Chapter 367 — Chapter 367
172 sections in this chapter.
ORS 367.400 [Formerly 366.7026; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.405 [Formerly 366.7027; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.410 [Formerly 366.7028; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.415 [Formerly 366.7029; 1981 c.660 §49; repealed by 2003 c.201 §39]
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[Repealed or reserved.]
ORS 367.420 [Formerly 366.7030; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.425 [1961 c.345 §3; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.430 [1961 c.345 §4; 1981 c.660 §50; repealed by 2003 c.201 §39]
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[Repealed or reserved.]
ORS 367.465 [1961 c.483 §1; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.470 [1961 c.483 §2; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.480 [1961 c.483 §3; 1967 c.335 §47]
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[Repealed or reserved.]
ORS 367.485 [1961 c.483 §4; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.490 [1961 c.483 §5; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.495 [1961 c.483 §6; 1975 c.462 §11; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.500 [1961 c.483 §7; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.505 [1961 c.483 §8; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.510 [1961 c.483 §9; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.520 [1961 c.483 §10; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.550 [1973 c.698 §1; repealed by 2003 c.201 §39]
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BONDED INDEBTEDNESS FOR STATE HIGHWAYS
ORS 367.555 Authority to issue general obligation bonds. (1) The Department of Transportation may request the State Treasurer to issue general obligation bonds of the State of Oregon used to provide funds to defray the costs of building and maintaining permanent roads, including the costs of location, relocation, improvement, construction and reconstruction of state highways and bridges and those portions of a tollway project, as defined in ORS 383.003, that constitute building or maintaining permanent roads
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(2) The principal amount of any bonds issued under this section is subject to the provisions of ORS 286A.035. [1973 c.698 §2; 1981 c.660 §32; 2003 c.201 §19; 2007 c.783 §167; 2021 c.630 §155]
ORS 367.560 Disposition and use of general obligation bond proceeds. All moneys obtained from the sale of general obligation bonds under ORS 367.555 to 367.600 must be paid over to the State Treasurer and credited by the State Treasurer to either the State Highway Fund or the Toll Program Fund. Such moneys may be used only for the purposes for which the bonds were authorized to be sold and, pending the use of the moneys, may be invested as provided by law. [1973 c.698 §3; 2003 c.201 §20; 2021 c.630 §156]
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[Repealed or reserved.]
ORS 367.565 Procedure for issuing general obligation bonds under ORS 367.555 to 367.600. The Department of Transportation shall request the State Treasurer to issue general obligation bonds under ORS 367.555 to 367.600 in accordance with ORS chapter 286A. [1973 c.698 §4; 1981 c.660 §33; 2003 c.201 §21; 2007 c.783 §168]
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[Repealed or reserved.]
ORS 367.570 [1973 c.698 §5; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.575 [1973 c.698 §6; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.580 [1973 c.698 §7; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.585 [1973 c.698 §8; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.590 [1973 c.698 §9; repealed by 1981 c.660 §18]
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[Repealed or reserved.]
ORS 367.595 Setting aside sufficient moneys to pay maturing obligations. The Department of Transportation shall compute and determine in January of each year, after the sale of bonds under ORS 367.555 to 367.600, the amount of principal and interest that will fall due during such year on general obligation bonds then outstanding and unpaid and shall maintain or hold in the State Highway Fund sufficient moneys to pay such maturing obligations. [1973 c.698 §10; 2003 c.201 §22]
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[Repealed or reserved.]
ORS 367.600 Compliance with constitutional debt limits. The State Treasurer on behalf of the Department of Transportation may not issue or sell general obligation bonds under ORS 367.555 to 367.600 that, singly or in the aggregate with previous debts or liabilities incurred for the building and maintaining of permanent roads, exceed an applicable limitation provided in the Oregon Constitution at the date of the issuance and sale of such general obligation bonds. [1973 c.698 §11; 2003 c.201 §23; 2007 c.783 §169]
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HIGHWAY USER TAX BONDS
ORS 367.605 Source of funds to secure Highway User Tax Bonds. (1) Moneys deposited in the State Highway Fund established under ORS 366.505 are pledged to payment of Highway User Tax Bonds issued under ORS 367.615
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(2) Except as provided in subsection (3) of this section, moneys, once deposited in the highway fund from the following sources are subject to the use or pledge described in subsection (1) of this section: (a) Moneys from the taxes and fees on motor carriers imposed under ORS 825…
ORS 367.610 [1985 c.551 §2a; repealed by 2003 c.201 §39]
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[Repealed or reserved.]
ORS 367.615 Bond issuance; bonds not general obligation; conditions for issuance of additional bonds; use of bond proceeds. (1) The Department of Transportation may request the State Treasurer to issue and sell revenue bonds known as Highway User Tax Bonds as provided in this section
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(2) Bonds issued under this section do not constitute a debt or general obligation of this state or any political subdivision of this state but are secured and payable from moneys described under ORS 367.605. A holder of bonds issued under this section may not compel the exercise…
ORS 367.617 Allocation of bonds. (1) As used in this section
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(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. (2) On each January 1, April 1, July 1 and October 1, and on the date of issuance of any Highway User Tax Bonds described in ORS 367.620 (3)(c), the …
ORS 367.620 Limitation on bond amount. (1) The principal amount of Highway User Tax Bonds issued under ORS 367.615 shall be subject to the provisions of ORS 286A.035
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(2) Highway User Tax Bonds may be issued under ORS 367.615 for the purposes described in ORS 367.622 in an aggregate principal amount sufficient to produce net proceeds of not more than $500 million. (3)(a) Highway User Tax Bonds may be issued under ORS 367.615 for bridge purpose…
ORS 367.621 Use of private sector resources in specified work. It is the policy of the State of Oregon to use increased revenues from the amendments to ORS 803.090, 803.420, 818.225, 825.476 and 825.480 by sections 1 to 5, chapter 618, Oregon Laws 2003, in a manner that maximizes the creation of new jobs. Each public body, as defined in ORS 174.109, that receives moneys from the revenues generated by the amendments to ORS 803.090, 803.420, 818.225, 825.476 and 825.480 by sections 1 to 5, chapter 618, Oregon Laws 2003, shall use private sector resources to the greatest extent possible in accomplishing the work funded by revenues from the amendments to ORS 803.090, 803.420, 818.225, 825.476 and 825.480 by sections 1 to 5, chapter 618, Oregon Laws 2003. [2003 c.618 §41]
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Note: 367.621 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.
ORS 367.622 Preservation and modernization projects funded by specified bonds; rules; selection criteria. (1) As used in this section
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(a) “Highway” has the meaning given that term in ORS 801.305. (b) “Modernization” means improvements that add capacity to highways, including but not limited to new or widened lanes and new bypasses. (c) “Preservation” means paving, striping, reconstruction and other activities d…
ORS 367.623 Consultation with local governments for project selection. In establishing criteria other than those specified in ORS 367.622 for selection of projects, and in choosing projects under ORS 367.622, the Oregon Transportation Commission shall consult with local governments, metropolitan planning organizations and regional transportation advisory groups. [2001 c.669 §3]
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Note: See note under 367.622.
ORS 367.625 [1985 c.551 §4a; repealed by 1999 c.1036 §6]
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[Repealed or reserved.]
ORS 367.630 Highway revenue declaration; contents; purpose. (1) Before bonds are issued under ORS 367.615, the Department of Transportation must prepare a highway revenue declaration authorizing issuance of the bonds. The declaration must be signed by the Director of Transportation or a person designated by the director and must be approved by the State Treasurer or a person designated by the State Treasurer
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(2) A declaration prepared under this section may do any of the following: (a) Pledge any part or all of moneys described under ORS 367.605 for purposes of the bonds to be issued. (b) Limit the purpose for which the proceeds of the sale may be applied by the department. (c) Make …
ORS 367.635 Bond form, issuance and maturity; provisions subject to determination of State Treasurer. (1) A bond issued under ORS 367.615
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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 bond. (b) Shall be issued as provided in ORS chapter 286A. (c) Must mature on o…
ORS 367.640 Indenture; provisions. An indenture under which bonds described under ORS 367.615 are issued may provide for any or all of the following
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(1) The pledging of moneys or a portion of moneys described under ORS 367.605 to the payment of the bond debt service on bonds issued under ORS 367.615. (2) Requirements concerning particular issues of bonds under ORS 367.615. (3) Requirements concerning moneys described under OR…
ORS 367.645 Reserve account. The Department of Transportation may establish a separate reserve account to provide additional security for bonds issued under ORS 367.615. The following apply to any account established under this section
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(1) The account may be established as part of the highway fund or separately. (2) The establishment of an account does not, in itself, limit the payment of bond debt service for bonds issued under ORS 367.615 to moneys in the account. Bond debt service for bonds issued under ORS …
ORS 367.650 Trust indenture to secure bonds; provisions. At the discretion of the State Treasurer, bonds issued under ORS 367.615 may be secured by a trust indenture. A trust indenture established under this section is subject to the following
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(1) The trust indenture shall be by and between the state and a trustee. (2) The trustee may be any trust company or bank having the powers of a trust company whether inside or outside the state. (3) The trustee may act as custodian as provided for by indenture under ORS 367.640.…
ORS 367.655 Loan of bond proceeds to cities and counties; use of loans; rules. (1) Notwithstanding any other provision of law or any provision of charter or local ordinance to the contrary
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(a) The Department of Transportation may loan a portion of proceeds from bonds issued under ORS 367.615 to cities and counties; and (b) Cities and counties may borrow moneys under this section. (2) Any loan made under this section is subject to all of the following provisions: (a…
ORS 367.660 Lien on certain moneys pledged for bonds; terms of lien. If moneys under ORS 367.605 are pledged for purposes of bonds by indenture under ORS 367.640, a lien is established upon the moneys. A lien established by this section is subject to all of the following
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(1) The lien is a first lien and security interest and prior charge upon the pledged moneys except to the extent provided otherwise by the indenture. (2) The lien is valid and binding from the time the pledge is made. (3) The pledged moneys are immediately subject to the lien wit…
ORS 367.665 Interest on bonds exempt from state income tax. The interest upon all bonds issued under ORS 367.615 and upon all refunding and advance refunding bonds issued under ORS chapter 286A is exempt from personal income taxation imposed by this state under ORS chapter 316. [1985 c.551 §12; 2007 c.783 §172a]
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[Repealed or reserved.]
ORS 367.670 [1985 c.551 §13; repealed by 2007 c.783 §234]
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BONDED INDEBTEDNESS FOR CITY AND COUNTY ROADS AND RECREATION FACILITIES
ORS 367.700 Authority to sell limited amount of bonds under ORS 367.700 to 367.750. In addition to the authority now vested by any other provision of law state highway bonds of the State of Oregon used to provide funds for purposes of ORS 367.700 to 367.750 in the aggregate principal sum may not exceed $50 million. [1975 c.211 §1; 1981 c.660 §34]
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[Repealed or reserved.]
ORS 367.705 Use of funds; priority. (1) The Department of Transportation shall make loans to cities and counties from funds available under ORS 367.700 to 367.750 for the purposes stated in section 3a, Article IX of the Oregon Constitution
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(2) If funds available under ORS 367.700 to 367.750 are not sufficient to fund all projects for which funds are applied by cities and counties, the department shall give priority to projects in cities and counties having the highest rates of unemployment in this state. [1975 c.21…
ORS 367.710 Repayment by city or county; interest. (1) The Department of Transportation shall cause cities and counties that receive funds under ORS 367.705 to repay bond debt service by withholding from payments due to the city under ORS 366.785 to 366.820 or to the county under ORS 366.762 to 366.768. Funds withheld under this subsection remain in the State Highway Fund available for the purposes authorized by law
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(2) The Department of Transportation shall fix the rate of interest to be charged on any advance made under ORS 367.705. [1975 c.211 §3; 2003 c.201 §32]
ORS 367.715 Procedure for issuing bonds under ORS 367.700 to 367.750. All bonds issued under ORS 367.700 to 367.750 must be issued in accordance with ORS chapter 286A. [1975 c.211 §4; 1981 c.660 §35; 2003 c.201 §33; 2007 c.783 §173]
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[Repealed or reserved.]