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 683
 
                    Senate Joint Resolution 1
 
Printed pursuant to Senate Interim Rule 213.28 by order of the
  President of the Senate in conformance with presession filing
  rules, indicating neither advocacy nor opposition on the part
  of the President (at the request of Governor Theodore R.
  Kulongoski for Oregon University System)
 
 
                             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.
 
  Proposes amendment to Oregon Constitution to allow issuance of
state general obligation bonds for deferred maintenance,
modernization and equipping of educational buildings and
structures of Oregon University System. Limits amount to be
loaned and indebtedness incurred to $500 million.
  Refers proposed amendment to people for their approval or
rejection at special election to be held on same date as next
primary election.
 
                        JOINT RESOLUTION
Be It Resolved by the Legislative Assembly of the State of
  Oregon:
  PARAGRAPH 1. The Constitution of the State of Oregon is amended
by creating a new Article to be known as Article XI-O, such
Article to read:
 
                               { +
ARTICLE XI-O + }
 
   { +  SECTION 1. + }  { + (1) Notwithstanding the limitations
contained in section 7, Article XI of this Constitution, and in
addition to other exemptions from the limitations of such
section, the credit of the state may be loaned and indebtedness
incurred in an amount not to exceed $500 million, as determined
by law.
  (2) Proceeds from any loan authorized or indebtedness incurred
under this Article shall be used to provide funds for the repair
of structural elements whose maintenance has been deferred, and
to modernize and equip the educational buildings and structures
of the Oregon University System.
  (3) Nothing in this Article prevents the financing of repair of
structural elements whose maintenance has been deferred or the
modernization and equipping of the educational buildings or
structures of the Oregon University System by a combination of
the moneys available under this section and from other lawful
sources.  However, moneys available under this Article may not be
 
expended on or for any buildings, structures or projects that are
wholly self-liquidating and self-supporting. + }
   { +  SECTION 2. + }  { + Bonds issued pursuant to this Article
shall be the direct general obligations of the state and shall be
in such form, run for such periods of time and bear such rates of
interest as the Legislative Assembly provides. Such bonds may be
refunded with bonds of like obligation. + }
   { +  SECTION 3. + }  { + Ad valorem taxes shall be levied
annually upon the taxable property within the State of Oregon in
sufficient amount to provide for the prompt payment of bonds
issued pursuant to this Article and the interest thereon. The
Legislative Assembly may provide other revenues to supplement or
replace, in whole or in part, such tax levies. + }
   { +  SECTION 4. + }  { + Bonds authorized under this Article
may be issued for 10 years following the effective date of this
Article, after which time the authorization to issue new bonds
under this Article, other than refunding bonds, ceases. This
Article is repealed on the date that the State Treasurer
determines that all new and refunding bonds issued under this
Article have been redeemed and no bonds remain outstanding. + }
 
   { +  PARAGRAPH 2. + }  { + The amendment proposed by this
resolution shall be submitted to the people for their approval or
rejection at a special election held throughout this state on the
same date as the next primary election. + }
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