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 3854
 
                   Senate Joint Resolution 40
 
Sponsored by Senator BOQUIST; Senators ATKINSON, FERRIOLI,
  GEORGE, GIROD, KRUSE, MORSE, STARR, TELFER, WHITSETT
 
 
                             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.
 
  Proposes amendment to Oregon Constitution to establish Oregon
Other Funds Reserve Fund. Transfers amounts from dedicated or
continuously appropriated Other Funds accounts or funds to
reserve fund. Transfers interest from reserve fund to State
School Fund.  Specifies circumstances under which amounts
transferred to reserve fund may be modified or appropriated.
  Refers proposed amendment to people for their approval or
rejection at next regular general election.
 
                        JOINT RESOLUTION
Be It Resolved by the Legislative Assembly of the State of
  Oregon:
  PARAGRAPH 1. The Constitution of the State of Oregon is amended
by creating a new section 15 to be added to and made a part of
Article IX, such section to read:
   { +  SECTION 15. + }  { + (1) As used in this section, 'state
agency ' means every state officer, board, commission,
department, institution, branch or agency of state government,
the costs of which are paid wholly or in part from funds held in
the State Treasury.
  (2) The Oregon Other Funds Reserve Fund is established in the
State Treasury, separate and distinct from the General Fund.
Except as provided in subsection (6) of this section, interest
earned by the Oregon Other Funds Reserve Fund shall be credited
to the fund.
  (3) Subject to action by the Legislative Assembly or the
Emergency Board under subsection (4) of this section, on July 1
of each odd-numbered year, or other date specified by law, each
state agency administering a statutory fund or account identified
by law for purposes of this section that includes fees, moneys or
other revenues, including Miscellaneous Receipts, but excluding
lottery funds and federal funds, collected or received by the
state agency that are dedicated or continuously appropriated by
statute to the agency for the uses and purposes of the agency,
shall transfer from the fund or account to the Oregon Other Funds
Reserve Fund an amount equal to the ending balance of the fund or
account, minus 12.5 percent of the amount the agency is
authorized by the Legislative Assembly to spend from the fund or
account for the biennium beginning on July 1 of that year or for
another budgeting period prescribed by law.
  (4) The Legislative Assembly by a vote of three-fifths of all
members serving in each house of the Legislative Assembly or the
Emergency Board by a vote of three-fifths of all members serving
on the board may:
  (a) For the biennium beginning on July 1 of that year, or for
another budgeting period prescribed by law, authorize a state
agency to retain, in a fund or account described in subsection
(3) of this section, an amount exceeding 12.5 percent of the
amount the agency is authorized by the Legislative Assembly to
spend from the fund or account for the biennium, or for another
budgeting period prescribed by law, but that does not exceed 25
percent of the amount the agency is authorized by the Legislative
Assembly to spend from the fund or account for the biennium, or
for another budgeting period prescribed by law; or
  (b) Not more than once for each state agency in each biennium,
or for another budgeting period prescribed by law, transfer any
amount to the state agency from the Oregon Other Funds Reserve
Fund.
  (5) Subsections (3) and (4) of this section do not apply to:
  (a) Funds or accounts that receive moneys appropriated from the
General Fund;
  (b) Funds or accounts established by this Constitution or whose
expenditures are limited or otherwise directed by provisions of
this Constitution;
  (c) Federal funds or lottery funds deposited in any fund or
account that includes dedicated or continuously appropriated
moneys; or
  (d) Dedicated or continuously appropriated moneys in a fund or
account described in subsection (3) of this section that are
authorized by law to be expended without limitation.
  (6)(a) On July 1 of each calendar year, the State Treasurer
shall calculate the amount of interest that is attributable to
moneys in the Oregon Other Funds Reserve Fund as of that date.
The State Treasurer shall transfer the amount calculated under
this subsection from the reserve fund to the State School Fund
created by law.
  (b) The State Treasurer shall maintain a record of the amounts
each state agency transfers to the reserve fund.
  (7) The Legislative Assembly may appropriate moneys from the
Oregon Other Funds Reserve Fund if the appropriation is approved
by three-fifths of the members serving in each house of the
Legislative Assembly. + }
 
  PARAGRAPH 2.  { + The amendment proposed by this resolution
shall be submitted to the people for their approval or rejection
at the next regular general election held throughout this
state. + }
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