Chapter 720 Oregon Laws 2003

AN ACT

SB 5554

Relating to state financial administration; amending sections 37 and 38, chapter 710, Oregon Laws 2003 (Enrolled House Bill 5077); repealing sections 93 and 94, chapter 710, Oregon Laws 2003 (Enrolled House Bill 5077), and sections 21 and 22, chapter 732, Oregon Laws 2003 (Enrolled House Bill 5067); appropriating money; and declaring an emergency.

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

SECTION 1. In addition to and not in lieu of any other appropriation, there is appropriated to the Department of Education, out of the General Fund, for the biennium beginning July 1, 2003, the amount of $400,000 for the Local Option Equalization Grants Account.

SECTION 2. If House Bill 5077 becomes law, section 37, chapter 710, Oregon Laws 2003 (Enrolled House Bill 5077), is amended to read:

Sec. 37. (1) Sections 38 to 40 [of this 2003 Act], chapter 710, Oregon Laws 2003 (Enrolled House Bill 5077), become operative only if the estimated ending balance for the General Fund for the biennium beginning July 1, 2003, specified in the estimate of General Fund revenues for the biennium beginning July 1, 2003, that is scheduled to be issued by the Oregon Department of Administrative Services in June 2004, is more than $100,000,000 [above the end-of-session estimate that is reported to the Emergency Board under ORS 291.349 (1)].

(2) If the condition specified in subsection (1) of this section is met, sections 38 to 40 [of this 2003 Act], chapter 710, Oregon Laws 2003 (Enrolled House Bill 5077), become operative on July 1, 2004.

SECTION 3. If House Bill 5077 becomes law, section 38, chapter 710, Oregon Laws 2003 (Enrolled House Bill 5077), is amended to read:

Sec. 38. The Oregon Department of Administrative Services shall calculate the following:

(1) The amount [by which the estimate of General Fund revenues for the biennium beginning July 1, 2003, that is scheduled to be issued by the Oregon Department of Administrative Services in June 2004, exceeds the end-of-session estimate that is reported to the Emergency Board under ORS 291.349 (1)] of the estimated ending balance for the General Fund for the biennium beginning July 1, 2003.

(2) The amount that is equal to the amount calculated under subsection (1) of this section minus $100,000,000.

SECTION 4. If House Bill 5077 becomes law:

(1) Section 93, chapter 710, Oregon Laws 2003 (Enrolled House Bill 5077), and section 21, chapter 732, Oregon Laws 2003 (Enrolled House Bill 5067), are repealed.

(2) Section 94, chapter 710, Oregon Laws 2003 (Enrolled House Bill 5077), and section 22, chapter 732, Oregon Laws 2003 (Enrolled House Bill 5067), are repealed.

SECTION 5. 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 29, 2003

Filed in the office of Secretary of State September 2, 2003

Effective date August 29, 2003

__________