75th OREGON LEGISLATIVE ASSEMBLY--2009 Regular Session
 
SA to SB 719
 
LC 2695/SB 719-3
 
                      SENATE AMENDMENTS TO
                         SENATE BILL 719
 
       By COMMITTEE ON COMMERCE AND WORKFORCE DEVELOPMENT
 
                            April 23
 
  On page 2 of the printed bill, line 18, after '1997' insert ' ,
or a municipality that provides or will provide services to such
an area,'.
  In line 27, delete '(7)' and insert '(10)'.
  After line 30, insert:
  ' (6) Subject to subsections (7) to (10) of this section,
moneys in the Urban Growth Boundary Expansion Area Revolving Loan
Fund are available for immediate distribution to qualified
municipalities that have executed loan agreements under this
section, to pay the costs incurred to undertake projects
described in subsection (4) of this section.
  ' (7) A loan agreement executed under this section shall
require:
  ' (a) A qualified municipality to:
  ' (A) Indemnify the state government, as defined in ORS
174.111, to the fullest extent permitted by law for any liability
the state government might incur in connection with a borrowing
by the qualified municipality; and
  ' (B) Refrain from requesting or accepting moneys from the
General Fund for the purpose of paying costs of projects for
which the loan agreement is being executed; and
  ' (b) The Economic and Community Development Department, after
receiving the approval of the Oregon Department of Administrative
Services, to disburse to qualified municipalities amounts from
the Urban Growth Boundary Expansion Area Revolving Loan Fund
when:
  ' (A) Moneys are available; and
  ' (B) The Economic and Community Development Department
determines that the qualified municipality will have sufficient
financing to complete the projects described in subsection (4) of
this section that the municipality undertakes.
  ' (8) The State of Oregon is not liable to any lender, vendor
or contractor of a qualified municipality for any action or
omission under sections 1 to 4 of this 2009 Act.'.
  In line 31, delete '(6)' and insert '(9)'.
  In line 36, delete '(7)' and insert '(10)'.
  Delete lines 42 through 45 and insert:
  '  { +  SECTION 3. + }  { + (1) For the biennium beginning July
1, 2009, at the request of the Oregon Department of
Administrative Services, after consultation with the Economic and
Community Development Department, the State Treasurer is
authorized to issue lottery bonds pursuant to ORS 286A.560 to
286A.585 in an amount not to exceed net proceeds of $50 million
for the purposes described in subsection (2) of this section,
plus an additional amount, to be estimated by the State
Treasurer, for payment of bond-related costs.
  ' (2) Proceeds of lottery bonds issued under subsection (1) of
this section, in the amount of $50 million, must be deposited in
the Urban Growth Boundary Expansion Area Revolving Loan Fund
 
established by section 2 of this 2009 Act, for the purposes
described in section 2 of this 2009 Act.
  ' (3) Bond-related costs 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 4. + }  { + If the state has not deposited an
aggregate amount of $50 million in the Urban Growth Boundary
Expansion Area Revolving Loan Fund by June 30, 2011, the state
shall allocate, from residual lottery revenues that are available
after application of the residual lottery revenues to existing
debt service requirements, to the Economic and Community
Development Department an amount equal to the difference between
$50 million and the aggregate deposits to the fund as of June 30,
2011. The allocation of moneys from the fund under this section
is subject to the requirements and priorities set forth in
section 4, Article XV of the Oregon Constitution, and ORS
286A.576 and any other amounts required by any other pledges of,
or liens on, net proceeds from the Oregon State Lottery. + } ' .
  On page 3, delete lines 1 through 17.
  In line 18, delete '6' and insert '5'.
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