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 3361
 
                         Senate Bill 890
 
Sponsored by Senator NELSON
 
 
                             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.
 
  Authorizes issuance of lottery bonds and use of proceeds to
finance Columbia River channel deepening project in biennium
beginning July 1, 2003.
 
                        A BILL FOR AN ACT
Relating to lottery bonds.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + (1) The authorization to the State Treasurer to
issue, at the request of the Director of the Economic and
Community Development Department, lottery bonds in the amount of
$17.7 million for the Columbia River channel deepening project
plus an additional amount to pay bond-related costs granted in
ORS 285B.551 (3) is hereby expressly extended and limited to the
biennium beginning July 1, 2003.
  (2) The authorization to the State Treasurer to issue, at the
request of the Director of the Economic and Community Development
Department, lottery bonds in the amount of $6.7 million for the
Columbia River channel deepening project plus an additional
amount to pay bond-related costs granted in section 6, chapter
942, Oregon Laws 2001, is hereby expressly extended and limited
to the biennium beginning July 1, 2003.
  (3) The authorization to use the proceeds of lottery bonds
issued for the Columbia River channel deepening project under ORS
285B.551 (3) and section 6, chapter 942, Oregon Laws 2001, is
hereby expressly extended and limited to the biennium beginning
July 1, 2003.
  (4) The Economic and Community Development Department shall pay
amounts required for debt service payable during the biennium
beginning July 1, 2003, for lottery bonds issued under this
section, ORS 285B.551 and section 6, chapter 942, Oregon Laws
2001, from moneys allocated to the department from the
Administrative Services Economic Development Fund. + }
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