Chapter 703 Oregon Laws 2003

AN ACT

SB 5551

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

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

SECTION 1. The Oregon Department of Administrative Services shall transfer the amount of $41,818,040 from the Tobacco Settlement Funds Account to the Oregon Appropriation Bond Fund established under section 3, chapter 11, Oregon Laws 2003 (Enrolled Senate Bill 856).

SECTION 2. Notwithstanding any other law limiting expenditures, the amount of $59,317,364 is established for the biennium beginning July 1, 2003, as the maximum limit for payment of expenses by the Oregon Department of Administrative Services from the Oregon Appropriation Bond Fund established under section 3, chapter 11, Oregon Laws 2003 (Enrolled Senate Bill 856), for paying the principal of, interest on and premium on, if any, outstanding appropriation bonds authorized by chapter 11, Oregon Laws 2003 (Enrolled Senate Bill 856).

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 July 1, 2003.

Approved by the Governor August 22, 2003

Filed in the office of Secretary of State August 22, 2003

Effective date August 22, 2003

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