ORS 367.060
Department pledge to ensure loan guarantees
- transfer of moneys from State Highway Fund
(1)
The Department of Transportation may pledge not more than $50 million to ensure the repayment of loan guarantees or other extensions of credit made to or on behalf of municipalities to finance transportation projects or to ensure repayment of loan guarantees or other extensions of credit as provided in ORS 367.816 (Use of moneys in Oregon Transportation Infrastructure Fund for projects). The lien of a pledge made under this subsection is subordinate to the lien of a pledge securing bonds issued under ORS 367.605 (Source of funds to secure Highway User Tax Bonds) to 367.665 (Interest on bonds exempt from state income tax).(2)
If, during a fiscal year, the moneys in the Oregon Transportation Infrastructure Fund are insufficient to cover any claims by financial institutions, credit enhancement providers, bondholders or bond trustees that arise from loan guarantees or other extensions of credit made under ORS 367.010 (Definitions for chapter) to 367.067 (Short Line Credit Premium Account), the department shall transfer, as often as necessary or appropriate in that fiscal year, moneys from the State Highway Fund to satisfy such claims. However, the department may not make a transfer of moneys from the State Highway Fund otherwise required by this section if:(a)
The transfer will reduce the moneys in the State Highway Fund to an amount that is insufficient to pay the principal and interest that will fall due during the fiscal year on outstanding bonds issued under ORS 367.555 (Authority to issue general obligation bonds) to 367.600 (Compliance with constitutional debt limits); or(b)
The transfer relates to a claim arising out of a transportation project for which moneys in the State Highway Fund may not be used under section 3a, Article IX, Oregon Constitution, and ORS 366.505 (Composition and use of highway fund). [1999 c.1036 §2; 2003 c.201 §17; 2003 c.790 §15]
Source:
Section 367.060 — Department pledge to ensure loan guarantees; transfer of moneys from State Highway Fund, https://www.oregonlegislature.gov/bills_laws/ors/ors367.html.
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