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 1373
 
                           A-Engrossed
 
                    House Joint Resolution 19
                  Ordered by the Senate June 22
            Including Senate Amendments dated June 22
 
Sponsored by Representative MORRISETTE; Representatives BARNHART,
  BATES, BOWMAN, BUTLER, CARLSON, GARDNER, GARRARD, HANSEN, HILL,
  HOPSON, JENSON, KRUSE, LEONARD, MARCH, MONNES ANDERSON, RINGO,
  ROSENBAUM, TOMEI, VERGER, WIRTH, ZAUNER, Senators L BEYER,
  MESSERLE
 
 
                             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.
 
    { - Proposes amendment to Oregon Constitution relating to
time limits in office for statewide elected officials and members
of Legislative Assembly. Limits service in Legislative Assembly
to 12 years in person's lifetime. Applies to terms of office
beginning on or after December 3, 1992. Specifies when service to
fill vacancy in legislative or statewide office counts for
purposes of limits. - }
   { +  Proposes amendment to Oregon Constitution to allow
issuance of state general obligation bonds in aggregate
outstanding principal amount up to one-half of one percent of
real market value of all property in state for purpose of
financing capital costs of Oregon Health and Science University.
Provides that bonds shall be issued in amount that produces net
proceeds for university not to exceed $200 million. + }
  Refers proposed amendment to people for their approval or
rejection at   { - next regular general election - }  { +
special election on same date as next biennial primary
election + }.
 
                        JOINT RESOLUTION
Be It Resolved by the Legislative Assembly of the State of
  Oregon:
  PARAGRAPH 1. The Constitution of the State of Oregon is amended
by creating a new Article to be known as Article XI-L, such
Article to read:
 
                               { +
ARTICLE XI-L + }
 
   { +  SECTION 1. + }  { + (1) In the manner provided by law and
notwithstanding the limitations contained in section 7, Article
XI of this Constitution, the credit of the State of Oregon may be
loaned and indebtedness incurred, in an aggregate outstanding
principal amount not to exceed, at any one time, one-half of one
percent of the real market value of all property in the state, to
provide funds to finance capital costs of Oregon Health and
Science University. Bonds issued under this section may not be
paid from ad valorem property taxes.
  (2) Any indebtedness incurred under this section shall be in
the form of general obligation bonds of the State of Oregon
containing a direct promise on behalf of the State of Oregon to
pay the principal, premium, if any, and interest on such bonds,
in an aggregate outstanding principal amount not to exceed the
amount authorized in subsection (1) of this section. The bonds
shall be the direct obligation of the State of Oregon and shall
be in such form, run for such period of time, have such terms and
bear such rates of interest as may be provided by statute. The
full faith and credit and taxing power of the State of Oregon
shall be pledged to the payment of the principal, premium, if
any, and interest on such bonds provided, however, that the ad
valorem taxing power of the State of Oregon may not be pledged to
the payment of such bonds.
  (3) The proceeds from bonds issued under this section shall be
used to finance capital costs of Oregon Health and Science
University and costs of issuing bonds pursuant to this Article.
Bonds issued under this section to finance capital costs of
Oregon Health and Science University shall be issued in an
aggregate principal amount that produces net proceeds for the
university in an amount that does not exceed $200 million.
  (4) The proceeds from bonds issued under this section may not
be used to finance operating costs of Oregon Health and Science
University.
  (5) As used in this Article, 'bonds' means bonds, notes or
other financial obligations of the State of Oregon issued under
this section. + }
   { +  SECTION 2. + }  { + The principal, premium, if any,
interest and any other amounts payable with respect to bonds
issued under section 1 of this Article shall be repaid as
determined by the Legislative Assembly from the following
sources:
  (1) Amounts appropriated for such purpose by the Legislative
Assembly from the General Fund, including any taxes levied to pay
the bonds other than ad valorem property taxes;
  (2) Amounts allocated for such purpose by the Legislative
Assembly from the proceeds of the State Lottery or from the
Master Settlement Agreement entered into on November 23, 1998, by
the State of Oregon and leading United States tobacco product
manufacturers; and
  (3) Amounts appropriated or allocated for such purpose by the
Legislative Assembly from other sources of revenue. + }
   { +  SECTION 3. + }  { + Bonds issued under section 1 of this
Article may be refunded with bonds of like obligation. + }
   { +  SECTION 4. + }  { + The Legislative Assembly may enact
legislation to carry out the provisions of this Article. + }
   { +  SECTION 5. + }  { + This Article shall supersede all
conflicting provisions of this Constitution. + }
 
  PARAGRAPH 2.  { + The amendment proposed by this resolution
shall be submitted to the people for their approval or rejection
at a special election held throughout this state on the same date
as the next biennial primary election. + }
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