Be It Resolved by the Legislative Assembly of the State of Oregon:
PARAGRAPH 1.
The Constitution of the State of Oregon is amended by creating a new Article to
be known as Article XI-L, such Article to read:
ARTICLE XI-L
SECTION 1. (1) In the manner provided by law and
notwithstanding the limitations contained in section 7, Article XI of this
Constitution, the credit of the State of Oregon may be loaned and indebtedness
incurred, in an aggregate outstanding principal amount not to exceed, at any
one time, one-fifth of one percent of the real market value of all property in
the state, to provide funds for the planning and implementation of seismic
rehabilitation of public education buildings, including surveying and conducting
engineering evaluations of the need for seismic rehabilitation.
(2) Any indebtedness
incurred under this section must be in the form of general obligation bonds of
the State of Oregon containing a direct promise on behalf of the State of
Oregon to pay the principal, premium, if any, interest and other amounts
payable with respect to the bonds, in an aggregate outstanding principal amount
not to exceed the amount authorized in subsection (1) of this section. The
bonds are the direct obligation of the State of Oregon and must be in a form,
run for a period of time, have terms and bear rates of interest as may be
provided by statute. The full faith and credit and taxing power of the State of
Oregon must be pledged to the payment of the principal, premium, if any, and
interest on the general obligation bonds; however, the ad valorem taxing power
of the State of Oregon may not be pledged to the payment of the bonds issued
under this section.
(3) As used in this
section, “public education building” means a building owned by the State Board
of Higher Education, a school district, an education service district, a
community college district or a community college service district.
SECTION 2. The principal, premium, if any, interest
and other amounts payable with respect to the general obligation bonds issued
under section 1 of this Article must be repaid as determined by the Legislative
Assembly from the following sources:
(1) Amounts appropriated
for the purpose by the Legislative Assembly from the General Fund, including
taxes, other than ad valorem property taxes, levied to pay the bonds;
(2) Amounts allocated
for the purpose by the Legislative Assembly from the proceeds of the State
Lottery or from the Master Settlement Agreement entered into on November 23,
1998, by the State of Oregon and leading United States tobacco product
manufacturers; and
(3) Amounts appropriated
or allocated for the purpose by the Legislative Assembly from other sources of
revenue.
SECTION 3. General obligation bonds issued under section
1 of this Article may be refunded with bonds of like obligation.
SECTION 4. The
Legislative Assembly may enact legislation to carry out the provisions of this
Article.
SECTION 5. This Article supersedes conflicting
provisions of this Constitution.
PARAGRAPH 2.
The amendment proposed by this
resolution shall be submitted to the people for their approval or rejection at
the next regular general election held throughout this state.
Filed in the office of
Secretary of State June 18, 2001
__________