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 1725
 
                    Senate Joint Resolution 6
 
Printed pursuant to Senate Interim Rule 213.28 by order of the
  President of the Senate in conformance with presession filing
  rules, indicating neither advocacy nor opposition on the part
  of the President (at the request of Senate Interim Committee on
  Business, Education and Consumer Affairs for Senator Tom
  Hartung, Senator Rick Metsger, Representative Randall Edwards
  and Representative Max Williams)
 
 
                             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 as
introduced.
 
  Proposes amendment to Oregon Constitution to allow state to
issue general obligation bonds to finance cost of kindergarten
through grade 12 public school facilities. 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.
 
                        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 sections 7 and 8,
Article XI of this Constitution, the credit of the State of
Oregon may be loaned and indebtedness incurred, in an amount not
to exceed, at any one time, __ percent of the true cash value of
all taxable property in the state, to provide funds with which to
redeem and refund outstanding general obligation bonds issued to
finance the cost of providing kindergarten through grade 12
public school facilities.
  (2) The proceeds from any loan authorized or indebtedness
incurred under this section may be used to provide funds for
kindergarten through grade 12 public school facilities, including
costs associated with the acquisition, construction, improvement,
remodeling, maintenance or repair of public school facilities in
the State of Oregon, including land, site preparation costs,
capital improvements, permanent or portable buildings and
equipment. + }
   { +  SECTION 2. + }  { + The amount of any loan authorized or
indebtedness incurred under section 1 of this Article by means of
 
general obligation bonds and the interest thereon shall be repaid
as determined by the Legislative Assembly from:
  (1) Amounts appropriated for such purpose by the Legislative
Assembly from the General Fund;
  (2) Amounts allocated for such purpose by the Legislative
Assembly from the proceeds of the State Lottery;
  (3) Amounts allocated for such purpose by the Legislative
Assembly from the education endowment fund, including the
principal amount created pursuant to section 4, Article XV of
this Constitution, and any earnings on moneys in the fund;
  (4) Amounts appropriated or allocated for such purpose by the
Legislative Assembly from other sources of revenue; and
  (5) If necessary, ad valorem taxes levied outside the
limitations imposed by any other provision of this Constitution
annually upon all taxable property in this state in sufficient
amount to provide for the payment of loans authorized or
indebtedness incurred under section 1 of this Article and the
interest thereon. + }
   { +  SECTION 3. + }  { + General obligation bonds issued
pursuant to section 1 of this Article shall be the direct
obligations of the state and shall be in such form, run for such
periods of time and bear such rates of interest as shall be
provided by law. The bonds may be refunded with bonds of like
obligation. + }
   { +  SECTION 4. + }  { + The Legislative Assembly shall enact
legislation to carry out the provisions of this Article. This
Article shall supersede all conflicting constitutional
provisions. + }
 
  PARAGRAPH 2.  { + The amendment proposed by this resolution
shall be submitted to the people for their approval or rejection
at the next regular general election held throughout this
state. + }
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