Oregon Statutes 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.
Terms Used In Oregon Statutes 367.060
- 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 other similar instrument or agreement. See Oregon Statutes 367.010
- Credit enhancement: means a credit enhancement device, as defined in ORS § 286A. See Oregon Statutes 367.010
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Infrastructure fund: means the Oregon Transportation Infrastructure Fund. See Oregon Statutes 367.010
- Lien: A claim against real or personal property in satisfaction of a debt.
- Transportation project: means any project or undertaking that facilitates any mode of transportation within this state. See Oregon Statutes 367.010
(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 under ORS § 367.010 to 367.067, the department shall transfer, as often as necessary or appropriate in that fiscal year, moneys from the State Highway Fund to satisfy such claims. However, the department may not make a transfer of moneys from the State Highway Fund otherwise required by this section if:
(a) The transfer will reduce the moneys in the State Highway Fund to an amount that is insufficient to pay the principal and interest that will fall due during the fiscal year on outstanding bonds issued under ORS § 367.555 to 367.600; or
(b) The transfer relates to a claim arising out of a transportation project for which moneys in the State Highway Fund may not be used under section 3a, Article IX, Oregon Constitution, and ORS § 366.505. [1999 c.1036 § 2; 2003 c.201 § 17; 2003 c.790 § 15]
(Short Line Railroads)