72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
HA to HB 3659
 
LC 3743/HB 3659-1
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 3659
 
                     By COMMITTEE ON REVENUE
 
                            August 5
 
  On page 2 of the printed bill, line 16, delete 'does' and
insert 'produces net proceeds that do'.
  In line 18, after 'System' insert a comma.
  Delete lines 39 through 43.
  On page 6, line 36, delete 'does' and insert 'produces net
proceeds that do'.
  On page 8, line 4, before 'proceeds' insert 'gross'.
  On page 9, after line 8, insert:
  ' (2) In the biennium beginning July 1, 2003, the Director of
the Oregon Department of Administrative Services, with the
approval of the State Treasurer, may enter into financing
agreements:
  ' (a) To finance all or a portion of the state's pension
liabilities for retirement, health care or disability benefits,
in an amount that produces net proceeds that do not exceed the
State Treasurer's estimate of those liabilities based on
information provided to the State Treasurer by the Public
Employees Retirement System, plus an amount determined by the
State Treasurer to pay the estimated costs of reserves, credit
enhancements and other costs associated with issuing,
administering and maintaining the financing.
  ' (b) To refund financing agreements entered into under this
section. The amount of financing issued under this paragraph may
not exceed the estimated costs of paying, redeeming or defeasing
the refunded financing agreements, plus an amount determined by
the State Treasurer to pay the estimated costs of reserves,
credit enhancements and other costs associated with issuing,
administering and maintaining the financing.'.
  In line 9, delete '(2)' and insert '(3)'.
  In line 10, delete 'deposited' and insert 'transferred to the
Public Employees Retirement Board for deposit'.
  In line 23, after 'for' delete the rest of the line and insert
'bond-related costs.'.
  In line 36, after 'for' delete the rest of the line and line 37
and insert 'the costs of reserves, credit enhancements and other
costs associated with issuing, administering and maintaining the
financing.'.
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