72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
Enrolled
Senate Bill 855
Sponsored by JOINT COMMITTEE ON WAYS AND MEANS
CHAPTER ................
AN ACT
Relating to the Education Stability Fund; declaring an emergency;
and providing for transfer of moneys from the Education
Stability Fund that requires approval by a three-fifths
majority.
Be It Enacted by the People of the State of Oregon:
SECTION 1. { + (1) The Legislative Assembly finds that the
March 2003 quarterly economic and revenue forecast issued on
February 28, 2003, by the Office of Economic Analysis of the
Oregon Department of Administrative Services met the conditions
described in section 4 (6)(a)(C), Article XV of the Oregon
Constitution, for the 2001-2003 biennium.
(2) Based on the findings under subsection (1) of this section
and in addition to and not in lieu of the moneys transferred
under section 4 (9), Article XV of the Oregon Constitution,
pursuant to section 4 (6), Article XV of the Oregon Constitution,
the State Treasurer shall transfer moneys from the Education
Stability Fund established under section 4 (4)(d), Article XV of
the Oregon Constitution, and ORS 348.696 to the State School Fund
established under ORS 327.008.
(3) The State Treasurer shall make the transfer of moneys
required under subsection (2) of this section on April 1, 2003,
and May 1, 2003.
(4) The total amount of moneys that the State Treasurer shall
transfer pursuant to subsections (2) and (3) of this section
shall equal $112,000,000.
(5) Moneys transferred under this section may be used in the
manner provided by ORS 327.008 for moneys in the State School
Fund. + }
SECTION 2. { + Notwithstanding ORS 348.696, 348.702, 348.706
and 348.716 and section 9, chapter 922, Oregon Laws 2001, the
State Treasurer, for purposes of making the transfers of moneys
from the Education Stability Fund to the State School Fund
required by section 1 of this 2003 Act, may:
(1) Divert funds to the State School Fund that would otherwise
be transferred to or from the Oregon Growth Account, the Higher
Education Technology Transfer Account, the Oregon Resource and
Technology Development Subaccount or any other account of the
Education Stability Fund; and
(2) Reduce the amount of funds in the Oregon Growth Account,
the Higher Education Technology Transfer Account, the Oregon
Resource and Technology Development Subaccount or any other
account of the Education Stability Fund. + }
Enrolled Senate Bill 855 (SB 855-A) Page 1
SECTION 3. { + 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 on its
passage. + }
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Passed by Senate March 3, 2003
...........................................................
Secretary of Senate
...........................................................
President of Senate
Passed by House March 4, 2003
...........................................................
Speaker of House
Enrolled Senate Bill 855 (SB 855-A) Page 2
Received by Governor:
......M.,............., 2003
Approved:
......M.,............., 2003
...........................................................
Governor
Filed in Office of Secretary of State:
......M.,............., 2003
...........................................................
Secretary of State
Enrolled Senate Bill 855 (SB 855-A) Page 3