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 2417
 
                           A-Engrossed
 
                         Senate Bill 633
                 Ordered by the Senate April 30
           Including Senate Amendments dated April 30
 
Sponsored by Senators BOQUIST, ATKINSON; Senators GIROD, KRUSE,
  WHITSETT, Representatives BRUUN, GREENLICK, MAURER, NOLAN,
  SCHAUFLER, J SMITH, THATCHER, THOMPSON
 
 
                             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.
 
  Directs Oregon Investment Council and State Treasurer to try to
ensure that   { - certain - }  investment funds are not invested
in company doing business in  { + or with Iran or owned or
controlled by government of + } Iran.   { - Sets standard for
investment and reinvestment of funds. - }
    { - Directs Oregon Investment Council and State Treasurer to
investigate companies in which council has invested certain
investment funds to determine whether companies are doing
business in Iran. Directs State Treasurer to notify company that
council will withdraw funds invested in company if company does
business in Iran. - }
    { - Exempts investments in humanitarian companies, companies
authorized by federal government to do business in Iran and
journalism companies. - }
    { - Requires annual reports by State Treasurer to Legislative
Assembly on implementation of Act. - }
  Declares emergency, effective on passage.
 
                        A BILL FOR AN ACT
Relating to investments of public funds; and declaring an
  emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Sections 2 and 3 of this 2009 Act are added to
and made a part of ORS 293.701 to 293.820. + }
  SECTION 2.  { + As used in this section and section 3 of this
2009 Act:
  (1) 'Company' means any sole proprietorship, organization,
firm, association, corporation, utility, partnership, venture,
public franchise, franchisor, franchisee or its wholly owned
subsidiary that exists for profit-making purposes or otherwise to
secure economic advantage.
  (2) 'Investment' or 'invest' means the commitment of funds or
other assets to a company, including a loan or other extension of
credit made to that company, or the ownership or control of a
share or interest in that company or of a bond or other debt
instrument issued by that company.
  (3) 'Iran' means the Islamic Republic of Iran. + }
  SECTION 3.  { + The Oregon Investment Council and the State
Treasurer, in the State Treasurer's role as investment officer
for the council, shall act reasonably and in a manner consistent
with ORS 293.721 and 293.726 to try to ensure that investment
funds are not invested in violation of applicable federal law in
any company that is:
  (1) Doing business in or with Iran; or
  (2) Owned or controlled by the government of Iran. + }
  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 on its
passage. + }
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