Oregon Code § 367.630·Enacted ·Last updated March 01, 2026
Statute Text
Highway revenue declaration; contents; purpose.
(1) Before bonds are issued under
ORS 367.615, the Department of Transportation must prepare a highway revenue
declaration authorizing issuance of the bonds. The declaration must be signed
by the Director of Transportation or a person designated by the director and
must be approved by the State Treasurer or a person designated by the State
Treasurer.
(2) A declaration
prepared under this section may do any of the following:
(a) Pledge any
part or all of moneys described under ORS 367.605 for purposes of the bonds to
be issued.
(b) Limit the
purpose for which the proceeds of the sale may be applied by the department.
(c) Make pledges
concerning the proceeds of the sale or moneys described under ORS 367.605 as
necessary to secure payment of bonds of the department.
(d) Limit the
issuance of additional bonds under ORS 367.615, limit or establish terms upon
which additional bonds may be issued under ORS 367.615 or limit or establish
the issuance or the terms of issuance or provide for the refunding of
outstanding bonds.
(e) Provide for
procedures, if any, by which the terms of contracts with bondholders may be
amended or rescinded, for the percentage of the bondholders that must consent
to amendment or rescinding of such contract and for the manner of bondholder
consent to any amendment or rescinding of such contract.
(f) Establish a
trustee as described under ORS 367.650.
(g) Vest a
trustee appointed under ORS 367.650 with property, rights, powers and duties in
trust, as the State Treasurer determines appropriate. Authority granted by this
paragraph includes authority to:
(A) Include the
rights, powers and duties of a trustee appointed to bondholders.
(B) Limit the
rights, powers and duties of the trustee.
(h) Provide for
other matters affecting issuance of the bonds.
(3) A declaration
under this section may establish the same requirements, be subject to the same
provisions, create the same obligations and confer the same rights and is
otherwise subject to the same provisions as an indenture under ORS 367.640, if
so provided in the declaration. [1985 c.551 §5; 1987 c.158 §64]