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 3559
 
                         House Bill 3199
 
Sponsored by Representative PATRIDGE
 
 
                             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.
 
  Creates Budget Stabilization Fund. Provides that moneys may be
appropriated from fund only upon affirmative vote of two-thirds
of members elected to each house.
 
                        A BILL FOR AN ACT
Relating to a budget stabilization fund.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + The Budget Stabilization Fund is established in
the State Treasury, separate and distinct from the General Fund.
The Budget Stabilization Fund shall consist of the following:
  (1) Moneys transferred to the fund under section 2 of this 2001
Act;
  (2) Moneys appropriated to the fund by the Legislative
Assembly; and
  (3) Interest on the moneys in the fund. + }
  SECTION 2.  { + (1) In the biennium beginning July 1, 2001, the
State Treasurer shall transfer from the General Fund to the
Budget Stabilization Fund established by section 1 of this 2001
Act an amount equal to one-quarter of one percent of all General
Fund appropriations for the prior biennium.
  (2) In the biennium beginning July 1, 2003, the State Treasurer
shall transfer from the General Fund to the Budget Stabilization
Fund established by section 1 of this 2001 Act an amount equal to
one-half of one percent of all General Fund appropriations for
the prior biennium.
  (3) In the biennium beginning July 1, 2005, the State Treasurer
shall transfer from the General Fund to the Budget Stabilization
Fund established by section 1 of this 2001 Act an amount equal to
three-quarters of one percent of all General Fund appropriations
for the prior biennium.
  (4) In the biennium beginning July 1, 2007, and in each
subsequent biennium, the State Treasurer shall transfer from the
General Fund to the Budget Stabilization Fund established by
section 1 of this 2001 Act an amount equal to one percent of all
General Fund appropriations for the prior biennium.
  (5) Notwithstanding subsection (4) of this section, when the
amount in the Budget Stabilization Fund reaches ___ percent of
the General Fund appropriations for the prior biennium, the State
Treasurer shall cease transferring moneys to the Budget
Stabilization Fund. + }
 
  SECTION 3.  { + The Legislative Assembly may not appropriate
moneys from the Budget Stabilization Fund unless two-thirds of
the members elected to each house vote in favor of the
appropriation. + }
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