72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
Enrolled
Senate Bill 862
Sponsored by JOINT COMMITTEE ON WAYS AND MEANS
CHAPTER ................
AN ACT
Relating to state finance; declaring an emergency; and
anticipating reduction in state revenues distributed to local
governments that requires approval by a three-fifths majority.
Be It Enacted by the People of the State of Oregon:
SECTION 1. { + Notwithstanding ORS 323.455, for the biennium
ending June 30, 2003, the amounts appropriated to cities,
counties and the Department of Transportation under ORS 323.455
(1) shall be proportionally reduced by a total of $5.4 million,
which shall be transferred to the General Fund. + }
SECTION 2. { + (1) Section 1 of this 2003 Act becomes
operative only if the economic and revenue forecast for the
remainder of the biennium ending June 30, 2003, that is scheduled
to be released by the Oregon Department of Administrative
Services on May 15, 2003, is more than $150 million below the
forecast that was released on February 28, 2003. For purposes of
this subsection, the amount of the forecast does not include any
proceeds of bonds issued under chapter ___, Oregon Laws 2003
(Enrolled Senate Bill 856), and credited to the General Fund.
(2) If the condition specified in subsection (1) of this
section is met, section 1 of this 2003 Act becomes operative on
June 1, 2003. + }
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. + }
----------
Enrolled Senate Bill 862 (SB 862-INTRO) Page 1
Passed by Senate March 3, 2003
...........................................................
Secretary of Senate
...........................................................
President of Senate
Passed by House March 4, 2003
...........................................................
Speaker of House
Enrolled Senate Bill 862 (SB 862-INTRO) 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 862 (SB 862-INTRO) Page 3