Oregon Statutes 367.015 – Oregon Transportation Infrastructure Fund; sources; uses; rules; investment
(1) There is established in the State Treasury, separate and distinct from the General Fund, the Oregon Transportation Infrastructure Fund. All moneys in the infrastructure fund are continuously appropriated to the Department of Transportation for the purposes of ORS § 367.010 to 367.067.
Terms Used In Oregon Statutes 367.015
- 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
- Bond debt service: means payment of:
(a) Principal, interest, premium, if any, or purchase price of a bond;
(b) Amounts due to a credit enhancement provider, trustee, paying agent, commercial paper dealer or remarketing agent authorized by this chapter;
(c) Amounts necessary to fund bond debt service reserves; and
(d) Amounts due under an agreement for exchange of interest rates if designated by the State Treasurer or the Department of Transportation. See Oregon Statutes 367.010
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Infrastructure assistance: means any use of moneys in the Oregon Transportation Infrastructure Fund, other than an infrastructure loan, to provide financial assistance for transportation projects. See Oregon Statutes 367.010
- Infrastructure bonds: means bonds authorized by ORS § 367. See Oregon Statutes 367.010
- Infrastructure fund: means the Oregon Transportation Infrastructure Fund. See Oregon Statutes 367.010
- Infrastructure loan: means a loan of moneys in the infrastructure fund to finance a transportation project. See Oregon Statutes 367.010
- Municipality: means a city, county, road district, school district, special district, metropolitan service district, the Port of Portland or an intergovernmental entity organized under ORS § 190. See Oregon Statutes 367.010
- State Treasury: includes those financial assets the lawful custody of which are vested in the State Treasurer and the office of the State Treasurer relating to the custody of those financial assets. See Oregon Statutes 174.100
- Trustee: A person or institution holding and administering property in trust.
(2) The infrastructure fund consists of:
(a) Moneys appropriated to the infrastructure fund by the Legislative Assembly.
(b) Moneys transferred to the infrastructure fund by the department from the State Highway Fund or from other funds available to the Oregon Transportation Commission.
(c) Moneys from any federal grant, state grant or other grant that are deposited in the infrastructure fund.
(d) Proceeds of infrastructure bonds.
(e) Proceeds of Highway User Tax Bonds issued under ORS § 367.615 for the purpose of providing infrastructure assistance or an infrastructure loan.
(f) Moneys due to a municipality that are withheld pursuant to ORS § 367.035 (3) or (5) and, for a loan made with proceeds of Highway User Tax Bonds, moneys due to a municipality that are withheld pursuant to ORS § 367.655 (2)(c).
(g) Earnings on the infrastructure fund.
(h) Moneys paid to the department in connection with infrastructure loans or infrastructure assistance.
(i) Any grants or donations made to the State of Oregon for deposit in the infrastructure fund.
(3) A pledge by the department of its revenues or other moneys in the infrastructure fund is valid and binding from the time the pledge is made as provided in ORS § 286A.102.
(4) The department shall use moneys in the infrastructure fund solely to:
(a) Provide infrastructure loans and infrastructure assistance;
(b) Pay the bond debt service for infrastructure bonds and pay the costs of issuance and other costs related to infrastructure bonds;
(c) Pay the department’s costs of administering the infrastructure fund and providing infrastructure loans and infrastructure assistance, including any costs of monitoring transportation projects and obtaining repayment of infrastructure loans and infrastructure assistance;
(d) Pay the department’s or another public entity’s costs for transportation projects including, but not limited to, projects funded with the proceeds of Highway User Tax Bonds; and
(e) Ensure repayment of loan guarantees or extensions of credit as provided in ORS § 367.816.
(5) The department may establish separate accounts in the infrastructure fund for infrastructure loans, infrastructure assistance, the funding of infrastructure bond reserves, bond debt service payments for infrastructure bonds and related costs, administrative and operating expenses or any other purpose necessary or desirable for carrying out the purposes of ORS § 367.010 to 367.067. The commission may adopt rules that govern how the infrastructure fund and its accounts are used. The infrastructure fund or any of its accounts may be held by an escrow agent or bond trustee.
(6) The department shall administer the infrastructure fund. Moneys in the infrastructure fund, with the approval of the State Treasurer, may be invested as provided by ORS § 293.701 to 293.857 and the earnings from such investments must be credited to the account in the infrastructure fund designated by the department. [1997 c.679 § 2; 2003 c.201 § 12; 2003 c.790 § 14; 2007 c.783 § 162]
[2009 c.865 § 31; repealed by 2017 c.750 § 140]