367.216 [Formerly 366.639; repealed by 1963 c.61 §1]
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[Repealed or reserved.]