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 1270
 
                    House Joint Resolution 3
 
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
  Presession filed (at the request of Joint Legislative Committee
  on Information Management and Technology for Oregon
  Telecommunication Coordinating Council)
 
 
                             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.
 
  Proposes amendment to Oregon Constitution to allow state and
local governments to hold interest in private companies for
purpose of improving telecommunications services.
  Refers proposed amendment to people for their approval or
rejection at special election held on same date as next primary
election.
 
                        JOINT RESOLUTION
Be It Resolved by the Legislative Assembly of the State of
  Oregon:
  PARAGRAPH 1. Sections 6 and 9, Article XI of the Constitution
of the State of Oregon, are amended to read:
   { +  Sec. 6. + } (1) The state shall not subscribe to
 { - , - }  or be interested in the stock of any company,
association or corporation. However, as provided by law the state
may hold and dispose of stock, including stock already received,
that is donated or bequeathed; and may invest, in the stock of
any company, association or corporation, any funds or moneys
that:
  (a) Are donated or bequeathed for higher education purposes;
  (b) Are the proceeds from the disposition of stock that is
donated or bequeathed for higher education purposes, including
stock already received; or
  (c) Are dividends paid with respect to stock that is donated or
bequeathed for higher education purposes, including stock already
received.
  (2) Notwithstanding the limits contained in subsection (1) of
this section, the state may hold and dispose of stock:
  (a) Received in exchange for technology created in whole or in
part by a public institution of post-secondary education; or
  (b) Received prior to December 5, 2002, as a state asset
invested in the creation or development of technology or
resources within Oregon.
   { +  (3) Notwithstanding the limits contained in subsection
(1) of this section, the state may subscribe to or be interested
in the stock of any company, association or corporation for the
purpose of improving deployment of telecommunications services to
achieve a public purpose. + }
   { +  Sec. 9. + }  { + (1) + } No county, city, town or other
municipal corporation, by vote of its citizens, or otherwise,
shall become a stockholder in any joint company, corporation or
association, whatever, or raise money for, or loan its credit to,
or in aid of, any such company, corporation or association.
Provided, that any municipal corporation designated as a port
under any general or special law of the state of Oregon
 { - , - }  may be empowered by statute to raise money and expend
the same in the form of a bonus to aid in establishing water
transportation lines between such port and any other domestic or
foreign port or ports, and to aid in establishing water
transportation lines on the interior rivers of this state, or on
the rivers between Washington and Oregon, or on the rivers of
Washington and Idaho reached by navigation from Oregon's rivers
 { - ; - }  { + . + }   { - any - }   { + Any + } debts of a
municipality to raise money created for the aforesaid purpose
shall be incurred only on approval of a majority of those voting
on the question, and shall not, either singly or in the
aggregate, with previous debts and liabilities incurred for that
purpose, exceed one   { - per cent - }  { + percent + } of the
assessed valuation of all property in the municipality.
   { +  (2) Notwithstanding subsection (1) of this section, a
county, city, town or other municipal corporation may become a
stockholder in any joint company, corporation or association,
whatever, or raise money for, or loan its credit to, or in aid
of, any such company, corporation or association for the purpose
of improving deployment of telecommunications services to achieve
a public purpose. + }
 
  PARAGRAPH 2.  { + The amendment proposed by this resolution
shall be submitted to the people for their approval or rejection
at a special election held throughout this state on the same date
as the next primary election. + }
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