(a) "Bond" has the meaning given that term in ORS 367.010.
(b) "Bond debt service" has the meaning given that term in ORS 367.010.
(2) On each January 1, April 1, July 1 and October 1, and on the date of issuance of any Highway User Tax Bonds described in ORS 367.620 (3)(c), the Department of Transportation shall determine:
(a) The amount of Highway User Tax Bonds described in ORS 367.620 (3)(c) that are outstanding;
(b) The amount reasonably estimated, as set forth in subsection (4) of this section, as being necessary to pay bond debt service on the outstanding Highway User Tax Bonds described in ORS 367.620 (3)(c); and
(c) The amount of moneys allocated to the department under ORS 366.752 that is not required to pay bond debt service on the outstanding Highway User Tax Bonds described in ORS 367.620 (3)(c). The department shall deposit the amount into the Transportation Project Account established under ORS 366.523.
(3) The amount of moneys determined by the department under subsection (2)(c) of this section may be allocated by the Oregon Transportation Commission pursuant to a request of the department, in an amount that does not exceed the amount determined by the department, under subsection (2)(c) of this section, to the following projects in the following order of priority:
(a) The amount established for projects listed in section 64, chapter 865, Oregon Laws 2009;
(b) $15 million each year for maintenance, preservation and safety of the highways so long as the amount reasonably estimated by the department pursuant to subsection (2)(b) of this section is not greater than the amount received by the department under ORS 366.752 (4)(c); and
(c) For any other purposes determined by the commission.
(4) To reasonably estimate the amount necessary to pay bond debt service on Highway User Tax Bonds described in ORS 367.620 (3)(c), the department shall include in its computation:
(a) For fixed rate bonds, the bond debt service payments due on the bonds in the calendar quarter; and
(b) For variable rate bonds, bond debt service payments due on the bonds in the calendar quarter, with interest computed at the maximum rate of interest as set forth in the bond declaration or bond indenture executed by the department pursuant to ORS 367.630 and 367.640. [2009 c.865 §62]
Note: 367.617 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 367 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
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