74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
 
SA to SB 48
 
LC 1510-1/SB 48-1
 
                      SENATE AMENDMENTS TO
                         SENATE BILL 48
 
               By COMMITTEE ON FINANCE AND REVENUE
 
                           February 26
 
  On page 2 of the printed bill, lines 1 through 3, delete the
boldfaced material and insert 'transferred to the Rainy Day
Savings Account established in section 5 of this 2007 Act'.
  On page 3, line 4, delete '2007' and insert '2005'.
  In line 39, delete '2009' and insert '2007'.
  Delete lines 40 through 43 and insert:
  '  { +  SECTION 5. + }  { + The Rainy Day Savings Account is
established as an account in the General Fund. The account shall
consist of:
  ' (1) Moneys transferred to the account under ORS 291.349 (3);
  ' (2) Moneys transferred to the account under section 6 of this
2007 Act; and
  ' (3) Any other moneys transferred to the account by law. + }
  '  { +  SECTION 6. + }  { + (1) As used in this section:
  ' (a) 'Ending balance' means the difference between the amount
of General Fund revenues collected during a biennium and the
amount of General Fund appropriations for the biennium.
  ' (b) 'General Fund appropriations' means the amount of moneys
appropriated from the General Fund for a biennium in the
legislatively approved budget for the biennium, minus the amount
of any General Fund appropriation balances for that biennium that
revert to the General Fund under ORS 293.190.
  ' (c) 'Legislatively approved budget' has the meaning given
that term in ORS 291.002.
  ' (2) As soon as possible after the ending balance for a
biennium is determined, an amount equal to one percent of the
amount of General Fund appropriations for that biennium shall be
transferred from the ending balance to the Rainy Day Savings
Account. If the ending balance does not equal or exceed one
percent of the amount of General Fund appropriations, the entire
ending balance shall be transferred to the Rainy Day Savings
Account. + }
  '  { +  SECTION 7. + }  { + Notwithstanding ORS 291.349 (3) and
section 6 of this 2007 Act, if the moneys in the Rainy Day
Savings Account equal 10 percent of the amount of General Fund
revenues collected during the prior biennium, moneys that would
otherwise be transferred to the Rainy Day Savings Account shall
be transferred to the Education Capital Construction Account
established in section 8 of this 2007 Act. + }
  '  { +  SECTION 8. + }  { + The Education Capital Construction
Account is established as an account in the General Fund. The
account shall consist of moneys transferred to the account under
section 7 of this 2007 Act. Moneys in the account may be used
only for capital construction projects for public education. + }
  '  { +  SECTION 9. + }  { + (1) The Legislative Assembly may
appropriate moneys from the Rainy Day Savings Account only if:
  ' (a) The Legislative Assembly finds one of the following:
  ' (A) That the last quarterly economic and revenue forecast for
a biennium indicates that moneys available to the General Fund
 
for the next biennium will be at least three percent less than
appropriations from the General Fund for the current biennium;
  ' (B) That there has been a decline for two or more consecutive
quarters in the last 12 months in seasonally adjusted nonfarm
payroll employment; or
  ' (C) 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 the revenues were projected to be
in the revenue forecast on which the legislatively adopted
budget, as defined in ORS 291.002, for the current biennium was
based; or
  ' (b) The appropriation is approved by three-fifths of the
members serving in each house of the Legislative Assembly and the
Governor declares an emergency.
  ' (2) The Legislative Assembly may not appropriate more than
two-thirds of the amount of the Rainy Day Savings Account for any
one biennium. + }
  '  { +  SECTION 10. + }  { + (1) This 2007 Act does not take
effect unless the amendment to the Oregon Constitution proposed
by Senate Joint Resolution 3 (2007) is approved by the people at
a special election held throughout this state as provided in
chapter ___, Oregon Laws 2007 (Enrolled Senate Bill 549).
  ' (2) If the amendment to the Oregon Constitution proposed by
Senate Joint Resolution 3 (2007) is approved by the people at a
special election held throughout this state as provided in
chapter ___, Oregon Laws 2007 (Enrolled Senate Bill 549), this
2007 Act takes effect on the 91st day after the date on which the
regular session of the Seventy-fourth Legislative Assembly
adjourns sine die. + } ' .
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