Chapter 497 Oregon Laws 2003

AN ACT

SB 5542

Relating to state financial administration; appropriating money; limiting expenditures; and declaring an emergency.

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

SECTION 1. There is appropriated to the Department of Revenue, for the biennium beginning July 1, 2003, out of the General Fund, the amount of $123,824,598 for the purpose of administrative expenses.

SECTION 2. In addition to and not in lieu of any other appropriation, there is appropriated to the Department of Revenue, for the biennium beginning July 1, 2003, out of the General Fund, the amount of $9,000,000 for the purpose of making payments authorized by ORS 307.244 and 310.630 to 310.706 for the elderly rental assistance program.

SECTION 3. In addition to and not in lieu of any other appropriation, there is appropriated to the Department of Revenue, for the biennium beginning July 1, 2003, out of the General Fund, the amount of $1 for the purpose of deferred collection of homestead property taxes (property tax deferral outlined in ORS 311.666 to 311.701).

SECTION 4. After July 1, 2003, if the amount appropriated by section 3 of this 2003 Act plus the balance in the Senior Property Tax Deferral Revolving Account is not sufficient to make the payments required by ORS 311.701 (1), the State Treasurer shall advance, as an investment of the General Fund, such amounts as may be necessary to make such payments during the biennium beginning July 1, 2003. Any moneys so advanced shall be repaid in accordance with ORS 311.701 (6) with interest thereon computed with the rate described in ORS 311.674 (3).

SECTION 5. Notwithstanding any other law limiting expenditures, the amount of $24,388,755 is established for the biennium beginning July 1, 2003, as the maximum limit for payment of expenses from fees, moneys or other revenues, including Miscellaneous Receipts, except those deposited in the Multistate Tax Commission Revolving Account and the Senior Property Tax Deferral Revolving Account, but excluding lottery funds and federal funds, collected or received by the Department of Revenue.

SECTION 6. For the biennium beginning July 1, 2003, expenditures for expenses of the Multistate Tax Commission are not limited.

SECTION 7. 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 July 1, 2003.

Approved by the Governor June 30, 2003

Filed in the office of Secretary of State June 30, 2003

Effective date July 1, 2003

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