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 1767
 
                           A-Engrossed
 
                   Senate Joint Resolution 21
                 Ordered by the Senate April 16
           Including Senate Amendments dated April 16
 
Sponsored by COMMITTEE ON REVENUE
 
 
                             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 finance seismic rehabilitation
of public education buildings. Specifies source of moneys for
payment of indebtedness.
  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) Notwithstanding the limitations
contained in sections 7 and 8, Article XI of this Constitution,
and in addition to other exceptions from the limitations of those
sections, the credit of the State of Oregon may be loaned and
indebtedness incurred in an amount not to exceed at any time
one-fifth of one percent of the true cash value of all taxable
property in the state, as determined by law.
  (2) Proceeds from any loan authorized or indebtedness incurred
under this section shall be used to provide funds for the
planning and implementation of seismic rehabilitation of public
education buildings, including surveying and conducting
engineering evaluations of the need for seismic rehabilitation.
  (3) As used in this section, 'public education building ' means
a building owned by the State Board of Higher Education, a school
district, an education service district, a community college
district or a community college service district. + }
   { +  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 that purpose by the Legislative
Assembly from the General Fund;
  (2) Amounts allocated for that purpose by the Legislative
Assembly from the proceeds of the State Lottery;
  (3) Amounts allocated for that 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 that 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. + }
   { +  SECTION 3. + }  { + Bonds issued under this Article shall
be the direct general obligations of the state and shall be in
such form, run for such periods of time and bear such rates of
interest as the Legislative Assembly provides. These 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 any conflicting constitutional
provision. + }
 
  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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