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
 
                   Senate Joint Resolution 21
 
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 as
introduced.
 
  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
_____ 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) The amount of any loan authorized or indebtedness incurred
under this section by means of bonds to be issued in any biennium
may not exceed the dollar amount appropriated from the General
Fund for the same or similar purposes. Any dollar amount
appropriated to meet the requirements of this subsection shall be
specifically designated therefor by the Legislative Assembly.
  (4) Moneys available under this section may not be expended on
or for a building, structure or parts thereof that are wholly
self-liquidating and self-supporting.
  (5) As used in this section, 'public education building ' means
a building owned by a governmental unit that is used to provide
educational instruction to public school students. + }
   { +  SECTION 2. + }  { + 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 3.  + }  { +  Ad valorem taxes shall be levied
annually upon the taxable property within the State of Oregon in
sufficient amount to provide for the prompt payment of bonds
issued pursuant to this Article and the interest thereon. The
Legislative Assembly may provide other revenues to supplement or
replace, in whole or in part, ad valorem tax levies. + }
   { +  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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