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 3465
 
                         Senate Bill 855
 
Sponsored by JOINT COMMITTEE ON WAYS AND MEANS
 
 
                             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.
 
  Directs State Treasurer to transfer $__ from Education
Stability Fund to State School Fund on May 1, 2003.
  Makes finding that economic and revenue forecast conditions
required by Oregon Constitution to make transfer have been met.
  Allows State Treasurer to divert funds from and reduce amount
of funds in accounts in Education Stability Fund for purposes of
making transfer.
  Declares emergency, effective on passage.
 
                        A BILL FOR 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
quarterly economic and revenue forecast issued in December 2002
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,
on May 1, 2003, the State Treasurer shall transfer $__ 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.  Moneys
transferred under this subsection 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 transfer 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. + }
  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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