71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
HA to HJR 46
 
LC 3114/HJR 46-8
 
                       HOUSE AMENDMENTS TO
                    HOUSE JOINT RESOLUTION 46
 
     By COMMITTEE ON SCHOOL FUNDING AND TAX FAIRNESS/REVENUE
 
                             May 22
 
  On page 1 of the printed joint resolution, delete lines 3
through 28 and delete page 2 and insert:
  '  { +  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
providing prekindergarten through grade 12 public schools and 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:
  ' (a) Provide matching funds to finance capital costs for
prekindergarten through grade 12 public schools that have
received voter approval for local general obligation bonds.
Capital costs of public schools shall include but are not limited
to costs associated with the acquisition, construction,
improvement, remodeling, maintenance or repair of public schools
in the State of Oregon, including land, site preparation,
permanent or portable buildings, bond-related costs, technology
and equipment, as authorized by the Legislative Assembly.
  ' (b) 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 prekindergarten through
grade 12 public schools or 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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