383.205 Sources of funds to secure revenue bonds for tollway projects
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/or/ors-chapter-383/tollways/financing/383-205·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
383.205 Sources of funds to secure revenue bonds for tollway projects.
(1)Moneys deposited in the Toll Program Fund established under ORS 383.009 are pledged to the payment of tollway project revenue bonds issued under ORS 383.200.
(2)The Department of Transportation, with the approval of the State Treasurer, may designate in any revenue declaration or indenture prepared under ORS 383.225 additional revenues as security for the payment of tollway project revenue bonds. The department shall set the order of priority for the additional revenues used. Additional revenues may include:
(a)Moneys under ORS 367.605, which are pledged to payment of Highway User Tax Bonds issued under ORS 367.615, on a parity of lien or on a subordinate and junior basis;
(b)Moneys received by the department from the United States government; or
(c)Any other moneys legally available to the department.
(3)The lien or charge of any pledge of moneys in the Toll Program Fund to secure bonds designated as tollway project revenue bonds under ORS 383.200 is superior or prior to any other lien or charge and to any law of the state requiring the department to spend moneys for tollway project revenue projects. As long as any tollway project revenue bonds issued under ORS 383.200 are outstanding, moneys deposited to the Toll Program Fund shall be applied first to the payment of principal of, and interest on, any bonds designated as tollway project revenue bonds under ORS 383.200 and then to any other purposes described under ORS 383.009. [2021 c.630 §148]