(2) Highway User Tax Bonds may be issued under ORS 367.615 for the purposes described in ORS 367.622 in an aggregate principal amount sufficient to produce net proceeds of not more than $500 million.
(3)(a) Highway User Tax Bonds may be issued under ORS 367.615 for bridge purposes described in section 10 (1), chapter 618, Oregon Laws 2003, in an aggregate principal amount sufficient to produce net proceeds of not more than $1.6 billion.
(b) Highway User Tax Bonds may be issued under ORS 367.615 for modernization purposes described in sections 10 (2) and 11, chapter 618, Oregon Laws 2003, in an aggregate principal amount sufficient to produce net proceeds of not more than $300 million.
(c) Highway User Tax Bonds may be issued under ORS 367.615 for the purposes described in section 64, chapter 865, Oregon Laws 2009, in an aggregate principal amount sufficient to produce net proceeds of not more than $840 million. The proceeds from bonds issued as described in this paragraph that are not required for the purposes described in section 64, chapter 865, Oregon Laws 2009, shall be allocated to transportation projects, as defined in ORS 367.010.
(d) Highway User Tax Bonds may be issued under ORS 367.615 for purposes described in section 71d, chapter 750, Oregon Laws 2017, in an aggregate principal amount sufficient to produce net proceeds of not more than $480 million.
(e) The Department of Transportation, with the approval of the State Treasurer, may designate the extent to which a series of bonds authorized under this subsection is secured and payable on a parity of lien or on a subordinate basis to existing or future Highway User Tax Bonds. [1985 c.551 §4; 1999 c.1036 §4; 2001 c.669 §1; 2002 s.s.1 c.3 §1; 2003 c.618 §6; 2007 c.783 §171; 2009 c.865 §61; 2011 c.629 §2; 2017 c.191 §2; 2017 c.750 §71i]
Note: Section 71d, chapter 750, Oregon Laws 2017, provides:
Sec. 71d. (1) On and after January 1, 2020, the Oregon Transportation Commission shall use the proceeds of bonds, as defined in ORS 367.010, authorized under ORS 367.620 (3)(d) to finance the transportation projects listed in this section. The commission shall determine the order of completion for the projects listed in subsection (2) of this section.
(2) No later than January 1, 2024, the commission shall allocate the following amounts to each region, as described in ORS 366.805, for the projects listed below, provided that the commission determines that the projects could constitutionally be funded by revenues described in Article IX, section 3a, of the Oregon Constitution:
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(a) Region 1: $ 249,700,000
(A) State Highway 211
improvements beginning where
the highway intersects with
State Highway 213 and ending
where the highway intersects
Molalla Avenue in the
City of Molalla
(B) WaNaPa Street improvements
in the City of Cascade Locks
(C) Port of Hood River bridge
replacement environmental
impact study
(D) Columbia Boulevard
pedestrian safety
(E) Southeast Powell
Boulevard jurisdiction
transfer as described
under ORS 366.483
(F) Interstate 205 active traffic
management project
(G) Interstate 205 corridor
bottleneck project
(H) State Highway 217
Northbound project
(I) State Highway 217
Southbound project
(J) Improvements to Graham
Road where it intersects
with Interstate 84 in
the City of Troutdale
(b) Region 2: $ 201,950,000
(A) Oregon Manufacturing
Innovation Center Access
Roads in Columbia County
(B) Interstate 5 at the
Aurora-Donald interchange,
Phase I
(C) State Highway 99E in
the City of Halsey
(D) State Highway 214
pedestrian safety
improvements at the
intersection with
Jefferson Street in the
City of Silverton
(E) Territorial Highway
jurisdiction transfer as
described under ORS 366.483
(F) U.S. Highway 20 safety
upgrades from the
City of Albany to the
City of Corvallis
(G) State Highway 58, adding
passing lanes west of the
City of Oakridge
(H) State Highway 22 and Center
Street Bridge, seismic
retrofit in the City
of Salem
(I) State Highway 99 in City of
Eugene jurisdiction transfer
as described under ORS 366.483
(J) State Highway 126
Florence-Eugene Highway for
environmental impact study
(K) 42nd Street in the City
of Springfield
(L) Newberg and Dundee Bypass,
State Highway 99W,
Phase II, shovel ready
preparations
(c) Region 3: $ 75 million
(A) Scottsburg Bridge on
State Highway 38 in
Douglas County
(B) Southern Oregon seismic
triage transportation
project
(d) Region 4: $ 76,493,000
(A) U.S. Highway 97 Cooley
Road mid-term
improvements
(B) U.S. Highway 97 at
Terrebonne
(C) Improvements to Alder
Creek Road in
Wheeler County
(D) Pedestrian safety
improvements
in the City of Dufur
(E) Pedestrian safety
improvements in the
City of Prineville
(F) Tom McCall Road
roundabout
(G) Pedestrian safety
improvements
in the City of Arlington
(e) Region 5: $ 43,647,000
(A) Port of Umatilla Road
(B) Hermiston North First
Place Project in the
City of Hermiston
(C) State Highway 30 and
Hughes Lane intersection
in Baker County
(D) Eastern Oregon Trade and
Event Center access road
(E) Pedestrian safety
improvements in the
City of Heppner
(F) Pedestrian safety
improvements in the
City of Milton-Freewater
(G) Columbia Development
Authority Access Road
(H) Pedestrian safety
improvements
in the City of Burns
(I) Pedestrian safety
improvements
in the City of Irrigon
(J) U.S. Highway 20 freight
mobility enhancements
(K) Cedar Street and Hughes
Lane enhancements in
Baker County
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(3)(a) When the commission determines that a project described in this section is completed, the commission shall reallocate any amount remaining from the allocation made under this section to another project described in the same region.
(b) When the commission determines that all of the projects within a region are completed, the commission shall reallocate any amount remaining from the allocation made under this section to any other project listed in this section.
(4) The amounts described in this section for jurisdiction transfers described in ORS 366.483 may not be allocated until after the transfer for which the allocation is dedicated occurs. [2017 c.750 §71d; 2018 c.93 §5]