72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
Enrolled
House Bill 3642
Sponsored by COMMITTEE ON REVENUE
CHAPTER ................
AN ACT
Relating to the Education Stability Fund; declaring an emergency;
and providing for transfer of moneys from the Education
Stability Fund that requires approval by a three-fifths
majority.
Be It Enacted by the People of the State of Oregon:
SECTION 1. { + (1) The Legislative Assembly finds that the May
2003 quarterly economic and revenue forecast issued on May 15,
2003, by the Office of Economic Analysis of the Oregon Department
of Administrative Services met the conditions described in
section 4 (6)(a)(C), Article XV of the Oregon Constitution, for
the 2001-2003 biennium.
(2) Based on the findings under subsection (1) of this section,
pursuant to section 4 (6), Article XV of the Oregon Constitution,
on May 1, 2005, the State Treasurer shall transfer from the
Education Stability Fund established under section 4 (4)(d),
Article XV of the Oregon Constitution, and ORS 348.696 to the
State School Fund established under ORS 327.008 an amount that is
equal to 90 percent of the moneys deposited in the Education
Stability Fund on or after July 1, 2003, and prior to May 1,
2005.
(3) Moneys transferred under this section may be used in the
manner provided by ORS 327.008 for moneys in the State School
Fund. + }
SECTION 2. { + (1) The State Treasurer, for purposes of making
the transfer of moneys from the Education Stability Fund to the
State School Fund required by section 1 of this 2003 Act, may:
(a) Divert funds to the State School Fund that would otherwise
be transferred to the Higher Education Technology Transfer
Account or any other account of the Education Stability Fund; and
(b) Reduce the amount of funds in the Higher Education
Technology Transfer Account or any other account of the Education
Stability Fund.
(2) Notwithstanding section 1 (2) of this 2003 Act and
subsection (1) of this section, the State Treasurer may not:
(a) Divert declared earnings on moneys in the Education
Stability Fund to make the transfer required by section 1 of this
2003 Act;
(b) Divert funds to the State School Fund that would otherwise
be transferred to the Oregon Growth Account or the Oregon
Resource and Technology Development Subaccount; and
Enrolled House Bill 3642 (HB 3642-INTRO) Page 1
(c) Reduce the amount of funds in the Oregon Growth Account or
the Oregon Resource and Technology Development Subaccount to make
the transfer required by section 1 of this 2003 Act. + }
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 on its
passage. + }
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Passed by House June 20, 2003
...........................................................
Chief Clerk of House
...........................................................
Speaker of House
Passed by Senate June 30, 2003
...........................................................
President of Senate
Enrolled House Bill 3642 (HB 3642-INTRO) Page 2
Received by Governor:
......M.,............., 2003
Approved:
......M.,............., 2003
...........................................................
Governor
Filed in Office of Secretary of State:
......M.,............., 2003
...........................................................
Secretary of State
Enrolled House Bill 3642 (HB 3642-INTRO) Page 3