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 814
 
                           B-Engrossed
 
                    House Joint Resolution 18
                  Ordered by the House July 10
       Including House Amendments dated May 2 and July 10
 
Sponsored by Representatives SHETTERLY, WESTLUND; Representatives
  AVAKIAN, BACKLUND, BARKER, BARNHART, BUTLER, HASS, HOPSON,
  HUNT, NELSON, PATRIDGE, WILLIAMS, WIRTH, Senators BURDICK,
  CLARNO, COURTNEY, DECKERT, METSGER, RINGO, B STARR, WALKER (at
  the request of State Treasurer Randall Edwards)
 
 
                             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.
 
    { - Proposes revision to Oregon Constitution to allow state
to issue general obligation bonds to provide matching funds to
finance capital costs of school district facilities and to pay
costs of issuing bonds. Creates school capital matching fund.
Repeals school capital matching subaccount. Specifies sources of
moneys for payment of indebtedness and interest. - }
    { - Refers proposed revision to people for their approval or
rejection at special election held on same date as next primary
election. - }
   { +  Proposes amendment to Oregon Constitution authorizing
State of Oregon to incur general obligation indebtedness for
specified purposes.
  Refers proposed amendment to people for their approval or
rejection at special election held on date specified in
chapter ___, Oregon Laws 2003 (Enrolled House Bill 2651). + }
 
                        JOINT RESOLUTION
Be It Resolved by the Legislative Assembly of the State of
  Oregon:
  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). + }
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