71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
HA to HB 2122
 
LC 1167/HB 2122-1
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 2122
 
              By COMMITTEE ON GOVERNMENT EFFICIENCY
 
                           February 12
 
  On page 1 of the printed bill, line 2, after '288.620 ' insert
'and 288.670'.
  After line 28, insert:
  '  { +  SECTION 2. + } ORS 288.670 is amended to read:
  ' 288.670. (1) Except for advance refunding bonds sold pursuant
to ORS 288.615 (1)(a), the   { - various annual maturities - }
 { +  maturity dates + } of general obligation bonds issued to
refund voted general obligation bonds   { - shall not extend over
a longer period of time than - }  { +  may not be more than 30
days after the maturity dates of + } the bonds to be refunded.
 { - Such maturities may be changed in amount or shortened in
term if the estimated respective annual principal and interest
requirements of the refunding bonds, computed upon the
anticipated effective interest rate the governing body shall in
its discretion determine will be borne by such bonds, will not
exceed in the aggregate the principal and interest requirements
of the bonds being refunded. However, the issuer may increase the
principal amount of annual maturities for the purpose of rounding
out maturities to the nearest $5,000 - }  { +  However, as long
as the total debt service on the refunding bonds does not exceed
the total debt service on the bonds to be refunded, the amounts
maturing on any given date may be changed, and the refunding
general obligation bonds may mature earlier than the bonds to be
refunded + }.
  ' (2) Subsection (1) of this section does not apply to general
obligation bonds of the State of Oregon.'.
  In line 29, delete '2' and insert '3'.
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