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 146
 
                           B-Engrossed
 
                    House Joint Resolution 13
                  Ordered by the Senate June 18
 Including House Amendments dated April 19 and Senate Amendments
                          dated June 18
 
Sponsored by Representatives HUNT, BURLEY, D EDWARDS;
  Representatives BARKER, BARNHART, BOONE, BOQUIST, BUTLER, C
  EDWARDS, FLORES, GALIZIO, GREENLICK, HOLVEY, JENSON, NELSON,
  READ, RILEY, ROBLAN, SCHAUFLER, THATCHER, WHISNANT, Senators
  DECKERT, STARR
 
 
                             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 revision of Oregon Constitution to allow state
to issue general obligation bonds to provide matching funds to
finance capital costs of school district facilities and to pay
costs of issuing bonds. Creates school capital matching
fund. Repeals school capital matching subaccount and transfers
moneys in subaccount to school capital matching fund. Specifies
sources of moneys for payment of indebtedness and interest. - }
    { - Refers proposed revision to people for their approval or
rejection at next primary election. - }
   { +  Proposes amendment to Oregon Constitution to exempt
school districts, education service districts or community
college districts from certain limitations on bonded indebtedness
if bonded indebtedness was incurred for purpose of capital
construction or capital improvements.
  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 11k to be added to and made a part of
Article XI, such section to read:
   { +  SECTION 11k. + }  { + (1) The limitations of sections 11
and 11b of this Article do not apply to bonded indebtedness
incurred by school districts, education service districts or
community college districts for the purpose of capital
construction or capital improvements if the bonded indebtedness
was issued:
  (a) Prior to January 1, 2009, and was for the purpose of
capital construction or capital improvements described in
subsections (11), (12) and (13) of section 11 of this Article; or
 
  (b) On or after January 1, 2009, and was for the purpose of
providing funds to finance the capital costs of school districts,
education service districts or community college districts.
  (2) Bonded indebtedness described in subsection (1) of this
section includes bonded indebtedness issued to refund bonded
indebtedness described in subsection (1) of this section.
  (3) Notwithstanding subsection (1) of this section, subsection
(8) of section 11 of this Article applies to measures that
authorize bonded indebtedness described in subsection (1) of this
section.
  (4)(a) As used in this section, 'capital costs' means both:
  (A) Costs associated with the acquisition, construction,
improvement, remodeling, maintenance or repair of school
district, education service district or community college
district facilities in the State of Oregon, including
bond-related costs and costs of land, site preparation, permanent
or portable buildings, technology and equipment; and
  (B) Costs associated with other assets that have an expected
useful life of more than one year, but only if those assets have
an average life that is less than or equal to the average life of
the portion of the bonded indebtedness that finances those
assets.
  (b) 'Capital costs' does not include maintenance, repairs and
supplies, unless the maintenance, repairs or supplies have an
expected useful life of more than one year and their average life
is less than or equal to the average life of the portion of the
bonded indebtedness that finances the maintenance, repairs or
supplies. + }
 
  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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