75th OREGON LEGISLATIVE ASSEMBLY--2009 Regular Session
SA to HB 2107
LC 561/HB 2107-2
SENATE AMENDMENTS TO
HOUSE BILL 2107
By COMMITTEE ON FINANCE AND REVENUE
June 1
On page 1 of the printed bill, line 3, after '287A.360, '
insert '294.381, 328.565,'.
On page 7, after line 25, insert:
' { + SECTION 16. + } ORS 294.381 is amended to read:
' 294.381. (1) Each municipal corporation that has the power to
levy an ad valorem property tax shall estimate, in the manner
provided in this section, the amount of revenues that will be
received in the ensuing year or ensuing budget period through the
imposition of taxes upon the taxable property within the
municipal corporation.
' (2) Subject to the additional adjustments required under
subsection { - (3) - } { + (4) + } of this section, the
estimated ad valorem taxes that will be received in the ensuing
year or ensuing budget period shall not exceed the following:
' (a) The amount derived by multiplying the estimated assessed
value for the ensuing year or each fiscal year of the ensuing
budget period of the taxable property within the municipal
corporation, after boundary changes have been filed in final
approved form with the county assessor and the Department of
Revenue as provided in ORS 308.225, by whichever of the following
is applicable to the municipal corporation:
' (A) The municipal corporation's permanent rate limit on
operating taxes, as defined in ORS 310.202 (7); or
' (B) The municipal corporation's statutory rate limit on
operating taxes, as defined in ORS 310.202 (10).
' (b) If the municipal corporation is authorized to levy a
local option tax that was authorized by the electors as a dollar
amount, the dollar amount of such local option tax that is
authorized to be levied in the ensuing year or ensuing budget
period.
' (c) If the municipal corporation is authorized to levy a
local option tax that was authorized by the electors as a tax
rate, the amount derived by multiplying the authorized rate of
such local option tax for the ensuing year or ensuing budget
period by the estimated assessed value for the ensuing year or
each fiscal year of the ensuing budget period of the taxable
property within the municipal corporation.
' (d) { + Subject to subsection (3) of this section, + } the
municipal corporation's estimate of the amount required to pay
the principal and interest on bonded indebtedness that is not
subject to limitation under section 11 (11) or section 11b,
Article XI of the Oregon Constitution. { - The estimate may
include an amount equal to the total of any such payments that
are due and payable in the fiscal period following the fiscal
period for which the budget is being prepared and before a
sufficient amount of property taxes to pay that bonded
indebtedness are collected in that fiscal period, pursuant to ORS
294.371. The estimate may also include amounts to reimburse the
municipal corporation for the payment of principal and interest
on exempt bonded indebtedness that the municipal corporation made
from other moneys because collections of taxes levied for exempt
bonded indebtedness were not sufficient to pay that exempt bonded
indebtedness. - }
' (e) The municipal corporation's estimate of the amount
required to repay taxing district bond obligations or pension and
disability plan obligations described in section 11 (5), Article
XI of the Oregon Constitution.
' { + (3)(a) The estimate described in subsection (2)(d) of
this section may include:
' (A) An amount equal to the total of the payments on the
principal and interest on bonded indebtedness that are due and
payable in the fiscal period following the fiscal period for
which the budget is being prepared and before a sufficient amount
of property taxes to pay the bonded indebtedness are collected in
that fiscal period, pursuant to ORS 294.371.
' (B) Amounts to reimburse the municipal corporation for the
payment of principal and interest on exempt bonded indebtedness
that the municipal corporation made from other moneys because
collections of taxes levied for exempt bonded indebtedness were
not sufficient to pay the exempt bonded indebtedness.
' (b) If the bonded indebtedness is a tax credit bond or other
bond that bears interest that is includable in gross income under
the Internal Revenue Code, as amended and in effect on the
effective date of this 2009 Act, the payments described in
paragraph (a) of this subsection may include deposits that the
municipal corporation has agreed to make in a sinking fund that
is dedicated to pay the bonded indebtedness. + }
' { - (3) - } { + (4) + } The amounts determined under
subsection (2)(a), (b) and (c) of this section shall be reduced
by an amount equal to the estimated amount of such taxes that
will not be collected as a result of:
' (a) The discounts allowed under ORS 311.505;
' (b) The limits imposed under ORS 310.150 (3); and
' (c) The failure of taxpayers to pay such taxes in the year
for which they are levied.
' { - (4)(a) - } { + (5)(a) + } The estimated ad valorem
taxes determined in accordance with subsection (2)(a), (b) and
(c) of this section, prior to adjustment by subsection
{ - (3) - } { + (4) + } of this section, shall be used by the
municipal corporation for purposes of complying with the
requirements of ORS 310.060 (1).
' (b) The amounts determined under subsection (2)(d) and (e) of
this section shall, for purposes of complying with the
requirements of ORS 310.060 (1), be increased by an amount equal
to the estimated amount of taxes that will not be collected as a
result of:
' (A) The discounts allowed under ORS 311.505;
' (B) The limits imposed under ORS 310.150 (3); or
' (C) The failure of taxpayers to pay taxes in the year for
which they are levied.
' { + SECTION 17. + } ORS 328.565 is amended to read:
' 328.565. (1) As used in this section, 'qualified zone academy
bond' has the meaning given the term in section 1397E of the
Internal Revenue Code, as amended and in effect on January 1,
2002.
' (2) A district school board may contract indebtedness as
provided under ORS 287A.180.
' (3) A district school board may issue qualified zone academy
bonds or similar tax credit bonds authorized by resolution of the
district school board. Unless the bond issue has been approved by
electors under ORS 328.205 to 328.304, the district school board
must issue { - the bonds as revenue bonds under ORS
287A.150 - } { + revenue bonds as defined in ORS
287A.001 + }.'.
In line 26, delete '16' and insert '18'.
In line 27, after '287A.360,' insert '294.381, 328.565,'.
In line 28, delete '15' and insert '17'.
In line 30, delete '17' and insert '19'.
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