71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
SA to B-Eng. HB 2057
 
LC 407/HB 2057-B16
 
                      SENATE AMENDMENTS TO
                   B-ENGROSSED HOUSE BILL 2057
 
              By JOINT COMMITTEE ON WAYS AND MEANS
 
                             July 5
 
  On page 1 of the printed B-engrossed bill, line 2, after the
first semicolon delete the rest of the line.
  In line 3, delete 'money;'.
  Delete lines 26 and 27 and delete pages 2 through 5 and insert:
  '  { +  SECTION 1. + }  { + (1) The Economic Security Fund is
established in the State Treasury, separate and distinct from the
General Fund.  Interest earned by the Economic Security Fund
shall be credited to the fund.
  ' (2) Moneys may not be appropriated or otherwise transferred
from the Economic Security Fund until the fund has a balance of
$250 million. After the fund first reaches a balance of $250
million, moneys in the fund may be appropriated or otherwise
transferred from the fund in accordance with the provisions of
subsection (4) or (5) of this section, regardless of the
resulting balance.
  ' (3) If the Economic Security Fund has a balance at the
beginning of a biennium that exceeds five percent of the General
Fund appropriations for the prior biennium:
  ' (a) Interest earnings from the Economic Security Fund shall
be transferred to the General Fund; and
  ' (b) The Legislative Assembly may not appropriate or transfer
moneys to the Economic Security Fund.
  ' (4) Except as provided in subsections (3)(a) and (5) of this
section, moneys may be appropriated or transferred from the
Economic Security Fund only if:
  ' (a) The Legislative Assembly finds one of the following:
  ' (A) That the last quarterly economic and revenue forecast for
a biennium indicates that moneys available to the General Fund
for the next biennium will be at least three percent less than
appropriations from the General Fund for the current biennium;
  ' (B) That there has been a decline for two or more consecutive
quarters in the last 12 months in seasonally adjusted nonfarm
payroll employment; or
  ' (C) That a quarterly economic and revenue forecast projects
that revenues in the General Fund in the current biennium will be
at least two percent below what they were projected to be in the
revenue forecast on which the legislatively adopted budget for
the current biennium was based; and
  ' (b) The proposed appropriation or transfer is approved by
three-fifths of the members serving in each house of the
Legislative Assembly.
  ' (5) Moneys may be appropriated or transferred from the
Economic Security Fund if the Governor declares an emergency and
the proposed appropriation or transfer is approved by two-thirds
of the members serving in each house of the Legislative Assembly.
  ' (6) The Legislative Assembly may by law prescribe the
procedures to be used and identify the persons required to make
the forecasts described in subsection (4) of this section. + }
  '  { +  SECTION 2. + }  { + The Legislative Assembly may not
appropriate, or in any other way transfer, moneys from the
Industrial Accident Fund referred to in ORS 656.632 to the
Economic Security Fund established by section 1 of this 2001
Act. + }
  '  { +  SECTION 3. + }  { + This 2001 Act being necessary for
the immediate preservation of the public peace, health and
safety, an emergency is declared to exist, and this 2001 Act
takes effect on its passage. + } ' .
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