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 2209
 
                   Senate Joint Resolution 27
 
Sponsored by Senator BROWN
 
 
                             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 create Economic
Stabilization Fund. Provides that if moneys in fund equal five
percent of General Fund, excess shall be transferred to General
Fund for kindergarten through grade 12 public education.
Specifies conditions under which moneys in fund may be
appropriated.
  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 section 15 to be added to and made a part of
Article IX, such section to read:
   { +  SECTION 15. + }  { + (1) The Economic Stabilization Fund
is established in the State Treasury, separate and distinct from
the General Fund.
  (2) Moneys in the Economic Stabilization Fund may be invested
as provided by law. Earnings from moneys in the fund shall be
credited to the fund.
  (3) If the Economic Stabilization Fund balance at the beginning
of a biennium exceeds five percent of the General Fund
appropriations for the prior biennium, the amount by which the
Economic Stabilization Fund balance at the beginning of the
biennium exceeds five percent of the General Fund appropriations
for the prior biennium shall be transferred to the General Fund
and may be used only for funding of public education for students
in kindergarten through grade 12.
  (4) The Legislative Assembly may not appropriate moneys from
the Economic Stabilization Fund unless:
  (a) The Legislative Assembly adopts a joint resolution
declaring that an economic recession exists in this state as
shown by a decline for two or more consecutive quarters in the
seasonally adjusted rate of nonfarm payroll employment and a
majority of the members of each house of the Legislative Assembly
vote in favor of the appropriation of moneys from the fund; or
  (b) Three-fifths of the members of each house of the
Legislative Assembly vote in favor of the appropriation of moneys
from the fund. + }
 
  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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