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 3221
 
                         House Bill 3538
 
Sponsored by Representative SHETTERLY
 
 
                             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.
 
  Allows maturity date of refunding general obligation bonds to
be later than maturity date of bonds to be refunded.
  Declares emergency, effective on passage.
 
                        A BILL FOR AN ACT
Relating to refunding bonds; amending ORS 288.670; and declaring
  an emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. 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 later than the maturity dates of + } the bonds to be
refunded.  { + However, the amounts maturing on any date may be
changed, and the refunding general obligation bonds may mature
earlier than the refunded general obligation bonds, if the total
debt service on the refunding bonds does not exceed the total
debt service on the bonds that are 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. - }
  (2) Subsection (1) of this section does not apply to general
obligation bonds of the State of Oregon.
  SECTION 2.  { + 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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