71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 2597
 
                         House Bill 2971
 
Sponsored by Representative KRUMMEL
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
 
  Establishes School Stabilization Trust Fund. Provides for
transfer of moneys from General Fund to School Stabilization
Trust Fund each biennium.
 
                        A BILL FOR AN ACT
Relating to a school stabilization trust fund; and appropriating
  money.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + (1) The School Stabilization Trust Fund is
established in the State Treasury, separate and distinct from the
General Fund. The School Stabilization Trust Fund shall consist
of the following:
  (a) Moneys transferred to the fund under section 2 of this 2001
Act;
  (b) Any moneys appropriated to the fund by the Legislative
Assembly; and
  (c) Interest earned on the moneys in the fund.
  (2) Interest earned on moneys in the School Stabilization Trust
Fund is continuously appropriated to the Department of Education
for the purposes of public education for students in kindergarten
through grade 12. + }
  SECTION 2.  { + Each biennium, the State Treasurer shall
transfer from the General Fund to the School Stabilization Trust
Fund established by section 1 of this 2001 Act an amount equal to
two percent of all General Fund appropriations for the prior
biennium. + }
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