Chapter 13 Oregon Laws 2003

AN ACT

SB 862

Relating to state finance; declaring an emergency; and anticipating reduction in state revenues distributed to local governments that requires approval by a three-fifths majority.

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

SECTION 1. Notwithstanding ORS 323.455, for the biennium ending June 30, 2003, the amounts appropriated to cities, counties and the Department of Transportation under ORS 323.455 (1) shall be proportionally reduced by a total of $5.4 million, which shall be transferred to the General Fund.

SECTION 2. (1) Section 1 of this 2003 Act becomes operative only if the economic and revenue forecast for the remainder of the biennium ending June 30, 2003, that is scheduled to be released by the Oregon Department of Administrative Services on May 15, 2003, is more than $150 million below the forecast that was released on February 28, 2003. For purposes of this subsection, the amount of the forecast does not include any proceeds of bonds issued under chapter 11, Oregon Laws 2003 (Enrolled Senate Bill 856), and credited to the General Fund.

(2) If the condition specified in subsection (1) of this section is met, section 1 of this 2003 Act becomes operative on June 1, 2003.

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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