72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
HA to A-Eng. HJR 18
 
LC 814/HJR 18-A4
 
                       HOUSE AMENDMENTS TO
              A-ENGROSSED HOUSE JOINT RESOLUTION 18
 
                     By COMMITTEE ON REVENUE
 
                             July 10
 
  On page 1 of the printed A-engrossed joint resolution, line 2,
after 'Oregon' delete the rest of the line and line 3 and insert
a colon.
  Delete lines 4 through 23 and pages 2 through 5 and insert:
  '  { +  PARAGRAPH 1. + } The Constitution of the State of
Oregon is amended by creating a new Article to be known as
Article XI-O, such Article to read:
 
                                '
 { +  ARTICLE XI-O + }
 
  '  { +  SECTION 1. + }  { + (1) In the manner provided by law
and notwithstanding the limitations contained in section 7,
Article XI of this Constitution, the credit of the State of
Oregon may be loaned and indebtedness incurred to finance the
State of Oregon's pension liabilities or to finance other
projects or operations that the Legislative Assembly finds will
assist the State of Oregon to provide services to its citizens or
to reduce costs of the State of Oregon. Indebtedness authorized
by this section also may be used to refinance obligations of the
State of Oregon or to pay costs of issuing or incurring
indebtedness under this section.
  ' (2) Indebtedness incurred under this section is a general
obligation of the State of Oregon and must contain a direct
promise on behalf of the State of Oregon to pay the principal,
premium, if any, and interest on that indebtedness. The State of
Oregon shall pledge its full faith and credit and taxing power to
pay that indebtedness; however, the ad valorem taxing power of
the State of Oregon may not be pledged to pay that indebtedness.
The amount of indebtedness authorized by this section and
outstanding at any time may not exceed two percent of the real
market value of all property in the state. + }
  '  { +  SECTION 2. + }  { + Indebtedness incurred under section
1 of this Article may be refunded with like obligations. + }
  '  { +  SECTION 3. + }  { + The Legislative Assembly may enact
legislation to carry out the provisions of this Article. + }
  '  { +  SECTION 4. + }  { + This Article supersedes all
conflicting provisions of this Constitution. + }
 
  '  { +  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 as
provided in section 2, chapter ___, Oregon Laws 2003
(Enrolled House Bill 2651). + } ' .
                         ----------