(1) The State Transportation Enterprise Fund is established separate and distinct from the General Fund. Interest earned by the State Transportation Enterprise Fund shall be credited to the fund.
(2) The following moneys shall be deposited into the State Transportation Enterprise Fund:
(a) Proceeds from bonds or other financing instruments issued under the provisions of ORS 367.800 to 367.824;
(b) Revenues received from any transportation project developed under the program established under ORS 367.804; and
(c) Any other moneys that are by donation, grant, contract, law or other means transferred, allocated or appropriated to the fund.
(3) Moneys in the State Transportation Enterprise Fund are continuously appropriated to the Department of Transportation for the purpose of carrying out the provisions of ORS 367.800 to 367.824 and implementing all or portions of any transportation project developed under the program established under ORS 367.804.
(4) Moneys in the State Transportation Enterprise Fund that are transferred from the State Highway Fund or from any one of the sources that comprise the State Highway Fund as specified in ORS 366.505 and that are revenue under section 3a, Article IX of the Oregon Constitution, may be used only for purposes authorized by section 3a, Article IX of the Oregon Constitution.
(5) The department shall establish a separate account in the State Transportation Enterprise Fund for each transportation project that is undertaken under the program established under ORS 367.804. Except as provided in subsection (4) of this section, the department may pledge moneys in the State Transportation Enterprise Fund to secure revenue bonds or any other debt obligations relating to the transportation project for which the account is established.
(6) Moneys in an account established under subsection (5) of this section shall be used as provided in any agreement applicable to the transportation project for which the account is established. [2003 c.790 §6]
Note: See note under 367.800.
Section: Previous 367.745 367.750 367.800 367.802 367.804 367.806 367.808 367.810 367.812 367.814 367.816 367.818 367.820 367.822 367.824 NextLast modified: August 7, 2008