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 970-1
 
                           A-Engrossed
 
                    Senate Joint Resolution 7
                  Ordered by the Senate April 9
            Including Senate Amendments dated April 9
 
Sponsored by Senators CLARNO, HANNON, Representatives KAFOURY,
  MILLER, T SMITH, WESTLUND; Senators BROWN, BURDICK, CARTER,
  CORCORAN, DECKERT, DUKES, FERRIOLI, FISHER, GORDLY, MESSERLE,
  METSGER, MORRISETTE, MORSE, NELSON, RINGO, SHIELDS, B STARR, C
  STARR, WALKER, WINTERS, Representatives BACKLUND, BARNHART,
  BATES, BERGER, BEYER, BROWN, BUTLER, CLOSE, DALTO, DINGFELDER,
  FARR, GARRARD, GREENLICK, HASS, HOPSON, HUNT, JENSON, KITTS,
  KNOPP, KRIEGER, KROPF, MABREY, MACPHERSON, MARCH, MERKLEY,
  MORGAN, PATRIDGE, PROZANSKI, SCHAUFLER, SCOTT, SHETTERLY, G
  SMITH, TOMEI, VERGER, WIRTH, ZAUNER (at the request of American
  Electronics Association, Associated Oregon Industries, Oregon
  Business Council, Portland Business Alliance)
 
 
                             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 increase amount of
state general obligation bonds for higher education projects that
may be issued for each dollar appropriated from General Fund.
  Refers proposed amendment to people for their approval or
rejection at   { - special election held on same date as next
primary election - }  { +  next regular general election + }.
 
                        JOINT RESOLUTION
Be It Resolved by the Legislative Assembly of the State of
  Oregon:
  PARAGRAPH 1. Section 1, Article XI-G of the Constitution of the
State of Oregon, is amended to read:
   { +  Sec. 1. + } (1) Notwithstanding the limitations contained
in section 7, Article XI of this Constitution, and in addition to
other exceptions from the limitations of such section, the credit
of the state may be loaned and indebtedness incurred in an amount
not to exceed at any time three-fourths of one percent of the
true cash value of all taxable property in the state, as
determined by law.
  (2) Proceeds from any loan authorized or indebtedness incurred
under this section shall be used to provide funds with which to
construct, improve, repair, equip and furnish those buildings,
structures and projects, or parts thereof, and to purchase or
improve sites therefor, designated by the Legislative Assembly
for higher education institutions and activities or for community
colleges authorized by law to receive state aid.
 
  (3) The amount of any loan authorized or indebtedness incurred
under this section by means of bonds to be issued in any biennium
shall not exceed  { + three times + } the dollar amount
appropriated from the General Fund for the same or similar
purposes. Any dollar amounts appropriated to meet the
requirements of this subsection shall be specifically designated
therefor by the Legislative Assembly.
  (4) Nothing in this section prevents the financing of
buildings, structures and projects, or parts thereof, by a
combination of the moneys available under this section, under
Article XI-F(1) of this Constitution, and from other lawful
sources. However, moneys available under this section shall not
be expended on or for any buildings, structures or projects, or
parts thereof, that are wholly self-liquidating and
self-supporting.
 
   { +  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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