71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
HA to HB 3902
 
LC 3703/HB 3902-2
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 3902
 
            By COMMITTEE ON SMART GROWTH AND COMMERCE
 
                             May 23
 
  On page 1 of the printed bill, line 2, after 'ORS' delete the
rest of the line and line 3 and insert '287.012, 287.056, 287.070
and 288.815.'.
  Delete lines 5 through 28 and insert:
  '  { +  SECTION 1. + } ORS 287.012 is amended to read:
  ' 287.012. (1) Notwithstanding any other provision of law, when
bonds, obligations or other evidence of indebtedness issued by
any district, authority or public corporation after August 9,
1961, are sold the proceeds may be used to pay attorney fees and
other expenses incurred in the preparation, authorization,
issuance and sale of, and in all proceedings relating to, such
bonds, obligations or other evidence of indebtedness.
  ' (2) When bonds are sold, the proceeds received in excess of
the principal shall be placed with the principal in the
improvement fund for which the bonds were issued or in a debt
service fund to repay the bond.
  '  { +  (3) Notwithstanding the authorization under ORS 287.006
(3) to transfer a surplus in a debt service fund, the proceeds
from the sale of the bonds that are not used for the project or
uses funded by the bonds must be used for the payment of
principal, interest and the costs of issuing the bonds or for the
redemption or purchase of the bonds. Proceeds may not be
transferred from a debt service fund for any other use or
purpose. + } ' .
  On page 2, delete lines 1 through 6.
  In line 11, delete 'clear and unambiguous'.
  In line 12, delete 'expenditures' and insert 'uses'.
  In line 25, delete 'expenditure' and insert 'uses' and delete
'proceeds of the sale' and insert 'bonds'.
  Delete lines 28 through 30 and insert:
  '  { +  SECTION 4. + }  { + Section 5 of this 2001 Act is added
to and made a part of ORS 288.515 to 288.600. + }
  '  { +  SECTION 5. + }  { + If a municipality that is
authorized to issue bonds by any law conducts an election to
obtain elector approval for the issuance of bonds, the order or
resolution calling the election must set forth:
  ' (1) A statement of the specific projects and uses that the
bond proceeds will be used to fund.
  ' (2) The dollar amount of the bonds proposed to be issued.
  ' (3) The length of time during which the bonds mature. + }
  '  { +  SECTION 6. + } ORS 288.815 is amended to read:
  ' 288.815. (1) A municipality, upon adoption of a resolution or
an ordinance authorizing the issuance of bonds in accordance with
subsections (1) to   { - (7) - }   { + (8) + } of this section,
may issue revenue bonds authorized by ORS 288.805 to 288.945.
  ' (2) The authorizing resolution or ordinance must provide that
no bonds may be sold, or in the case of a private negotiated
sale, no purchase agreement can be executed, for at least 60 days
following publication of the notice required in subsection (6) of
this section.
  ' (3) The authorizing resolution or ordinance must provide that
electors residing within the municipality may file a petition
with the municipality asking to have the question of whether to
issue such bonds referred to a vote.
  ' (4) If the municipality receives petitions containing valid
signatures of that municipality's electors totaling not less than
five percent of the municipality's electors, the question of
issuing such bonds shall be placed on the ballot at the next
legally available election date.
  ' (5) If such a petition is filed with the municipality within
60 days following publication of the notice described in
subsection (6) of this section, no bonds may be sold until the
resolution or ordinance is approved by a majority of the electors
of that jurisdiction voting on the resolution or ordinance.
  ' (6) A notice describing the purposes for which the bonds are
sold shall be published by the municipality in at least one
newspaper of general circulation within the municipality, and in
the same manner as are other public notices of that municipality.
Such notice shall contain:
  ' (a) The date the authorizing resolution or ordinance was
adopted and the number thereof, if any;
  ' (b) Expected source of revenue for repayment of the revenue
bonds;
  ' (c) Estimated principal amount of the bonds to be sold;
  ' (d) The procedures by which the question of issuing the
revenue bonds may be referred to a vote;
  ' (e) The time in which the required signatures must be
gathered;
  ' (f) Any other information the municipality may wish to
include; and
  ' (g) The fact that the authorizing resolution or ordinance is
available for inspection at the appropriate office of the
municipality.
  '  { +  (7) The order calling an election under this section
must set forth:
  ' (a) A statement of the specific projects and uses that the
bond proceeds will be used to fund.
  ' (b) The dollar amount of the bonds proposed to be issued.
  ' (c) The length of time during which the bonds mature. + }
  '  { - (7) - }  { +  (8) + } Nothing in subsections (1) to
 { - (7) - }  { +  (8) + } of this section shall in any way
prohibit the municipality on its own initiative from referring
the resolution or ordinance authorizing the sale of revenue bonds
to a vote of the electors of the municipality.
  '  { - (8) - }  { +  (9) + } When the public body issuing
revenue bonds is a municipality, the municipality shall issue
such bonds in accordance with the provisions of ORS 288.515 to
288.560.
  '  { +  SECTION 7. + }  { + Section 5 of this 2001 Act and the
amendments to ORS 287.012, 287.056, 287.070 and 288.815 by
sections 1 to 3 and 6 of this 2001 Act apply only to bonds sold
pursuant to an election conducted on or after the effective date
of this 2001 Act. + } ' .
                         ----------