72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
HA to A-Eng. SJR 2
 
LC 1327/SJR 2-A10
 
                       HOUSE AMENDMENTS TO
              A-ENGROSSED SENATE JOINT RESOLUTION 2
 
                 By SPECIAL COMMITTEE ON BUDGET
 
                            August 25
 
  On page 1 of the printed A-engrossed joint resolution, delete
lines 3 through 26 and delete pages 2 and 3 and insert:
  '  { +  PARAGRAPH 1. + } The Constitution of the State of
Oregon is amended by creating a new section 15 to be added to and
made a part of Article IX, such section to read:
  '  { +  SECTION 15. + }  { + (1) The Economic Emergency Fund is
established in the State Treasury, separate and distinct from the
General Fund.
  ' (2) The Economic Emergency Fund shall consist of:
  ' (a) Moneys appropriated or transferred to the Economic
Emergency Fund by the Legislative Assembly; and
  ' (b) Interest and other earnings on moneys in the fund.
  ' (3) Except as provided in subsection (4) of this section, in
each regular session of the Legislative Assembly, the Legislative
Assembly shall appropriate to the Economic Emergency Fund an
amount equal to one percent of the amount of revenue that is
projected to be available to the General Fund for the biennium
that begins in the year in which the regular session convenes.
  ' (4) If the balance in the Economic Emergency Fund at the
beginning of a biennium exceeds or is projected to exceed 10
percent of the amount of revenue that accrued to the General Fund
for the prior biennium:
  ' (a) The Legislative Assembly may not appropriate moneys to
the Economic Emergency Fund under subsection (3) of this section;
and
  ' (b) Interest or other earnings on the fund that are projected
for the biennium that begins in the year that the regular session
of the Legislative Assembly convenes shall be appropriated for
capital construction projects for any of the following public
institutions:
  ' (A) Schools that serve children in any grades from
kindergarten through grade 12;
  ' (B) Community colleges;
  ' (C) Colleges; and
  ' (D) Universities.
  ' (5) The requirements of subsection (6) of this section need
not be met for an appropriation under paragraph (b) of subsection
(4) of this section.
  ' (6) Except as provided in subsection (5) of this section, the
Legislative Assembly may appropriate moneys from the Economic
Emergency Fund only if:
  ' (a) The Legislative Assembly makes a finding:
  ' (A) That there has been a decline for two or more consecutive
quarters in seasonally adjusted nonfarm payroll employment; or
  ' (B) That a quarterly economic and revenue forecast projects
that revenues in the General Fund in the current biennium will be
at least two percent below what they were projected to be in the
revenue forecast on which the legislatively adopted budgets for
the current biennium were based; and
 
  ' (b) The proposed appropriation is approved by two-thirds of
the members serving in each house of the Legislative Assembly.
  ' (7) Moneys in the Economic Emergency Fund may be invested as
provided by law and are not subject to the limitations of section
6, Article XI of this Constitution.
  ' (8) The Legislative Assembly may by law prescribe the
procedures to be used and identify the persons required to make
the forecasts and projections described in this section. + }
 
  '  { +  PARAGRAPH 2. + }  { + The amendment proposed by this
resolution shall be submitted to the people for their approval or
rejection at the next regular general election held throughout
this state. + } ' .
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