72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
SMRA to SJR 19
LC 2340-1/SJR 19-MR3
SENATE MINORITY REPORT
AMENDMENTS TO
SENATE JOINT RESOLUTION 19
May 5
President Courtney:
A minority of your Committee on Rules, to whom was referred
Senate Joint Resolution 19, having had the same under
consideration, respectfully reports it back with the
recommendation that it be adopted with the following amendments:
In line 2 of the printed joint resolution, after 'Oregon '
insert ', two-thirds of all the members of each house
concurring'.
Delete lines 3 through 15 and insert:
' { + PARAGRAPH 1. + } The Constitution of the State of
Oregon is revised by creating new sections 15 and 16 to be added
to and made a part of Article IX, such sections to read:
' { + SECTION 15. + } { + (1) Except as provided in
subsection (2) of this section, total appropriations from
revenues received from General Fund revenue sources in a biennium
may not exceed total appropriations from revenues received from
General Fund revenue sources in the prior biennium plus an
indexing factor that is a combination of annual population growth
in the state and annual inflation. The Legislative Assembly shall
enact laws providing or specifying the methodology for deriving
and applying the indexing factor to be used in determining the
limit on appropriations under this subsection.
' (2) The Legislative Assembly may appropriate moneys in excess
of amounts authorized by subsection (1) of this section if the
appropriation is approved by three-fifths of the members serving
in each house of the Legislative Assembly. + }
' { + SECTION 16. + } { + (1) The Oregon Stability Fund is
established. The fund shall consist of moneys deposited into the
fund in accordance with subsection (2) of this section and any
other moneys deposited into the fund by law.
' (2) Except as otherwise provided in subsection (4) of this
section:
' (a) Revenues received from General Fund revenue sources that
are in excess of amounts that may be appropriated under
subsection (1) of section 15 of this Article, or in excess of
amounts that are actually appropriated under subsection (2) of
section 15 of this Article, shall be deposited into the Oregon
Stability Fund at the time specified in subsection (3) of this
section; and
' (b) Interest and other earnings of the fund shall be
deposited into the fund.
' (3) When the Governor causes a determination of actual
collections of revenues received by the General Fund for a
biennium to be made for the purposes of subsection (2) of section
14 of this Article, the Governor shall also cause a determination
to be made of the amount required to be deposited into the Oregon
Stability Fund for that biennium. Except as provided in
subsection (4) of this section, the amount so determined shall be
deposited into the fund.
' (4) If the amount in the Oregon Stability Fund equals the
amount of revenues from General Fund revenue sources in the last
two quarters of the prior biennium, moneys that would otherwise
be deposited into the Oregon Stability Fund shall be deposited
instead into the Common School Fund described in section 2,
Article VIII of this Constitution.
' (5) The Legislative Assembly may by law appropriate, allocate
or transfer any moneys in the Oregon Stability Fund established
under subsection (1) of this section under the same conditions
that the Legislative Assembly may appropriate, allocate or
transfer the principal of the education stability fund under
subsection (6) of section 4, Article XV of this Constitution. + }
' { + PARAGRAPH 2. + } The Constitution of the State of
Oregon is revised by creating new sections 14a and 14b to be
added to and made a part of Article IX, such sections to read:
' { + SECTION 14a. + } { + Notwithstanding subsections (3)
and (4) of section 14 of this Article, revenues from General Fund
revenue sources may not be returned to taxpayers under
subsections (3) and (4) of section 14 of this Article until the
biennium after the biennium in which the amount of moneys in the
Oregon Stability Fund established by section 16 of this Article
first reaches the maximum amount authorized under subsection (4)
of section 16 of this Article. + }
' { + SECTION 14b. + } { + (1) The limitation on
appropriations by section 15 of this Article first applies to the
biennium beginning July 1, 2005, and limits appropriations from
General Fund revenue sources for that biennium to an amount based
on appropriations from General Fund revenue sources for the
biennium beginning July 1, 2003, and the indexing factor
described in section 15 of this Article.
' (2) The suspension by section 14a of this Article of the
return of moneys under section 14 of this Article first applies
to moneys that might otherwise have been returned during the
biennium beginning July 1, 2005, based on actual collection of
revenues for the biennium beginning July 1, 2003. + }
' { + PARAGRAPH 3. + } Section 2, Article VIII of the
Constitution of the State of Oregon, is revised to read:
' { + Sec. 2. + } (1) The sources of the Common School Fund
are:
' (a) The proceeds of all lands granted to this state for
educational purposes, except the lands granted to aid in the
establishment of institutions of higher education under the Acts
of February 14, 1859 (11 Stat. 383) and July 2, 1862 (12
Stat. 503).
' (b) All the moneys and clear proceeds of all property which
may accrue to the state by escheat.
' (c) The proceeds of all gifts, devises and bequests, made by
any person to the state for common school purposes.
' (d) The proceeds of all property granted to the state, when
the purposes of such grant shall not be stated.
' (e) The proceeds of the five hundred thousand acres of land
to which this state is entitled under the Act of September 4,
1841 (5 Stat. 455).
' (f) The five percent of the net proceeds of the sales of
public lands to which this state became entitled on her admission
into the union.
' (g) After providing for the cost of administration and any
refunds or credits authorized by law, the proceeds from any tax
or excise levied on, with respect to or measured by the
extraction, production, storage, use, sale, distribution or
receipt of oil or natural gas and the proceeds from any tax or
excise levied on the ownership of oil or natural gas. However,
the rate of such taxes shall not be greater than six percent of
the market value of all oil and natural gas produced or salvaged
from the earth or waters of this state as and when owned or
produced. This paragraph does not include proceeds from any tax
or excise as described in section 3, Article IX of this
Constitution.
' { + (h) Moneys deposited into the fund in accordance with
subsection (4) of section 16, Article IX of this
Constitution. + }
' (2) All revenues derived from the sources mentioned in
subsection (1) of this section shall become a part of the Common
School Fund. The State Land Board may expend moneys in the Common
School Fund to carry out its powers and duties under subsection
(2) of section 5 of this Article. Unexpended moneys in the Common
School Fund shall be invested as the Legislative Assembly shall
provide by law and shall not be subject to the limitations of
section 6, Article XI of this Constitution. The State Land Board
may apply, as it considers appropriate, income derived from the
investment of the Common School Fund to the operating expenses of
the State Land Board in exercising its powers and duties under
subsection (2) of section 5 of this Article. The remainder of the
income derived from the investment of the Common School Fund
shall be applied to the support of primary and secondary
education as prescribed by law.
' { + PARAGRAPH 4. + } { + The revision proposed by this
resolution shall be submitted to the people for their approval or
rejection at the next primary election. + } ' .
/sRoger Beyer
Senator
/sJason Atkinson
Senator
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