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 3739
House Bill 3670
Sponsored by COMMITTEE ON RULES AND PUBLIC AFFAIRS
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.
Establishes ballot title for Senate Joint Resolution 2 (2003).
Directs investment policies for Economic Emergency Fund if
amendment to Oregon Constitution proposed by Senate Joint
Resolution 2 (2003) is adopted.
A BILL FOR AN ACT
Relating to an economic emergency fund; creating new provisions;
and amending ORS 293.701.
Be It Enacted by the People of the State of Oregon:
SECTION 1. { + Notwithstanding ORS 250.035, the ballot title
for Senate Joint Resolution 2 (2003), if Senate Joint Resolution
2 (2003) is referred to the people by the Seventy-second
Legislative Assembly in regular session, shall be: + }
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{ + AMENDS CONSTITUTION: CREATES STATE ECONOMIC EMERGENCY FUND
FOR USE ONLY IN DOWNTURNS IN OREGON'S ECONOMY. + }
{ + RESULT OF 'YES' VOTE: 'Yes' vote creates economic emergency
fund for State of Oregon to be used by legislature during
downturns in state's economy to stabilize funding of state
services. + }
{ + RESULT OF 'NO' VOTE: 'No' vote rejects establishment of
economic emergency fund to be used during downturns in state's
economy to fund state services. + }
{ + SUMMARY: Amends Constitution. This measure creates the
Economic Emergency Fund for use by the state to pay for services
only during downturns in Oregon's economy.
The Economic Emergency Fund is established in the State
Treasury, separate and distinct from the state General Fund.
For the Economic Emergency Fund to be used, three-fourths of
the members of each chamber of the Legislative Assembly must vote
to declare that an economic emergency exists based on either of
the following economic conditions:
(1) A decline for two or more consecutive quarters in the
seasonally adjusted rate of nonfarm payroll employment; or
(2) A quarterly economic and revenue forecast projects that
revenues in the General Fund in the current biennium will be at
least two percent below what they were projected to be in the
revenue forecast on which the legislatively adopted budgets for
the current biennium were based.
Appropriations to the Economic Emergency Fund will be made
every two years during legislative budgeting. Based on a revenue
forecast, one-half of one percent of the moneys projected to be
available to the General Fund for the next biennium shall be
appropriated by the legislature to the Economic Emergency Fund.
The Economic Emergency Fund will be capped at 10 percent of the
General Fund.
Funds from the Economic Emergency Fund may be used by the
legislature in times of state economic distress to help pay for
any state service, such as kindergarten through grade 12
education, senior programs, mental health programs and the Oregon
State Police.
The first appropriation to the Economic Emergency Fund will be
made during the 2005-2007 biennium. + }
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SECTION 2. { + ORS 250.085 does not apply to the ballot title
in section 1 of this 2003 Act. The ballot title in section 1 of
this 2003 Act shall be the ballot title printed in the voters'
pamphlet and printed on or included with the ballot. + }
SECTION 3. { + Section 4 of this 2003 Act is added to and made
a part of ORS 293.701 to 293.820. + }
SECTION 4. { + Notwithstanding any other provision of ORS
293.701 to 293.820, at least one-half of the moneys in the
Economic Emergency Fund established in section 15, Article IX of
the Oregon Constitution, shall be invested in such a way that the
moneys can be made available for expenditure within 90 days of
the date that the Legislative Assembly appropriates moneys in the
manner described in section 15 (5), Article IX of the Oregon
Constitution. + }
SECTION 5. ORS 293.701, as amended by section 9, chapter 6,
Oregon Laws 2002 (third special session), is amended to read:
293.701. As used in ORS 293.701 to 293.820, unless the context
requires otherwise:
(1) 'Council' means the Oregon Investment Council.
(2) 'Investment funds' means:
(a) Public Employees Retirement Fund referred to in ORS
238.660;
(b) Industrial Accident Fund referred to in ORS 656.632;
(c) Consumer and Business Services Fund referred to in ORS
705.145;
(d) Employment Department Special Administrative Fund referred
to in ORS 657.822;
(e) Insurance Fund referred to in ORS 278.425;
(f) Funds under the control and administration of the Division
of State Lands;
(g) Oregon Student Assistance Fund referred to in ORS 348.570;
(h) Moneys made available to the Commission for the Blind under
ORS 346.270 and 346.540 or rules adopted thereunder;
(i) Forest rehabilitation bonds sinking fund referred to in ORS
530.280;
(j) Oregon War Veterans' Fund referred to in ORS 407.495;
(k) Oregon War Veterans' Bond Sinking Account referred to in
ORS 407.515;
(L) World War II Veterans' Compensation Fund;
(m) World War II Veterans' Bond Sinking Fund;
(n) Savings and loan association funds in the hands of the
Director of the Department of Consumer and Business Services;
(o) Funds in the hands of the State Treasurer that are not
required to meet current demands;
(p) State funds that are not subject to the control and
administration of officers or bodies specifically designated by
law;
(q) Funds derived from the sale of state bonds;
(r) Social Security Revolving Account referred to in ORS
237.490;
(s) Investment funds of the State Board of Higher Education
lawfully available for investment or reinvestment;
(t) Local Government Employer Benefit Trust Fund referred to in
ORS 657.513;
(u) Elderly and Disabled Special Transportation Fund
established by ORS 391.800;
(v) Education Stability Fund established by ORS 348.696;
(w) Deferred Compensation Fund established under ORS 243.411;
{ - and - }
(x) Trust for Cultural Development Account established under
ORS 359.405 { + ; and
(y) Economic Emergency Fund established by section 15, Article
IX of the Oregon Constitution + }.
(3) 'Investment officer' means the State Treasurer in the
capacity as investment officer for the council.
SECTION 6. { + Sections 3 and 4 of this 2003 Act and the
amendments to ORS 293.701 by section 5 of this 2003 Act do not
become operative unless the amendment to the Oregon Constitution
proposed by Senate Joint Resolution 2 (2003) is approved by the
people at the regular general election held in November 2004.
Sections 3 and 4 of this 2003 Act and the amendments to ORS
293.701 by section 5 of this 2003 Act become operative on the
effective date of that amendment to the Oregon Constitution. + }
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