Oregon Statutes 383.200 – Revenue bonds for tollway projects
(1) In accordance with the applicable provisions of ORS Chapter 286A, the State Treasurer, at the request of the Department of Transportation, may issue and sell revenue bonds known as tollway project revenue bonds for the purpose of financing tollway projects, provided that such bonds do not constitute a debt or general obligation of the department or of this state or any of its political subdivisions, but shall be payable solely from the revenues, amounts, funds and accounts described in ORS § 383.009, 383.205 and 383.235.
Terms Used In Oregon Statutes 383.200
- Lien: A claim against real or personal property in satisfaction of a debt.
- local government: means all cities, counties and local service districts located in this state, and all administrative subdivisions of those cities, counties and local service districts. See Oregon Statutes 174.116
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(2) The proceeds of bonds issued under this section may be used by the department or loaned or granted to a private entity or a local government, as defined in ORS § 174.116, for the purposes of:
(a) Financing any portion of the costs related to the purposes described in ORS § 383.009 (2);
(b) Funding any required reserves; and
(c) Paying costs of issuing the bonds.
(3) The bonds authorized by this section may be issued as taxable bonds or as tax-exempt bonds under the income tax laws of the United States.
(4) Notwithstanding the status of the bonds for federal income tax purposes, interest paid to the owners of the bonds shall be exempt from personal income taxes imposed by this state.
(5) Subject to the limitations under ORS § 383.004 and 383.009, when issuing bonds under this section, the department and the State Treasurer may make covenants with bondholders regarding the imposition and regulation of tolls to meet the department’s obligations under the terms of any indenture prepared under ORS § 383.225, any loan agreement and any grant agreement, including without limitation:
(a) Financial covenants, debt service requirements, reserve requirements and any other funding requirements;
(b) The use of the amounts required to be deposited in the Toll Program Fund; and
(c) The issuance of additional bonds.
(6) The state may not in any way impair obligations of any agreement between the state and holders of tollway project revenue bonds issued under this section.
(7) The department, with the approval of the State Treasurer, may designate the extent to which a series of tollway project revenue bonds authorized under this section is secured and payable:
(a) On a parity of lien or on a subordinate basis to existing or future Highway User Tax Bonds issued under ORS § 367.615, but only if sufficient moneys described under ORS § 367.605 may be pledged to:
(A) First, pay the annual bond debt service of all Highway User Tax Bonds issued pursuant to ORS § 367.615 and 367.620; and
(B) Second, pay the annual bond debt service for all tollway project revenue bonds issued under this subsection; or
(b) From additional revenue sources as permitted under ORS § 383.205.
(8) A holder of tollway project revenue bonds issued under this section may not compel the payment of federal transportation funds to the department.
(9) This section is supplemental and in addition to any other authority in ORS chapters 286A, 366 and 367 for the issuance of bonds by the State Treasurer at the request of the department. [2021 c.630 § 147]