ORS 383.205
Sources of funds to secure revenue bonds for tollway projects
(1)
Moneys deposited in the Toll Program Fund established under ORS 383.009 (Toll Program Fund) are pledged to the payment of tollway project revenue bonds issued under ORS 383.200 (Revenue bonds for tollway projects).(2)
The Department of Transportation, with the approval of the State Treasurer, may designate in any revenue declaration or indenture prepared under ORS 383.225 (Revenue declaration or indenture) additional revenues as security for the payment of tollway project revenue bonds. The department shall set the order of priority for the additional revenues used. Additional revenues may include:(a)
Moneys under ORS 367.605 (Source of funds to secure Highway User Tax Bonds), which are pledged to payment of Highway User Tax Bonds issued under ORS 367.615 (Bond issuance), on a parity of lien or on a subordinate and junior basis;(b)
Moneys received by the department from the United States government; or(c)
Any other moneys legally available to the department.(3)
The lien or charge of any pledge of moneys in the Toll Program Fund to secure bonds designated as tollway project revenue bonds under ORS 383.200 (Revenue bonds for tollway projects) is superior or prior to any other lien or charge and to any law of the state requiring the department to spend moneys for tollway project revenue projects. As long as any tollway project revenue bonds issued under ORS 383.200 (Revenue bonds for tollway projects) are outstanding, moneys deposited to the Toll Program Fund shall be applied first to the payment of principal of, and interest on, any bonds designated as tollway project revenue bonds under ORS 383.200 (Revenue bonds for tollway projects) and then to any other purposes described under ORS 383.009 (Toll Program Fund). [2021 c.630 §148]
Source:
Section 383.205 — Sources of funds to secure revenue bonds for tollway projects, https://www.oregonlegislature.gov/bills_laws/ors/ors383.html.
Up to date