74th OREGON LEGISLATIVE ASSEMBLY--2007 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 1733
 
                     House Joint Memorial 10
 
Sponsored by Representative BOQUIST (at the request of former
  state Representative Ed Patterson)
 
 
                             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.
 
  Urges President of United States and Congress to remove
provisions of federal law that disqualify veterans' mortgage
bonds from tax-exempt status if bond proceeds are used for
acquiring or replacing existing mortgages.
 
                         JOINT MEMORIAL
To the Senate and the House of Representatives of the United
  States of America, in Congress assembled:
  We, your memorialists, the Seventy-fourth Legislative Assembly
of the State of Oregon, in legislative session assembled,
respectfully represent as follows:
  Whereas the people of Oregon, in gratitude for the service of
veterans from this state, in 1944 pledged in Article XI-A of the
Oregon Constitution to provide the means by which returning
veterans could enjoy the benefits of home and farm ownership; and
  Whereas Oregon is one of only five states that offer a loan
program with which resident veterans can finance the purchase of
homes and farms; and
  Whereas the Oregon War Veterans' Fund, since its inception, has
enabled thousands of veterans and veterans' spouses and children
to own homes and farms, with the attendant benefits of economic
and community stability for the state; and
  Whereas the continuation and measured expansion of programs to
provide stable, reliable and competitive loan rates for Oregon
veterans is an important public policy goal; and
  Whereas an important tool for an individual veteran or other
qualified person to use in building wealth and making financial
plans for the future is the ability to refinance or restructure a
home or farm loan at more competitive rates; and
  Whereas federal law disqualifies from tax-exempt status bonds
that the Oregon Department of Veterans' Affairs issues to finance
veterans' loans if the proceeds of the bonds are used to acquire
or replace existing mortgages; and
  Whereas the issuance of tax-exempt Qualified Veterans' Mortgage
Bonds is the only practical method for financing veterans' home
and farm loans at competitive rates while preserving the solvency
and stability of the Oregon War Veterans' Fund; now, therefore,
Be It Resolved by the Legislative Assembly of the State of
  Oregon:
 
  (1) That the Seventy-fourth Legislative Assembly urges the
Congress of the United States to act immediately to remove the
provisions in section 143 of Public Law 99-514 (1986) and
succeeding legislation that require the proceeds from Qualified
Veterans' Mortgage Bonds to be used only for new mortgages.
  (2) That the Seventy-fourth Legislative Assembly also urges the
President of the United States to direct all agencies of the
United States Government that have responsibility for determining
the tax treatment and legal status of Qualified Veterans'
Mortgage Bonds to revise agency regulations, practices and
procedures in order to give Qualified Veterans' Mortgage Bonds,
the proceeds of which are used to acquire, replace or refinance
existing mortgages, the same tax treatment and legal status given
to such bonds when the bond proceeds are used for new mortgages.
  (3) That a copy of this memorial shall be sent to the President
of the United States, to the Senate Majority Leader, to the
Speaker of the House of Representatives and to each member of the
Oregon Congressional Delegation.
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