72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
 
                            Enrolled
 
                    House Joint Resolution 18
 
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)
 
 
 
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. Indebtedness authorized by this section also
may be used 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 one 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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Enrolled House Joint Resolution 18 (HJR 18-C)              Page 1
 
 
 
 
 
 
                                 Adopted by House July 14, 2003
 
                                Readopted by House July 17, 2003
 
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                                      Chief Clerk of House
 
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                                        Speaker of House
 
 
                                 Adopted by Senate July 17, 2003
 
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                                       President of Senate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enrolled House Joint Resolution 18 (HJR 18-C)              Page 2