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 3496
 
                           A-Engrossed
 
                         Senate Bill 869
                   Ordered by the Senate May 8
             Including Senate Amendments dated May 8
 
Sponsored by Senator METSGER, Representative BUTLER;
  Representatives KAFOURY, MACPHERSON
 
 
                             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.
 
    { - Directs State Accident Insurance Fund Corporation to
transfer funds from Industrial Accident Fund to Administrative
Services Economic Development Fund. Allocates moneys transferred
by State Accident Insurance Fund Corporation to Administrative
Services Economic Development Fund to certain economic
development programs. - }
   { +  Requires Director of Oregon Department of Administrative
Services and Attorney General to develop plan to sell assets of
State Accident Insurance Fund Corporation. Directs corporation to
pay costs associated with development of plan. + }
  Declares emergency, effective on passage.
 
                        A BILL FOR AN ACT
Relating to State Accident Insurance Fund Corporation; and
  declaring an emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2003 Act is added to and made
a part of ORS chapter 656. + }
  SECTION 2.  { + (1) The Director of the Oregon Department of
Administrative Services and the Attorney General shall jointly
develop a plan for the sale of the assets of the State Accident
Insurance Fund Corporation. The plan must include provisions for:
  (a) Establishing a reserve price for the sale of the assets of
the State Accident Insurance Fund Corporation using independent
analysis to establish a fair market price.
  (b) Consideration of the interests of all stakeholders in the
distribution of the proceeds of the sale. Stakeholders include
but are not limited to injured workers with claims with and
employers insured by the State Accident Insurance Fund
Corporation.
  (c) Maintaining the trust terms and conditions specified in ORS
656.634 upon the proceeds of sale of the corporation's assets.
  (d) Protecting employment, retirement and other fringe benefit
rights of the corporation's employees.
  (e) Allocating responsibility between the purchaser and seller
for complying with federal and state laws regarding taxation and
all other laws regulating the sale transaction.
  (2) The board of directors of the State Accident Insurance Fund
Corporation shall provide all assistance and information required
by the Director of the Oregon Department of Administrative
Services and the Attorney General in preparing the plan developed
under this section. The State Accident Insurance Fund Corporation
may not refuse to provide requested information on the basis of a
claim of trade secret or practice.
  (3) Costs associated with the development of the plan required
under this section, including the cost of an independent analysis
conducted to determine the reserve price for the sale, shall be
paid by the State Accident Insurance Fund Corporation. + }
  SECTION 3.  { + The plan required to be developed under section
2 of this 2003 Act shall be reported to the Legislative Assembly
in the manner provided for in ORS 192.245, and to the Governor,
by November 15, 2004. + }
  SECTION 4.  { + 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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