72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
SA to SB 5
 
LC 3623/SB 5-5
 
                      SENATE AMENDMENTS TO
                          SENATE BILL 5
 
                     By COMMITTEE ON REVENUE
 
                             June 10
 
  On page 1 of the printed bill, line 2, after '291.351 ' insert
', 293.701'.
  In line 6, delete 'Interest earned by' and insert 'Moneys in
the General Fund Operating Reserve Fund shall be invested as
provided in ORS 293.701 to 293.790. Interest and other earnings
of'.
  In line 12, delete '(8)' and insert '(9)'.
  On page 2, delete lines 21 and 22 and insert:
  ' (5)(a) If the amount of the reserve fund exceeds 10 percent
of the amount of the General Fund budget approved at the regular
session of the Legislative Assembly for that biennium, the'.
  On page 4, after line 29, insert:
  '  { +  SECTION 6. + } 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) General Fund Operating Reserve Fund established under
section 1 of this 2003 Act. + }
  ' (3) 'Investment officer' means the State Treasurer in the
capacity as investment officer for the council.'.
  In line 30, delete '6' and insert '7'.
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