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 1595
 
                         House Bill 2472
 
Sponsored by Representative BUTLER
 
 
                             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.
 
  Increases 2003-2005 biennium end-of-session revenue estimate
from noncorporate sources made for surplus kicker refund purposes
by amount necessary to fully repay certain funds used during
2001-2003 biennium. Becomes operative only if actual collections
from noncorporate General Fund revenue sources exceed original
revenue estimate by two percent or more.
  Declares emergency, effective on passage.
 
                        A BILL FOR AN ACT
Relating to state finance; declaring an emergency; and providing
  for revenue estimate modification that requires approval by a
  two-thirds majority.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + (1) The estimate of revenues from General Fund
revenue sources, other than corporate income and excise taxes,
that is prepared by the Oregon Department of Administrative
Services under ORS 291.349 (1) for the 2003-2005 biennium, shall
be increased by an amount that equals the sum of:
  (a) The amount necessary to fully repay the amounts taken from
the Education Stability Fund during the 2001-2003 biennium; and
  (b) The amount necessary to fully repay all outstanding
principal and interest on revenue bonds or other borrowings for
which Master Settlement Agreement payments have been pledged.
  (2) As used in this section:
  (a) 'Education Stability Fund' means the fund established under
ORS 348.696.
  (b) 'Master Settlement Agreement' means the Master Settlement
Agreement, and related documents, entered into on November 23,
1998, by the State of Oregon and leading United States tobacco
products manufacturers. + }
  SECTION 2.  { + The intent of the Legislative Assembly in
enacting section 1 of this 2003 Act is to retain General Fund
moneys that would otherwise be returned to taxpayers pursuant to
ORS 291.349 and section 14, Article IX of the Oregon
Constitution, in order to use those retained moneys only to make
the repayments described in section 1 (1) of this 2003 Act. + }
  SECTION 3.  { + Sections 1 and 2 of this 2003 Act become
operative only if the actual revenue collections from General
Fund revenue sources, other than corporate income and excise
taxes, for the 2003-2005 biennium exceed by two percent or more
the original estimate of revenues from General Fund revenue
sources, other than corporate income and excise taxes, that is
prepared under ORS 291.349 (1) for the 2003-2005 biennium. + }
  SECTION 4.  { + 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. + }
                         ----------