Oregon Statutes 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.
Terms Used In Oregon Statutes 367.620
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lien: A claim against real or personal property in satisfaction of a debt.
(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. [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; 2017 c.191 § 2; 2017 c.750 § 71i]
Section 71d, chapter 750, Oregon Laws 2017, provides:
(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:
______________________________________________________________________________
______________________________________________________________________________
(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]