72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
HA to HB 2131
 
LC 817/HB 2131-2
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 2131
 
               By COMMITTEE ON GENERAL GOVERNMENT
 
                            March 31
 
  On page 1 of the printed bill, line 4, delete 'and 328.205 '
and insert ', 328.205 and 352.805'.
  In line 12, delete 'and' and insert 'or'.
  In line 15, delete 'an issuer as defined in ORS 287.014 ' and
insert 'a public body as defined in ORS 288.605'.
  On page 2, line 1, after 'agreement' delete the rest of the
line and insert 'benefits'.
  In line 2, delete 'of'.
  On page 3, line 16, delete 'Are payable' and insert 'May be
made'.
  In line 37, delete 'is in the best interest of' and insert '
benefits'.
  On page 4, line 4, after 'including' delete the rest of the
line and line 5 and insert 'but not limited to moneys credited to
the governmental unit's general fund, revenues from an ad valorem
tax authorized to be levied under the governmental unit's
permanent rate limit under sections 11 and 11b, Article XI of the
Oregon Constitution, and revenues derived from other taxes levied
by the governmental unit in accordance with and subject to
limitations and restrictions imposed under applicable law or
contract, that are not dedicated, restricted'.
  In line 25, after the first 'collect' delete the rest of the
line.
  In line 26, delete 'the tax,'.
  On page 7, line 37, before 'issue' insert 'authorize,'.
  On page 8, line 27, before 'issue' insert 'authorize,'.
  On page 10, line 23, delete 'authorized by' and insert '
under'.
  In line 24, after 'bonds' insert 'under ORS 288.805 to
288.945'.
  In line 28, after '(3)' delete the rest of the line and line
29.
  In line 30, delete 'be executed, for' and insert 'A
municipality may not sell revenue bonds under ORS 288.805 to
288.945 authorized by a resolution until'.
  In line 33, delete 'to have' and insert 'that'.
  In line 34, after 'bonds' insert 'described in the resolution
be'.
  In line 37, after 'bonds' insert 'described in the resolution'.
  In line 39, delete 'no bonds may be sold until' and insert '
bonds may not be sold until the issuance of bonds described in'.
  In line 40, delete 're-'.
  In line 41, delete 'solution' and insert 'question'.
  In line 42, after 'bonds' insert 'described in the resolution'.
  On page 12, line 24, after 'bonds' delete the rest of the line
and insert ', like obligations and related'.
  On page 17, line 38, after the first 'or' delete the rest of
the line and line 39 and insert 'proceed in accordance with ORS
305.586.'.
 
  On page 18, line 38, after the first 'or' delete the rest of
the line and line 39 and insert 'proceed in accordance with ORS
305.586.'.
  On page 21, line 29, before 'issuing' insert ' authorizing,'.
  On page 23, line 2, delete 'appurtenant'.
  In line 3, delete 'to a school building' and insert 'to be used
for district purposes'.
  In line 12, before 'issuing' insert 'authorizing,'.
  On page 24, line 7, delete '60-day' and insert 'referral ' and
delete '(3)'.
  On page 25, line 6, delete '60-day' and insert 'referral ' and
delete '(3)'.
  After line 16, insert:
  '  { +  SECTION 27. + } ORS 352.805 is amended to read:
  ' 352.805. (1) Revenue bonds shall be payable solely from that
portion of education facility revenues which the municipality
pledges therefor in the resolution authorizing issuance of
revenue bonds.
  ' (2) A municipality may authorize the issuance of revenue
bonds by resolution or  { + nonemergency + } ordinance under the
procedure described in ORS 288.815.
  ' (3) The resolution may provide for the establishment of one
or more special funds and may place such funds under the control
of one or more trustees. The resolution may obligate the
municipality to deposit and expend the proceeds of the revenue
bonds only into and from such fund or funds, and to set aside and
pay into such fund or funds specified education facility
revenues.
  ' (4) Any pledge of education facility revenues made by a
municipality shall be valid and binding, without physical
delivery or additional action, from the time that the pledge is
made against any parties having subsequent claims of any kind in
tort, contract or otherwise against a municipality or an
educational institution, irrespective of whether such parties
have actual notice thereof. The pledge shall be noted in the
resolution authorizing issuance of revenue bonds, which shall be
constructive notice thereof to all parties and the resolution
need not be recorded, nor shall the filing of any financing
statement under the Uniform Commercial Code be required to
perfect such pledge.
  ' (5) The municipality may establish the terms under which its
revenue bonds shall be issued and sold.
  ' (6) All revenue bonds issued pursuant to ORS 352.790 to
352.820 shall be legal securities which may be used by any
insured institution or trust company, as those terms are defined
in ORS 706.008, for deposit with the State Treasurer or a county
treasurer or city treasurer as security for deposits in lieu of a
surety bond under any law relating to deposits of public moneys.
The revenue bond shall constitute legal investments for public
bodies, trustees and other fiduciaries, banks, savings and loan
associations and insurance companies. All revenue bonds shall
constitute negotiable instruments within the meaning of and for
all purposes of the law of this state.'.
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