(1) When grant anticipation revenue bonds have been issued under ORS 367.161 to 367.181, the Department of Transportation shall collect federal transportation funds and may, as provided by the department when issuance of the revenue bonds was authorized, use the funds:
(a) For deposit into one or more special funds or accounts that may be pledged to secure payment of the revenue bonds.
(b) For payment of the costs of highway improvement projects.
(c) For reimbursement to the department of moneys previously spent on highway improvement projects.
(2) The department may direct the United States government to deposit federal transportation funds directly with a trustee for the holders of the revenue bonds to secure payment of the revenue bonds.
(3) The department shall use the proceeds of a sale of revenue bonds issued under ORS 367.161 to 367.181 to pay:
(a) The costs and expenses incurred in the construction or acquisition of a highway improvement project.
(b) Legal and financial costs and expenses incurred to issue or administer the revenue bonds.
(4) If moneys pledged to secure Highway User Tax Bonds pursuant to ORS 367.605 are also pledged to secure payment of principal, interest, premium, if any, and purchase or tender price of grant anticipation revenue bonds issued under ORS 367.161 to 367.181, the pledge to secure grant anticipation revenue bonds issued under ORS 367.161 to 367.181 is subordinate and subject to prior use of the moneys to pay Highway User Tax Bonds. [2003 c.201 §9]Section: Previous 367.166 367.168 367.170 367.171 367.173 367.175 367.176 367.178 367.180 367.181 367.185 367.202 367.204 367.206 367.208 Next
Last modified: August 7, 2008