In what would be the largest transportation initiative in decades, HB 2120, the Jobs and Transportation Act of 2009, proposes to raise almost a half billion dollars for a wide range of transportation related activities.
In a nutshell it:

• Creates Transportation Utility Commission.  Sunsets January 2, 2012.
• Directs Oregon Transportation Commission to conduct study.  Sunsets January 2, 2014.
• Directs Oregon Department of Transportation (ODOT) to develop pilot programs to implement congestion pricing in one or more communities.  Sunsets January 2, 2016.
• Authorizes ODOT to establish pilot programs to test alternatives to motor vehicle fuel tax.  Sunsets January 2, 2018.
• Directs Oregon Transportation Commission to work with stakeholders to review and update criteria used to select projects within Statewide Transportation Improvement Program.
• Directs Oregon Transportation Commission to determine amount of federal transportation funds available to Department of Transportation that may be used for eligible non-highway projects.
• Directs ODOT to develop environmental performance standards for highway projects.  Directs department to develop least-cost planning model.
• Authorizes state agencies to provide electricity for plug-in electric vehicles.
• Authorizes issuance of lottery bonds for purchase of passenger railroad equipment.
• Authorizes issuance of lottery bonds for transportation projects funded from Multimodal Transportation Fund.  Specifies allocation of lottery bond proceeds.
• Defines 'medium-speed electric vehicle.'
• Creates offense of unlawfully operating medium-speed electric vehicle on highway.  Punishes by maximum fine of $360.
• Directs ODOT to adopt safety standards for low-speed vehicles and medium-speed electric vehicles.
• Directs ODOT to include specific request for capital construction funding for sharing offices and other facilities with local government in budget request prepared for Oregon Department of Administrative Services.
• Increases vehicle title fees.  Imposes fee for issuance of first certificate of title.
• Increases vehicle registration fees.
• Increases fuel tax and motor carrier taxes.
• Creates Timber Counties Safety Net Account within State Highway Fund.
• Permits mass transit district to increase payroll tax for district.
• Authorizes transportation districts and mass transit districts to use certain forms of financing without first obtaining voter approval.
• Increases allocation of State Highway Fund moneys for footpaths and bicycle trails.
• Expands special county allotment program to provide counties with minimum level of funding from State Highway Fund.
• Authorizes issuance of Highway User Tax Bonds in aggregate principal amount sufficient to produce net proceeds of not more than $600 million.  Specifies bond revenue to be used to finance projects selected by Oregon Transportation Commission that meet specified criteria.  Provides for allocation of bond proceeds.
• Eliminates requirement that county ordinance establishing vehicle registration fees be submitted to electors of county for approval.
• Authorizes ODOT to set registration plate manufacturing fee.
• Increases customized registration plate fee.
• Increases certain vehicle dealer fees.
• Extends credit against corporate excise or corporate income tax for corporation that provides motor vehicle insurance issued under mile-based or time-based rating plan.

Funding would come from:

The Act envisions the creation of a Transportation Utility Commission.  Details on this and other aspects of the bill can be found in the background document “Jobs and Transportation Act 2009,” issued by the Governor’s Office.

There is widespread support for a transportation and jobs bill, and this proposal will undoubtedly have a series of spirited hearings.