Chapter 592 Oregon Laws 2003

AN ACT

HB 2651

Relating to a special election; and declaring an emergency.

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

SECTION 1. Except as otherwise provided in this 2003 Act, ORS chapters 250, 251 and 254 apply to the special election held on the measure submitted under House Joint Resolution 18 (2003).

SECTION 2. A special election shall be held throughout this state on September 16, 2003. The measure referred to in section 1 of this 2003 Act and that is otherwise referred to the people by the Legislative Assembly shall be submitted to the electors for their approval or rejection at the special election.

SECTION 3. (1) Notwithstanding ORS 250.035, the ballot title for House Joint Resolution 18 (2003) shall be:

____________________________________________________________________________

AMENDS CONSTITUTION: AUTHORIZES STATE OF OREGON TO INCUR GENERAL OBLIGATION DEBT FOR SAVINGS ON PENSION LIABILITIES.

RESULT OF “YES” VOTE: “Yes” vote authorizes state to incur general obligation debt for savings on pension liabilities.

RESULT OF “NO” VOTE: “No” vote does not authorize state to incur general obligation debt for savings on pension liabilities.

SUMMARY: This measure amends the Oregon Constitution to authorize the State of Oregon to incur debt to finance pension liabilities of the state at a lower cost to the state and to pay costs of issuing and incurring indebtedness. The measure authorizes the Legislative Assembly to enact implementing legislation.

The measure specifies that indebtedness authorized by the measure is a general obligation of the state, backed by the full faith and credit and taxing power of the state, except ad valorem taxing power. The measure limits the amount of indebtedness outstanding at any time to one percent of the real market value of property in the state.

____________________________________________________________________________

(2) ORS 250.085 does not apply to the ballot title prepared under this section. The ballot title prepared under this section shall be the ballot title printed in the voters’ pamphlet and as provided in section 8 of this 2003 Act.

SECTION 4. (1) Notwithstanding ORS 250.125, 250.127 and 250.131, the estimate of financial impact for House Joint Resolution 18 (2003) to be printed in the voters’ pamphlet and as provided in section 8 of this 2003 Act shall be:

____________________________________________________________________________

This measure has no direct financial effect to state or local government expenditures or revenues. However, general obligation indebtedness provides the lowest cost alternative among financing mechanisms. To the extent that the State of Oregon uses the authority to issue general obligation indebtedness rather than using more costly financing mechanisms, the State of Oregon should experience lower financing costs.

____________________________________________________________________________

(2) ORS 250.131 does not apply to the financial estimate prepared under this section. The financial estimate prepared under this section shall be the financial estimate printed in the voters’ pamphlet and as provided in section 8 of this 2003 Act.

SECTION 5. (1) Notwithstanding ORS 251.205, 251.215, 251.225, 251.230 and 251.235, the explanatory statement to be printed in the voters’ pamphlet for House Joint Resolution 18 (2003) shall be:

____________________________________________________________________________

This measure amends the Oregon Constitution to authorize the State of Oregon to incur debt to finance the pension liabilities of the state at a lower cost to the state and to pay costs of issuing and incurring indebtedness. The measure authorizes the Legislative Assembly to enact implementing legislation.

The measure specifies that indebtedness authorized by the measure is a general obligation of the state, backed by the full faith and credit and taxing power of the state, except ad valorem taxing power. The measure limits the amount of indebtedness outstanding at any time to one percent of the real market value of property in the state.

____________________________________________________________________________

(2) ORS 251.235 does not apply to the explanatory statement prepared under this section. The explanatory statement prepared under this section shall be the explanatory statement printed in the voters’ pamphlet.

SECTION 6. (1) Arguments relating to the measure referred to in section 1 of this 2003 Act may be filed with the Secretary of State under ORS 251.245 and 251.255, except that an argument shall be filed not later than the date set by the Secretary of State by rule.

(2) Notwithstanding ORS 192.410 to 192.505 relating to public records, an argument filed under this section is exempt from public inspection until the fourth business day after the deadline for filing the argument.

SECTION 7. (1) The Secretary of State shall cause to be printed in the voters’ pamphlet the number, ballot title and text of the measure referred to in section 1 of this 2003 Act and the financial estimate, explanatory statement and arguments relating to the measure. The Secretary of State shall also cause to be printed in the voters’ pamphlet any other material required by law. Notwithstanding ORS 251.026, the Secretary of State shall include in the voters’ pamphlet the information or statements described in ORS 251.026 that the Secretary of State considers applicable to the election on the measure referred to in section 1 of this 2003 Act. Notwithstanding ORS 251.285 and subject to ORS 251.008, the measure referred to in section 1 of this 2003 Act shall be the only measure included in the voters’ pamphlet prepared under this section.

(2) Not later than the 10th day before the election, the Secretary of State shall cause the voters’ pamphlet to be mailed to each post-office mailing address in Oregon and may use any additional means of distribution necessary to make the pamphlet available to electors.

(3) In preparing the voters’ pamphlet under this section, the Secretary of State is not required to comply with ORS 279.011 to 279.063 relating to competitive bidding.

SECTION 8. (1) Notwithstanding the deadline in ORS 254.085, the Secretary of State shall prepare and deliver to each county clerk by the most expeditious means practicable a certified statement of the measure referred to in section 1 of this 2003 Act. The Secretary of State shall include with the statement the number, financial estimate and full ballot title of the measure, and any other information required by law. The Secretary of State shall keep a copy of the statement.

(2) The county clerks shall print on the ballot the number, financial estimate and full ballot title of the measure, along with any other material required by law. In lieu of printing the financial estimate, the summary portion of the ballot title or other material required by law on the ballot, a county clerk may include with the ballot the complete text of the ballot title, the financial estimate and any other material required by law.

SECTION 9. (1) The Secretary of State may adopt rules governing the procedures for conducting the election on the measure referred to in section 1 of this 2003 Act as may be necessary to implement sections 1 to 9 of this 2003 Act.

(2) Notwithstanding ORS 254.465, the election on the measure referred to in section 1 of this 2003 Act shall be conducted by mail in all counties in this state as provided under ORS 254.470.

SECTION 10. 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 July 17, 2003

Filed in the office of Secretary of State July 18, 2003

Effective date July 17, 2003

__________