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 1327
 
                           B-Engrossed
 
                    Senate Joint Resolution 2
                 Ordered by the House August 25
 Including Senate Amendments dated June 10 and House Amendments
                         dated August 25
 
Sponsored by Senator MORSE
 
 
                             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.
 
  Proposes amendment to Oregon Constitution to establish
  { - reserve fund composed of excess tax revenues collected - }
 { +  Economic Emergency Fund + }.  { + Requires Legislative
Assembly to appropriate to Economic Emergency Fund one percent of
amount estimated to be available for General Fund for each
biennium. Caps amount of Economic Emergency Fund. + } Requires
two-thirds majority vote of Legislative Assembly to appropriate
or transfer moneys from fund.
  Refers proposed amendment to people for their approval or
rejection at next regular general 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 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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