(1) As used in ORS 367.080 to 367.086, “transportation project” has the meaning given that term in ORS 367.010.
(2) The Multimodal Transportation Fund is established separate and distinct from the General Fund. Earnings on moneys in the Multimodal Transportation Fund shall be deposited into the fund. Moneys in the Multimodal Transportation Fund are continuously appropriated to the Department of Transportation for the purposes described in subsection (3) of this section and in ORS 367.086.
(3) The department shall use moneys in the Multimodal Transportation Fund to provide grants and loans for transportation projects as provided in ORS 367.080 to 367.086. Grants and loans may be provided only for projects that involve one or more of the following modes of transportation:
(c) Rail; and
(d) Public transit.
(4) All moneys received by the department as interest on loans made under this section and as repayment of principal of loans made under this section shall be deposited into the Multimodal Transportation Fund. [2005 c.816 §1]
Note: 367.080 to 367.086 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 367 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
Note: Sections 1 and 2, chapter 859, Oregon Laws 2007, provide:
Sec. 1. (1) Pursuant to ORS 286.560 to 286.580 [renumbered 286A.560 to 286A.585], for the biennium beginning July 1, 2007, the State Treasurer may issue lottery bonds to finance grants and loans for transportation projects as provided in ORS 367.080 to 367.086.
(2) The use of lottery bond proceeds pursuant to this section is authorized based on the following findings:
(a) There is an urgent need to improve and expand publicly owned and privately owned transportation infrastructure to support economic development in this state.
(b) A safe, efficient and reliable transportation network supports the long-term economic development and livability of this state. A multimodal network of air, rail, public transit, highway and marine transportation moves people and goods efficiently.
(c) Local governments and private sector businesses often lack capital and the technical capacity to undertake multimodal transportation projects.
(d) Public financial assistance can stimulate industrial growth and commercial enterprise and promote employment opportunities in this state.
(e) Public investment in transportation infrastructure will create jobs and further economic development in this state.
(3) The aggregate principal amount of lottery bonds issued pursuant to this section may not exceed the sum of $100 million plus an additional amount established by the State Treasurer to pay bond-related costs. The State Treasurer may issue lottery bonds pursuant to this section only at the request of the Director of Transportation.
(4) The net proceeds of the lottery bonds issued pursuant to this section shall be deposited in the Multimodal Transportation Fund established by ORS 367.080. [2007 c.859 §1]
Sec. 2. (1) To the extent that proposed transportation projects meet the qualifications established by the Oregon Transportation Commission by rule, the commission shall allocate at least 10 percent of the net proceeds of the lottery bonds authorized by section 1 of this 2007 Act to each region described in this section. For purposes of this section, the regions are as follows:
(a) Region one consists of Clackamas, Columbia, Hood River, Multnomah and Washington Counties.
(b) Region two consists of Benton, Clatsop, Lane, Lincoln, Linn, Marion, Polk, Tillamook and Yamhill Counties.
(c) Region three consists of Coos, Curry, Douglas, Jackson and Josephine Counties.
(d) Region four consists of Crook, Deschutes, Gilliam, Jefferson, Klamath, Lake, Sherman, Wasco and Wheeler Counties.
(e) Region five consists of Baker, Grant, Harney, Malheur, Morrow, Umatilla, Union and Wallowa Counties.
(2) In addition to any other fees or payments required for grants or loans from the Multimodal Transportation Fund, between July 1, 2007, and July 1, 2013, each recipient of moneys from the fund shall pay two percent of the recipient’s total project costs to the Department of Transportation. The department shall use the funds received under this subsection to conduct a statewide multimodal study of the transportation system. The study shall include an assessment of the infrastructure, capacity demand and constraints, development of criteria for strategic investments and return on investment and identification of potential funding sources and strategies. The department may not use the funds received under this subsection for any components of the study if the department has other available and eligible funds. [2007 c.859 §2]Section: Previous 367.035 367.040 367.050 367.060 367.066 367.067 367.070 367.080 367.082 367.084 367.086 367.105 367.155 367.160 367.161 Next
Last modified: August 7, 2008