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 2759
 
                         Senate Bill 807
 
Sponsored by Senators BROWN, CLARNO, FERRIOLI, Representative
  WESTLUND; Senators ATKINSON, CORCORAN, GORDLY, METSGER, NELSON,
  SHIELDS, WINTERS, Representatives BACKLUND, HOPSON, JENSON,
  MABREY (at the request of Confederated Tribes of the Warm
  Springs Reservation of Oregon)
 
 
                             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.
 
  Authorizes school district board to issue revenue bonds
financed by federal impact aid revenues if approved by voters of
district. Limits aggregate principal sum of bonds that may be
issued.
  Declares emergency, effective July 1, 2003.
 
                        A BILL FOR AN ACT
Relating to revenue bonds issued by school district boards;
  creating new provisions; amending ORS 328.001; and declaring an
  emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 328.001 is amended to read:
  328.001. As used in this chapter, unless the context requires
otherwise:
  (1) 'Administrative office for the county' means the
administrative office of the county school district, of the
education service district, or of any common school district
which includes an entire county.
   { +  (2) 'Impact aid revenues' means the revenues received by
a school district from the federal government pursuant to 20
U.S.C. 7701 to 7714. + }
    { - (2) - }  { +  (3) + } 'School district' includes common
and union high school districts.
  SECTION 2.  { + Sections 3 and 4 of this 2003 Act are added to
and made a part of ORS chapter 328. + }
  SECTION 3.  { + (1) When authorized by a majority of the
electors of the school district in an election pursuant to ORS
328.210, a school district board, by resolution, may issue
negotiable impact aid revenue bonds pursuant to this section.
  (2)(a) As used in paragraph (b) of this subsection, the average
amount of impact aid revenues that a school district receives
equals the total amount of impact aid revenues received by the
school district for the five years immediately preceding the year
the bonds are issued, divided by five.
  (b) The aggregate principal sum of impact aid revenue bonds
that may be issued by a school district board may not exceed
 
three times the average amount of impact aid revenues that the
school district receives annually from the federal government.
  (3) A school district may use bond proceeds from impact aid
revenue bonds to:
  (a) Pay the cost of school capital construction projects on the
Indian reservation where the students reside for which the school
district received impact aid revenues;
  (b) Pay the cost of bond-related expenses incurred by the
school district; and
  (c) Fund any reserves or sinking accounts established by the
resolution that authorized the issuance of the bonds. + }
  SECTION 4.  { + If a school district board issues impact aid
revenue bonds under section 3 of this 2003 Act, the board shall
establish:
  (1) An impact aid revenue bond building fund consisting of the
net proceeds received from the sale of the bonds. The fund shall
be a continuing fund that is not subject to reversion to another
fund. The board may use moneys in the fund only for the purposes
specified in section 3 (3) of this 2003 Act.
  (2) An impact aid revenue bond debt service fund consisting of
moneys received by the school district as impact aid revenues.
The board may use moneys in the fund only for the payment of debt
service on impact aid revenue bonds. If any surplus remains after
all interest and principal have been paid on all impact aid
revenue bonds issued by the board then outstanding and unpaid,
the board may transfer the surplus to another fund. + }
  SECTION 5.  { + This 2003 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2003 Act takes effect July 1,
2003. + }
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