(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.

Terms Used In Oregon Statutes 367.710

  • 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
  • City: includes any incorporated village or town. See Oregon Statutes 174.100

(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]

 

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