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 4133
 
                           A-Engrossed
 
                         Senate Bill 954
                  Ordered by the Senate May 24
            Including Senate Amendments dated May 24
 
Sponsored by JOINT COMMITTEE ON WAYS AND MEANS
 
 
                             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.
 
  Authorizes payments for debt service on debt obligations of
state without expenditure limitation to achieve savings in total
or periodic debt service payments.
 
                        A BILL FOR AN ACT
Relating to state bonds.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2001 Act is added to and made
a part of ORS 286.010 to 286.078. + }
  SECTION 2.  { + (1) Notwithstanding any law limiting
expenditures of a state agency, for the purpose of repaying or
refinancing debt obligations of the state in order to obtain
savings in total or periodic debt service payments, a law
limiting expenditures does not apply to payments approved by the
State Treasurer for administrative expenses, debt service or
financing costs necessary or appropriate for the retirement or
refunding of bonds, certificates of participation or financing
agreements as defined in ORS 283.085 unless the law limiting
expenditures creates a specific exception to this section.
  (2) The Oregon Department of Administrative Services may
establish administrative limitations on the payment and recording
of expenditures made pursuant to subsection (1) of this section.
  (3) The Oregon Department of Administrative Services shall
report incurred expenses and debt service savings resulting from
actions taken under subsection (1) of this section that affect
administrative expenses, debt service or financing costs paid
with moneys out of the General Fund or lottery funds, within 90
days of taking action, to the Joint Committee on Ways and Means
if the Legislative Assembly is in session or to the Emergency
Board during the interim between legislative sessions. + }
  SECTION 3.  { + Section 2 of this 2001 Act applies to any law
limiting expenditures enacted prior to, on or after the effective
date of this 2001 Act. + }
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