(1) There is hereby established the State Tollway Account as a separate account within the State Highway Fund. The State Tollway Account shall consist of:
(a) All moneys and revenues received by the Department of Transportation from or made available by the federal government to the department for any tollway project or for the operation or maintenance of any tollway;
(b) Any moneys received by the department from any other unit of government or any private entity for a tollway project or from the operation or maintenance of any tollway;
(c) All moneys and revenues received by the department from any loan made by the department for a tollway project pursuant to ORS 383.005, and from any lease, agreement, franchise or license for the right to the possession and use, operation or management of a tollway project;
(d) All tolls and other revenues received by the department from the users of any tollway project;
(e) The proceeds of any bonds authorized to be issued under ORS 383.023 for tollway projects;
(f) Any moneys that the department has legally transferred from the State Highway Fund to the State Tollway Account for tollway projects;
(g) All moneys and revenues received by the department from all other sources that by donation, grant, contract or law are allocated or dedicated for tollway projects;
(h) All interest earnings on investments made from any of the moneys held in the State Tollway Account; and
(i) All civil penalties and administrative fees paid to the department from the enforcement of tolls.
(2) Moneys in the State Tollway Account may be used by the department for the following purposes:
(a) To finance preliminary studies and reports for any tollway project;
(b) To acquire land to be owned by the state for tollways and any related facilities therefor;
(c) To finance the construction, renovation, operation, improvement, maintenance or repair of any tollway project;
(d) To make grants or loans to a unit of government for tollway projects;
(e) To make loans to private entities for tollway projects;
(f) To pay the principal, interest and premium due with respect to, and to pay the costs connected with the issuance or ongoing administration of any bonds or other financial obligations authorized to be issued by, or the proceeds of which are received by, the department for any tollway project;
(g) To provide a guaranty or other security for any bonds or other financial obligations, including but not limited to financial obligations with respect to any bond insurance, surety or credit enhancement device issued or incurred by the department, a unit of government or a private entity, for the purpose of financing a single tollway project or any related group or system of tollways or related facilities; and
(h) To pay the costs incurred by the department in connection with its oversight, operation and administration of the State Tollway Account, the proposals and projects submitted under ORS 383.015 and the tollway projects financed under ORS 383.005.
(3) For purposes of securing bonds authorized by ORS 383.023 or providing a guaranty, surety or other security authorized by subsection (2)(g) of this section, the department may:
(a) Irrevocably pledge all or any portion of the amounts that are credited to, or are required to be credited to, the State Tollway Account;
(b) Establish subaccounts in the State Tollway Account, and make covenants regarding the credit to and use of amounts in those accounts and subaccounts; and
(c) Establish separate trust funds or accounts and make covenants to transfer to those separate trust funds or accounts all or any portion of the amounts that are required to be deposited in the State Tollway Account.
(4) Notwithstanding any other provision of ORS 383.001 to 383.075, the department shall not pledge any funds or amounts at any time held in the State Tollway Account as security for the obligations of a private entity unless the department has entered into a binding and enforceable agreement that provides the department reasonable assurance that the department will be repaid, with appropriate interest, any amounts that the department is required to advance pursuant to that pledge.
(5) Moneys in the State Tollway Account are continuously appropriated to the department for purposes authorized by this section. [1995 c.668 §4; 2005 c.22 §264; 2007 c.531 §12]Section: Previous 383.001 383.003 383.004 383.005 383.006 383.007 383.009 383.010 383.011 383.013 383.014 383.015 383.017 383.019 383.020 Next
Last modified: August 7, 2008