(2) The proceeds of bonds issued under this section may be used by the department or loaned or granted to a private entity or a local government, as defined in ORS 174.116, for the purposes of:
(a) Financing any portion of the costs related to the purposes described in ORS 383.009 (2);
(b) Funding any required reserves; and
(c) Paying costs of issuing the bonds.
(3) The bonds authorized by this section may be issued as taxable bonds or as tax-exempt bonds under the income tax laws of the United States.
(4) Notwithstanding the status of the bonds for federal income tax purposes, interest paid to the owners of the bonds shall be exempt from personal income taxes imposed by this state.
(5) Subject to the limitations under ORS 383.004 and 383.009, when issuing bonds under this section, the department and the State Treasurer may make covenants with bondholders regarding the imposition and regulation of tolls to meet the department’s obligations under the terms of any indenture prepared under ORS 383.225, any loan agreement and any grant agreement, including without limitation:
(a) Financial covenants, debt service requirements, reserve requirements and any other funding requirements;
(b) The use of the amounts required to be deposited in the Toll Program Fund; and
(c) The issuance of additional bonds.
(6) The state may not in any way impair obligations of any agreement between the state and holders of tollway project revenue bonds issued under this section.
(7) The department, with the approval of the State Treasurer, may designate the extent to which a series of tollway project revenue bonds authorized under this section is secured and payable:
(a) On a parity of lien or on a subordinate basis to existing or future Highway User Tax Bonds issued under ORS 367.615, but only if sufficient moneys described under ORS 367.605 may be pledged to:
(A) First, pay the annual bond debt service of all Highway User Tax Bonds issued pursuant to ORS 367.615 and 367.620; and
(B) Second, pay the annual bond debt service for all tollway project revenue bonds issued under this subsection; or
(b) From additional revenue sources as permitted under ORS 383.205.
(8) A holder of tollway project revenue bonds issued under this section may not compel the payment of federal transportation funds to the department.
(9) This section is supplemental and in addition to any other authority in ORS chapters 286A, 366 and 367 for the issuance of bonds by the State Treasurer at the request of the department. [2021 c.630 §147]
Structure 2021 Oregon Revised Statutes
Volume : 10 - Highways, Military
Section 383.003 - Definitions for ORS 383.001 to 383.245.
Section 383.004 - Establishment of tolls; rules.
Section 383.005 - Agreements for tollway projects; operation of projects.
Section 383.009 - Toll Program Fund; sources; uses.
Section 383.015 - Initiation of project; fees; rules; conditions for authorization; studies.
Section 383.017 - Property tax exemption; application of certain laws.
Section 383.027 - Issuance of revenue bonds by municipality for tollway project.
Section 383.035 - Toll payment; failure to pay toll; penalty.
Section 383.045 - Evidence from electronic toll collection system; payment of fees.
Section 383.075 - Driver records and information used to collect and enforce tolls; fees; rules.
Section 383.150 - Toll program.
Section 383.200 - Revenue bonds for tollway projects.
Section 383.205 - Sources of funds to secure revenue bonds for tollway projects.
Section 383.215 - Collection and use of federal transportation funds.
Section 383.225 - Revenue declaration or indenture; contents; purpose.