ORS § 367.620

Current through 2024 Regular Session legislation

Section 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.

(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 purposes described in section 10 (1), chapter 618, Oregon Laws 2003, in an aggregate principal amount sufficient to produce net proceeds of not more than $1.6 billion.

(b) Highway User Tax Bonds may be issued under ORS 367.615 for modernization purposes described in sections 10 (2) and 11, chapter 618, Oregon Laws 2003, in an aggregate principal amount sufficient to produce net proceeds of not more than $300 million.

(c) Highway User Tax Bonds may be issued under ORS 367.615 for the purposes described in section 64, chapter 865, Oregon Laws 2009, in an aggregate principal amount sufficient to produce net proceeds of not more than $840 million. The proceeds from bonds issued as described in this paragraph that are not required for the purposes described in section 64, chapter 865, Oregon Laws 2009, shall be allocated to transportation projects, as defined in ORS 367.010.

(d) Highway User Tax Bonds may be issued under ORS 367.615 for purposes described in section 71d, chapter 750, Oregon Laws 2017, in an aggregate principal amount sufficient to produce net proceeds of not more than $480 million.

(e) The Department of Transportation, with the approval of the State Treasurer, may designate the extent to which a series of bonds authorized under this subsection is secured and payable on a parity of lien or on a subordinate basis to existing or future Highway User Tax Bonds.

ORS 367.620

Amended by 2017 Ch. 750, § 71i, eff. 10/6/2017, op. 1/1/2020.

Amended by 2017 Ch. 191, § 2, eff. 5/31/2017.

1985 c.551 §4; 1999 c.1036 §4; 2001 c.669 §1; 2002 s.s. 1 c. 3, § 1; 2003 c. 618, § 6; 2007 c. 783, § 171; 2009 c. 865, § 61; 2011 c. 629, § 2

Section 71d, chapter 750, Oregon Laws 2017, provides:

Sec. 71d. (1) On and after January 1, 2020, the Oregon Transportation Commission shall use the proceeds of bonds, as defined in ORS 367.010, authorized under ORS 367.620 (3)(d) to finance the transportation projects listed in this section. The commission shall determine the order of completion for the projects listed in subsection (2) of this section.

(2) No later than January 1, 2024, the commission shall allocate the following amounts to each region, as described in ORS 366.805, for the projects listed below, provided that the commission determines that the projects could constitutionally be funded by revenues described in Article IX, section 3a, of the Oregon Constitution:

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(a) Region 1: $ 249,700,000

(A) State Highway 211

improvements beginning where

the highway intersects with

State Highway 213 and ending

where the highway intersects

Molalla Avenue in the

City of Molalla

(B) WaNaPa Street improvements

in the City of Cascade Locks

replacement environmental

impact study

(D) Columbia Boulevard

pedestrian safety

(E) Southeast Powell

Boulevard jurisdiction

transfer as described

under ORS 366.483

(F) Interstate 205 active traffic

management project

(G) Interstate 205 corridor

bottleneck project

(H) State Highway 217

Northbound project

(I) State Highway 217

Southbound project

(J) Improvements to Graham

Road where it intersects

with Interstate 84 in

the City of Troutdale

(b) Region 2: $ 201,950,000

(A) Oregon Manufacturing

Innovation Center Access

Roads in Columbia County

(B) Interstate 5 at the

Aurora-Donald interchange,

Phase I

the City of Halsey

(D) State Highway 214

pedestrian safety

improvements at the

intersection with

Jefferson Street in the

City of Silverton

(E) Territorial Highway

jurisdiction transfer as

described under ORS 366.483

(F) U.S. Highway 20 safety

upgrades from the

City of Albany to the

City of Corvallis

(G) State Highway 58, adding

passing lanes west of the

City of Oakridge

(H) State Highway 22 and Center

Street Bridge, seismic

retrofit in the City

of Salem

(I) State Highway 99 in City of

Eugene jurisdiction transfer

as described under ORS 366.483

(J) State Highway 126

Florence-Eugene Highway for

environmental impact study

(K) 42nd Street in the City

of Springfield

(L) Newberg and Dundee Bypass,

State Highway 99W,

Phase II, shovel ready

preparations

(A) Scottsburg Bridge on

State Highway 38 in

Douglas County

(B) Southern Oregon seismic

triage transportation

project

(d) Region 4: $ 76,493,000

(A) U.S. Highway 97 Cooley

Road mid-term

improvements

(B) U.S. Highway 97 at

Terrebonne

Creek Road in

Wheeler County

(D) Pedestrian safety

improvements

in the City of Dufur

(E) Pedestrian safety

improvements in the

City of Prineville

(F) Tom McCall Road

roundabout

(G) Pedestrian safety

improvements

in the City of Arlington

(e) Region 5: $ 43,647,000

(A) Port of Umatilla Road

(B) Hermiston North First

Place Project in the

City of Hermiston

Hughes Lane intersection

in Baker County

(D) Eastern Oregon Trade and

Event Center access road

(E) Pedestrian safety

improvements in the

City of Heppner

(F) Pedestrian safety

improvements in the

City of Milton-Freewater

(G) Columbia Development

Authority Access Road

(H) Pedestrian safety

improvements

in the City of Burns

(I) Pedestrian safety

improvements

in the City of Irrigon

(J) U.S. Highway 20 freight

mobility enhancements

(K) Cedar Street and Hughes

Lane enhancements in

Baker County

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(3)(a) When the commission determines that a project described in this section is completed, the commission shall reallocate any amount remaining from the allocation made under this section to another project described in the same region.

(b) When the commission determines that all of the projects within a region are completed, the commission shall reallocate any amount remaining from the allocation made under this section to any other project listed in this section.

(4) The amounts described in this section for jurisdiction transfers described in ORS 366.483 may not be allocated until after the transfer for which the allocation is dedicated occurs. [2017 c. 750, § 71d; 2018 c. 93, § 5]