Chapter 515 Oregon Laws 2003

AN ACT

HB 3642

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 May 2003 quarterly economic and revenue forecast issued on May 15, 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, pursuant to section 4 (6), Article XV of the Oregon Constitution, on May 1, 2005, the State Treasurer shall transfer 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 an amount that is equal to 90 percent of the moneys deposited in the Education Stability Fund on or after July 1, 2003, and prior to May 1, 2005.

(3) 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. (1) The State Treasurer, for purposes of making the transfer of moneys from the Education Stability Fund to the State School Fund required by section 1 of this 2003 Act, may:

(a) Divert funds to the State School Fund that would otherwise be transferred to the Higher Education Technology Transfer Account or any other account of the Education Stability Fund; and

(b) Reduce the amount of funds in the Higher Education Technology Transfer Account or any other account of the Education Stability Fund.

(2) Notwithstanding section 1 (2) of this 2003 Act and subsection (1) of this section, the State Treasurer may not:

(a) Divert declared earnings on moneys in the Education Stability Fund to make the transfer required by section 1 of this 2003 Act;

(b) Divert funds to the State School Fund that would otherwise be transferred to the Oregon Growth Account or the Oregon Resource and Technology Development Subaccount; and

(c) Reduce the amount of funds in the Oregon Growth Account or the Oregon Resource and Technology Development Subaccount to make the transfer required by section 1 of this 2003 Act.

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 June 30, 2003

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

Effective date June 30, 2003

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