ORS 367.178
Collection and use of federal transportation funds
(1)
When grant anticipation revenue bonds have been issued under ORS 367.161 (Definitions for ORS 367.161 to 367.181) to 367.181 (Limits on obligation of grant anticipation revenue bonds), the Department of Transportation shall collect federal transportation funds and may, as provided by the department when issuance of the revenue bonds was authorized, use the funds:(a)
For deposit into one or more special funds or accounts that may be pledged to secure payment of the revenue bonds.(b)
For payment of the costs of highway improvement projects.(c)
For reimbursement to the department of moneys previously spent on highway improvement projects.(2)
The department may direct the United States government to deposit federal transportation funds directly with a trustee for the holders of the revenue bonds to secure payment of the revenue bonds.(3)
The department shall use the proceeds of a sale of revenue bonds issued under ORS 367.161 (Definitions for ORS 367.161 to 367.181) to 367.181 (Limits on obligation of grant anticipation revenue bonds) to pay:(a)
The costs and expenses incurred in the construction or acquisition of a highway improvement project.(b)
Legal and financial costs and expenses incurred to issue or administer the revenue bonds.(4)
If moneys pledged to secure Highway User Tax Bonds pursuant to ORS 367.605 (Source of funds to secure Highway User Tax Bonds) are also pledged to secure payment of principal, interest, premium, if any, and purchase or tender price of grant anticipation revenue bonds issued under ORS 367.161 (Definitions for ORS 367.161 to 367.181) to 367.181 (Limits on obligation of grant anticipation revenue bonds), the pledge to secure grant anticipation revenue bonds issued under ORS 367.161 (Definitions for ORS 367.161 to 367.181) to 367.181 (Limits on obligation of grant anticipation revenue bonds) is subordinate and subject to prior use of the moneys to pay Highway User Tax Bonds. [2003 c.201 §9]
Source:
Section 367.178 — Collection and use of federal transportation funds, https://www.oregonlegislature.gov/bills_laws/ors/ors367.html.
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