(1) A grantee for a federal, state or local grant for a bridge owned or to be owned by a commission that was awarded before the formation date of the commission is the grantee until the grant is closed under the terms of the grant agreement, unless otherwise agreed to by the grantee and the commission. The governing body of the grantee shall oversee the work under the grant, provided that the grantee coordinate with the commission and not take any actions inconsistent with the policy direction of the commission, unless required by the terms of the grant agreement. Following the formation date of the commission, the commission is the applicant and grantee for all federal, state or local grants for the bridge, unless the commission agrees otherwise. The commission shall establish procedures for the timely coordination of the commission’s activities with the states and local governments.

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(2)(a) The departments of transportation and local governments may enter into agreements with a commission to furnish to the commission surveys, engineering, plans, specifications, construction management, project controls, operations, administration and other technical services.

(b) The commission shall reimburse the departments of transportation and local governments for services furnished under paragraph (a) of this subsection.

(3) Before receiving tolls or other charges, the commission may fund activities under ORS § 381.702 to 381.755 in any manner permitted by applicable laws under ORS § 381.745, including but not limited to:

(a) Borrowing funds from the federal government, the State of Oregon, the State of Washington, a local government or a combination thereof, and repaying the borrowed funds following the opening of the bridge with the proceeds from tolls and other charges for use of the bridge, or in such other manner as the parties may agree;

(b) Receiving a grant from the federal government, the State of Oregon, the State of Washington, a local government or combination thereof; and

(c) Receiving moneys as a subrecipient of a federal, state or local government grant for which a department of transportation or local government is the grantee. To the extent permitted by the grant agreement, the departments of transportation and local governments may enter into agreements with the commission to make a portion of the grant funds available to the commission under the terms and conditions to which the parties agree.

(4)(a) The commission may assign or otherwise convey the commission’s properties, facilities, funds, accounts, obligations or duties to a state agency, local government or combination thereof, provided that the assignment or conveyance does not in any manner impair or affect adversely the interests or rights of the holders of any bonds or other debt instruments of the commission.

(b) A state agency or local government may accept an assignment or conveyance under paragraph (a) of this subsection.

(5) A commission may be dissolved as follows:

(a) Before the commission issues any bonds or other debt instrument, the board may adopt a resolution to dissolve the commission at any time upon determining that the dissolution is in the public interest. The dissolution resolution must address the methods by which all liabilities and obligations of the commission will be satisfied before the effective date of the dissolution, provided that all liabilities incurred by the commission must be satisfied exclusively from the assets and properties of the commission and no creditor or other person shall have any right of action against any local government that formed the commission on account of any debts, obligations or liabilities of the commission. The dissolution resolution must also address the distribution and transference to local governments of any properties or other assets of the commission that may remain after the satisfaction of all commission liabilities and other matters that the board deems appropriate. A resolution to dissolve a commission may not take effect until at least a majority of the local governments in each state agree in writing to the resolution.

(b) After the commission issues bonds or other debt instruments or if the commission is insolvent, the circuit court or superior court for the county in which the primary place of business is situated shall have jurisdiction and authority to appoint trustees or receivers of the property and assets of the commission and supervise such trusteeship or receivership, provided that all liabilities incurred by the commission be satisfied exclusively from the assets and properties of the commission and no creditor or other person shall have any right of action against a local government that formed the commission on account of any debts, obligations or liabilities of the commission. If a commission is dissolved and properties or assets of the commission remain after the satisfaction of all of the commission’s outstanding debts, obligations or liabilities, the remaining property and assets of the commission must be transferred to local governments in accordance with an order issued by the court. The allocation and transfer of the remaining properties and assets of the commission to local governments must be in such manner as the court determines is equitable and serves the public interest. [2022 c.7 § 14]