(a) Acquisition of a railroad line.
(b) Rehabilitation or improvement of rail properties.
(c) Planning for rail services.
(d) Any other methods of reducing the costs of lost rail service in this state.
(2) The program developed by the Department of Transportation under this section to provide funds for rail projects shall include:
(a) Development of a formula for determining a minimum cost to benefit ratio necessary for project funding;
(b) Supervision and monitoring of railroad acquisitions and the awarding of rehabilitation contracts;
(c) Continuing inspection of all railroad rehabilitation projects; and
(d) Auditing financial records of all railroad acquisition and rehabilitation projects.
(3) The Department of Transportation shall provide funds for railroad projects under this section only with the approval of the Oregon Transportation Commission. [Formerly 760.620; 2005 c.612 §7]