ORS 367.655
Loan of bond proceeds to cities and counties

use of loans
rules

Text
Annotations

(1)

Notwithstanding any other provision of law or any provision of charter or local ordinance to the contrary:

(a)

The Department of Transportation may loan a portion of proceeds from bonds issued under ORS 367.615 (Bond issuance) to cities and counties; and

(b)

Cities and counties may borrow moneys under this section.

(2)

Any loan made under this section is subject to all of the following provisions:

(a)

Moneys from the loan may only be used to defray costs of location, relocation, improvements, construction and reconstruction of city and county streets and roads.

(b)

The department shall establish rules concerning the making of agreements for the loans. Repayment of principal and interest by any city or county must be made according to the agreement between the department and the city or county.

(c)

If a city or county defaults of repayment, the department may withhold any part of the appropriation or allocation to the city under ORS 366.785 (Definitions for ORS 366.785 to 366.820) to 366.820 (Limit to application of ORS 366.785 to 366.815) or the county under ORS 366.762 (Appropriation from highway fund for counties) to 366.768 (Advances from highway fund to county) as provided for in the agreement for repayment made under this section. [1985 c.551 §10; 2003 c.201 §29]

Source: Section 367.655 — Loan of bond proceeds to cities and counties; use of loans; rules, https://www.oregonlegislature.gov/bills_laws/ors/ors367.html.

367.010
Definitions for chapter 367.015
Oregon Transportation Infrastructure Fund 367.020
Loans and other assistance to public and private entities 367.025
Issuance of infrastructure bonds 367.030
Issuance of revenue bonds 367.035
Loans to municipalities 367.040
Loans to state agencies 367.050
Powers of department 367.055
Federal stimulus moneys 367.060
Department pledge to ensure loan guarantees 367.066
Definitions for ORS 367.066 and 367.067 367.067
Short Line Credit Premium Account 367.070
Industrial Rail Spur Fund 367.080
Connect Oregon Fund 367.081
Distribution of amounts in Connect Oregon Fund 367.082
Grants from Connect Oregon Fund 367.084
Selection of projects 367.086
Administration of projects 367.091
Multimodal Active Transportation Fund 367.093
Grants from Multimodal Active Transportation Fund 367.095
Tax and fee distribution and projects 367.097
Debt service 367.105
Short-term borrowing 367.161
Definitions for ORS 367.161 to 367.181 367.163
Purposes for which bonds may be issued 367.166
Requirements for grant anticipation revenue bonds 367.168
Revenue declaration 367.171
Indenture 367.173
Moneys that may be used for payment of grant anticipation revenue bonds 367.176
Refunding grant anticipation revenue bonds 367.178
Collection and use of federal transportation funds 367.181
Limits on obligation of grant anticipation revenue bonds 367.555
Authority to issue general obligation bonds 367.560
Disposition and use of general obligation bond proceeds 367.565
Procedure for issuing general obligation bonds under ORS 367.555 to 367.600 367.595
Setting aside sufficient moneys to pay maturing obligations 367.600
Compliance with constitutional debt limits 367.605
Source of funds to secure Highway User Tax Bonds 367.615
Bond issuance 367.617
Allocation of bonds 367.620
Limitation on bond amount 367.621
Use of private sector resources in specified work 367.622
Preservation and modernization projects funded by specified bonds 367.623
Consultation with local governments for project selection 367.630
Highway revenue declaration 367.635
Bond form, issuance and maturity 367.640
Indenture 367.645
Reserve account 367.650
Trust indenture to secure bonds 367.655
Loan of bond proceeds to cities and counties 367.660
Lien on certain moneys pledged for bonds 367.665
Interest on bonds exempt from state income tax 367.700
Authority to sell limited amount of bonds under ORS 367.700 to 367.750 367.705
Use of funds 367.710
Repayment by city or county 367.715
Procedure for issuing bonds under ORS 367.700 to 367.750 367.745
Setting aside sufficient moneys to pay maturing bonds 367.750
Constitutional debt limits not to be exceeded 367.800
Findings 367.802
Definitions 367.804
Goals of Oregon Innovative Partnerships Program 367.806
Agreements 367.808
Evaluation of proposed agreements 367.810
State Transportation Enterprise Fund 367.812
Bonds secured by State Transportation Enterprise Fund 367.814
Moneys from federal government or other sources 367.816
Use of moneys in Oregon Transportation Infrastructure Fund for projects 367.818
Eminent domain powers 367.820
Creation of district 367.822
Advisory committees on transportation projects 367.824
Rules 367.850
Alternatives to meeting funding requirements of transportation planning rule

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§ 367.655’s source at oregon.gov

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Location: https://oregon.public.law/statutes/ors_367.655

Original Source: Section 367.655 — Loan of bond proceeds to cities and counties; use of loans; rules, https://www.oregonlegislature.gov/bills_laws/ors/ors367.html (last accessed Aug. 25, 2023).