75th OREGON LEGISLATIVE ASSEMBLY--2009 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 1471
 
                         House Bill 2073
 
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
  Presession filed (at the request of House Interim Committee on
  Revenue)
 
 
                             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.
 
  Modifies conditions under which Legislative Assembly may
appropriate moneys from Oregon Rainy Day Fund. Allows
appropriation if approved by three-fifths of members of each
house of Legislative Assembly and Governor declares emergency.
  Declares emergency, effective on passage.
 
                        A BILL FOR AN ACT
Relating to Oregon Rainy Day Fund; creating new provisions;
  amending ORS 293.144; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 293.144 is amended to read:
  293.144. (1) The Oregon Rainy Day Fund is established as an
account in the General Fund.
  (2) The Legislative Assembly may appropriate moneys from the
Oregon Rainy Day Fund only if { + :
  (a) + } The appropriation is approved by three-fifths of the
members serving in each house of the Legislative Assembly and the
Legislative Assembly finds one of the following:
    { - (a) - }   { + (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) - }   { + (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) - }   { + (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 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 + }.
  (3) Once each month, the Oregon Department of Administrative
Services shall calculate the amount of General Fund interest that
is attributable to moneys in the Oregon Rainy Day Fund. Except as
otherwise provided in ORS 293.148, the department shall transfer
the amount calculated under this subsection to the Oregon Rainy
Day Fund.
  (4) The Legislative Assembly may not appropriate for any one
biennium more than two-thirds of the amount that is in the Oregon
Rainy Day Fund at the beginning of that biennium. If the
appropriation is for a biennium that has not yet begun, the
Legislative Assembly may use as the base the most recent estimate
of the amount that will be in the Oregon Rainy Day Fund at the
beginning of the biennium for which the appropriation is made.
  (5) As used in this section, 'legislatively adopted budget '
has the meaning given that term in ORS 291.002.
  SECTION 2.  { + The amendments to ORS 293.144 by section 1 of
this 2009 Act apply to appropriations made on or after the
effective date of this 2009 Act. + }
  SECTION 3.  { + This 2009 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2009 Act takes effect on its
passage. + }
                         ----------