Oregon Statutes 367.617 – Allocation of bonds
(1) As used in this section:
Terms Used In Oregon Statutes 367.617
- 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
- Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
- Transportation project: means any project or undertaking that facilitates any mode of transportation within this state. See Oregon Statutes 367.010
- Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
(a) ‘Bond’ has the meaning given that term in ORS § 367.010.
(b) ‘Bond debt service’ has the meaning given that term in ORS § 367.010.
(2) On each January 1, April 1, July 1 and October 1, and on the date of issuance of any Highway User Tax Bonds described in ORS § 367.620 (3)(c), the Department of Transportation shall determine:
(a) The amount of Highway User Tax Bonds described in ORS § 367.620 (3)(c) that are outstanding;
(b) The amount reasonably estimated, as set forth in subsection (4) of this section, as being necessary to pay bond debt service on the outstanding Highway User Tax Bonds described in ORS § 367.620 (3)(c); and
(c) The amount of moneys allocated to the department under ORS § 366.752 that is not required to pay bond debt service on the outstanding Highway User Tax Bonds described in ORS § 367.620 (3)(c). The department shall deposit the amount into the Transportation Project Account established under ORS § 366.523.
(3) The amount of moneys determined by the department under subsection (2)(c) of this section may be allocated by the Oregon Transportation Commission pursuant to a request of the department, in an amount that does not exceed the amount determined by the department, under subsection (2)(c) of this section, to the following projects in the following order of priority:
(a) The amount established for projects listed in section 64, chapter 865, Oregon Laws 2009;
(b) $15 million each year for maintenance, preservation and safety of the highways so long as the amount reasonably estimated by the department pursuant to subsection (2)(b) of this section is not greater than the amount received by the department under ORS § 366.752 (4)(c); and
(c) For any other purposes determined by the commission.
(4) To reasonably estimate the amount necessary to pay bond debt service on Highway User Tax Bonds described in ORS § 367.620 (3)(c), the department shall include in its computation:
(a) For fixed rate bonds, the bond debt service payments due on the bonds in the calendar quarter; and
(b) For variable rate bonds, bond debt service payments due on the bonds in the calendar quarter, with interest computed at the maximum rate of interest as set forth in the bond declaration or bond indenture executed by the department pursuant to ORS § 367.630 and 367.640. [2009 c.865 § 62]
367.617 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS Chapter 367 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.