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
 
                         Senate Bill 869
 
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 as
introduced.
 
  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.
  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.  { + (1) The Legislative Assembly has determined
that:
  (a) It is in the public interest to inquire of the State
Accident Insurance Fund Corporation about the status of its
reserves and to request the underlying financial information
about those reserves. Having done so, the Legislative Assembly
declares that, in accordance with ORS 656.634 (2), there exists a
surplus in the Industrial Accident Fund of at least $___ in
excess of reserves and surplus deemed actuarially necessary
according to recognized insurance principles, and necessary in
addition thereto to ensure continued fiscal soundness of the
State Accident Insurance Fund Corporation both for current
operations and for future capital needs; and
  (b) The current surplus in the Industrial Accident Fund
accumulated after 1982.
  (2) The Legislative Assembly further finds that the most
efficient use of the current surplus in the Industrial Accident
Fund is for the State Accident Insurance Fund Corporation to
disburse the surplus to the Administrative Services Economic
Development Fund to support a variety of state programs designed
to stimulate economic development in Oregon. + }
  SECTION 2. { +  As authorized by ORS 656.634, the Legislative
Assembly directs that the State Accident Insurance Fund
Corporation shall transfer $___ from the Industrial Accident Fund
to the Administrative Services Economic Development Fund. + }
  SECTION 3.  { + From the moneys continuously appropriated to
the Administrative Services Economic Development Fund by ORS
461.540, there is allocated for the biennium beginning July 1,
2003, for the purpose of stimulating economic development in
Oregon:
  (1) $ ___ to ___;
  (2) $ ___ to ___;
  (3) $ ___ to ___;
  (4) $ ___ to ___; and
  (5) $ ___ to ___. + }
  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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