Oregon Revised Statutes Chapter 367 § 367.178 — Collection and use of federal transportation funds

Collection and use of federal transportation funds. (1) When grant anticipation revenue bonds have been issued under ORS 367.161 to 367.181, the Department of Transportation shall collect federal transportation funds and may, as provided by the department when issuance of the revenue bonds was authorized, use the funds: (a) For deposit into one or more special funds or accounts that may be pledged to secure payment of the revenue bonds. (b) For payment of the costs of highway improvement projects. (c) For reimbursement to the department of moneys previously spent on highway improvement projects. (2) The department may direct the United States government to deposit federal transportation funds directly with a trustee for the holders of the revenue bonds to secure payment of the revenue bonds. (3) The department shall use the proceeds of a sale of revenue bonds issued under ORS