Chapter 602 Oregon Laws 2001

AN ACT

SB 954

Relating to state bonds.

Be It Enacted by the People of the State of Oregon:

SECTION 1. Section 2 of this 2001 Act is added to and made a part of ORS 286.010 to 286.078.

SECTION 2. (1) Notwithstanding any law limiting expenditures of a state agency, for the purpose of repaying or refinancing debt obligations of the state in order to obtain savings in total or periodic debt service payments, a law limiting expenditures does not apply to payments approved by the State Treasurer for administrative expenses, debt service or financing costs necessary or appropriate for the retirement or refunding of bonds, certificates of participation or financing agreements as defined in ORS 283.085 unless the law limiting expenditures creates a specific exception to this section.

(2) The Oregon Department of Administrative Services may establish administrative limitations on the payment and recording of expenditures made pursuant to subsection (1) of this section.

(3) The Oregon Department of Administrative Services shall report incurred expenses and debt service savings resulting from actions taken under subsection (1) of this section that affect administrative expenses, debt service or financing costs paid with moneys out of the General Fund or lottery funds, within 90 days of taking action, to the Joint Committee on Ways and Means if the Legislative Assembly is in session or to the Emergency Board during the interim between legislative sessions.

SECTION 3. Section 2 of this 2001 Act applies to any law limiting expenditures enacted prior to, on or after the effective date of this 2001 Act.

Approved by the Governor June 25, 2001

Filed in the office of Secretary of State June 25, 2001

Effective date January 1, 2002

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