71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
 
                            Enrolled
 
                   Senate Joint Resolution 21
 
Sponsored by COMMITTEE ON REVENUE
 
 
 
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-fifth of one
percent of the real market value of all property in the state, 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.
  (2) Any indebtedness incurred under this section must 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, interest and other amounts
payable with respect to the bonds, in an aggregate outstanding
principal amount not to exceed the amount authorized in
subsection (1) of this section. The bonds are the direct
obligation of the State of Oregon and must be in a form, run for
a period of time, have terms and bear rates of interest as may be
provided by statute. The full faith and credit and taxing power
of the State of Oregon must be pledged to the payment of the
principal, premium, if any, and interest on the general
obligation bonds; however, the ad valorem taxing power of the
State of Oregon may not be pledged to the payment of the bonds
issued under this section.
  (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 principal, premium, if any,
interest and other amounts payable with respect to the general
obligation bonds issued under section 1 of this Article must be
repaid as determined by the Legislative Assembly from the
following sources:
  (1) Amounts appropriated for the purpose by the Legislative
Assembly from the General Fund, including taxes, other than ad
valorem property taxes, levied to pay the bonds;
  (2) Amounts allocated for the purpose by the Legislative
Assembly from the proceeds of the State Lottery or from the
 
 
Enrolled Senate Joint Resolution 21 (SJR 21-B)             Page 1
 
 
 
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 the purpose by the
Legislative Assembly from other sources of revenue. + }
   { +  SECTION 3. + }  { + General obligation 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 supersedes 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 the next regular general election held throughout this
state. + }
                         ----------
 
 
 
                                Adopted by Senate April 20, 2001
 
                                Readopted by Senate June 6, 2001
 
                               ----------------------------------
                                       Secretary of Senate
 
                               ----------------------------------
                                       President of Senate
 
 
                                  Adopted by House June 1, 2001
 
                               ----------------------------------
                                        Speaker of House
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enrolled Senate Joint Resolution 21 (SJR 21-B)             Page 2