Chapter 10 Oregon Laws 2003

AN ACT

SB 855

Relating to the Education Stability Fund; declaring an emergency; and providing for transfer of moneys from the Education Stability Fund that requires approval by a three-fifths majority.

Be It Enacted by the People of the State of Oregon:

SECTION 1. (1) The Legislative Assembly finds that the March 2003 quarterly economic and revenue forecast issued on February 28, 2003, by the Office of Economic Analysis of the Oregon Department of Administrative Services met the conditions described in section 4 (6)(a)(C), Article XV of the Oregon Constitution, for the 2001-2003 biennium.

(2) Based on the findings under subsection (1) of this section and in addition to and not in lieu of the moneys transferred under section 4 (9), Article XV of the Oregon Constitution, pursuant to section 4 (6), Article XV of the Oregon Constitution, the State Treasurer shall transfer moneys from the Education Stability Fund established under section 4 (4)(d), Article XV of the Oregon Constitution, and ORS 348.696 to the State School Fund established under ORS 327.008.

(3) The State Treasurer shall make the transfer of moneys required under subsection (2) of this section on April 1, 2003, and May 1, 2003.

(4) The total amount of moneys that the State Treasurer shall transfer pursuant to subsections (2) and (3) of this section shall equal $112,000,000.

(5) Moneys transferred under this section may be used in the manner provided by ORS 327.008 for moneys in the State School Fund.

SECTION 2. Notwithstanding ORS 348.696, 348.702, 348.706 and 348.716 and section 9, chapter 922, Oregon Laws 2001, the State Treasurer, for purposes of making the transfers of moneys from the Education Stability Fund to the State School Fund required by section 1 of this 2003 Act, may:

(1) Divert funds to the State School Fund that would otherwise be transferred to or from the Oregon Growth Account, the Higher Education Technology Transfer Account, the Oregon Resource and Technology Development Subaccount or any other account of the Education Stability Fund; and

(2) Reduce the amount of funds in the Oregon Growth Account, the Higher Education Technology Transfer Account, the Oregon Resource and Technology Development Subaccount or any other account of the Education Stability Fund.

SECTION 3. This 2003 Act being necessary for the immediate preservation of the public peace, health and safety, an emergency is declared to exist, and this 2003 Act takes effect on its passage.

Approved by the Governor March 4, 2003

Filed in the office of Secretary of State March 4, 2003

Effective date March 4, 2003

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