72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 1670
 
                         House Bill 2406
 
Sponsored by COMMITTEE ON PUBLIC EMPLOYEES RETIREMENT SYSTEM
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
 
  Authorizes municipality to file for adjustment of debts under
federal law.
 
                        A BILL FOR AN ACT
Relating to municipal debts.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + (1) As used in this section, 'municipal
corporation' has the meaning given that term in ORS 294.311.
  (2) A municipal corporation, acting through its governing body,
may institute proceedings for adjustment of debt in accordance
with the federal bankruptcy laws, 11 U.S.C. chapter 9. + }
                         ----------