ORS 367.617
Allocation of bonds
(1)
As used in this section:(a)
“Bond” has the meaning given that term in ORS 367.010 (Definitions for chapter).(b)
“Bond debt service” has the meaning given that term in ORS 367.010 (Definitions for chapter).(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 (Limitation on bond amount) (3)(c), the Department of Transportation shall determine:(a)
The amount of Highway User Tax Bonds described in ORS 367.620 (Limitation on bond amount) (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 (Limitation on bond amount) (3)(c); and(c)
The amount of moneys allocated to the department under ORS 366.752 (Allocation of moneys from specified increases in fees) that is not required to pay bond debt service on the outstanding Highway User Tax Bonds described in ORS 367.620 (Limitation on bond amount) (3)(c). The department shall deposit the amount into the Transportation Project Account established under ORS 366.523 (Transportation Project Account).(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 (Allocation of moneys from specified increases in fees) (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 (Limitation on bond amount) (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 (Highway revenue declaration) and 367.640 (Indenture). [2009 c.865 §62]
Source:
Section 367.617 — Allocation of bonds, https://www.oregonlegislature.gov/bills_laws/ors/ors367.html.
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