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 2706
 
                         Senate Bill 608
 
Sponsored by Senator VERGER; Representative ROBLAN
 
 
                             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.
 
  Authorizes issuance of lottery bonds to finance acquisition of
railways by Oregon International Port of Coos Bay.
  Creates Oregon International Port of Coos Bay Railway
Acquisition Fund. Continuously appropriates moneys in fund to
Oregon Department of Administrative Services.
  Directs department to use moneys in fund to further economic
development by paying costs incurred by port to acquire railways.
  Declares emergency, effective July 1, 2009.
 
                        A BILL FOR AN ACT
Relating to public borrowing for acquisition of railways by
  Oregon International Port of Coos Bay; appropriating money; and
  declaring an emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + The Legislative Assembly finds that:
  (1) The acquisition of railways by the Oregon International
Port of Coos Bay will create jobs and further economic
development in Oregon by ensuring that the port is adequately
connected to other modes of transportation necessary for the
delivery of goods and services to and from all areas of Oregon to
and from the nation and the world by:
  (a) Increasing maritime and international trade throughout
Oregon;
  (b) Improving the attractiveness of Oregon to new businesses;
and
  (c) Supporting the operations and prosperity of existing
businesses.
  (2) The factors described in subsection (1) of this section
will encourage and promote economic development within this
state, and the issuance of lottery bonds to finance the
acquisition of railways by the Oregon International Port of Coos
Bay is therefore an appropriate use of state lottery funds to pay
the amounts specified in section 2 of this 2009 Act, under
section 4, Article XV of the Oregon Constitution, and under ORS
461.510. Neither the faith and credit nor any of the taxing power
of this state is pledged or otherwise committed by sections 1 to
3 of this 2009 Act, and the commitments of this state under
sections 1 to 3 of this 2009 Act do not constitute a debt or
liability of this state within the meaning of section 7, Article
XI of the Oregon Constitution. + }
 
  SECTION 2.  { + (1) For the biennium beginning July 1, 2009, at
the request of the Director of the Oregon Department of
Administrative Services, the State Treasurer is authorized to
issue lottery bonds pursuant to ORS 286A.560 to 286A.585 in the
amount of $15 million for the acquisition of railways by the
Oregon International Port of Coos Bay, plus an additional amount,
to be estimated by the State Treasurer, for payment of
bond-related costs incurred by the department and the State
Treasurer.
  (2) Net proceeds of lottery bonds issued under subsection (1)
of this section, in the amount of $15 million, must be deposited
in the Oregon International Port of Coos Bay Railway Acquisition
Fund established by section 3 of this 2009 Act.
  (3) Bond-related costs incurred by the department and the State
Treasurer for the lottery bonds authorized by this section must
be paid from the gross proceeds of the lottery bonds and from
allocations for the purposes of ORS 286A.576 (1)(c). + }
  SECTION 3.  { + (1) The Oregon International Port of Coos Bay
Railway Acquisition Fund is established separate and distinct
from the General Fund. The moneys in the fund and the interest
earnings of the fund are continuously appropriated to the Oregon
Department of Administrative Services for the purpose described
in subsection (2) of this section. The fund consists of moneys
deposited in the fund under section 2 of this 2009 Act for the
purpose described in subsection (2) of this section.
  (2) Moneys in the fund are available to pay costs incurred by
the Oregon International Port of Coos Bay to acquire railways
connecting the port with Oregon's multimodal transportation
system. + }
  SECTION 4.  { + 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 July 1,
2009. + }
                         ----------