(1) A county ordinance that imposes a vehicle registration fee under ORS 801.041 is not required to provide for payment of at least 40 percent of moneys from the registration fee to cities within the county if the county:
(a) Has a population of 650,000 or more; and
(b) Uses the moneys from the registration fee to pay for performing capital maintenance on, planning, designing, replacing, acquiring necessary property for, engineering, constructing or repairing a bridge that crosses the Willamette River in the City of Portland, or the approaches to the bridge, including the payment of debt service and costs related to bonds or other obligations issued for such purposes.
(2) This section applies to county vehicle registration fees that are imposed for the purpose of performing capital maintenance on, planning, designing, replacing, acquiring necessary property for, engineering, constructing or repairing a bridge that crosses the Willamette River in the City of Portland, or the approaches to the bridge, including the payment of debt service and costs related to bonds or other obligations issued for such purposes.