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 3114
A-Engrossed
House Joint Resolution 46
Ordered by the House May 22
Including House Amendments dated May 22
Sponsored by Representative PATRIDGE; Representatives BACKLUND,
BUTLER, DEVLIN, HASS, RINGO, WESTLUND, WIRTH (at the request of
State Treasurer Randall Edwards, OHSU, OSBA, Ozzie Rose, Oregon
Education Association)
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 to allow state to
issue general obligation bonds to { + provide matching funds
to + } finance { - cost - } { + capital costs + } of
kindergarten through grade 12 public school facilities { + and
to provide net proceeds of $200 million to Oregon Health and
Science University for financing capital costs + }. Specifies
sources of moneys for payment of indebtedness and interest.
Refers proposed amendment to people for their approval or
rejection at { - next regular general election - } { +
special election held 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 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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