Chapter 222 Oregon Laws 2011

AN ACT

HB 2248

Relating to Secretary of State audits; amending ORS 176.110, 407.515 and 835.065.

Be It Enacted by the People of the State of Oregon:

SECTION 1. ORS 176.110 is amended to read:

176.110. (1) The person elected to the office of Governor may take any action prior to the date the official term of office commences that is necessary to enable the Governor to exercise on such date the powers and duties of the office of Governor.

(2) The Governor-elect shall cause the budget report and the tax expenditure report for the biennium beginning July 1 of the year in which the Governor takes office to be compiled and prepared for printing as required in ORS 291.222.

(3) All [necessary] expenses of the Governor-elect incurred in carrying out the provisions of this section [shall be audited] are open to inspection and audit by the Secretary of State and must be paid from any funds appropriated for this purpose in the same manner as other claims against the state are paid.

SECTION 2. ORS 407.515 is amended to read:

407.515. (1) The Oregon War Veterans’ Bond Sinking Account is created as a restricted account within the Oregon War Veterans’ Fund. The sinking account shall consist of:

(a) All moneys received as payments on principal and interest of loans made under ORS 407.125;

(b) All moneys received as accrued interest upon bonds sold;

(c) All moneys derived from tax levies provided for in ORS 291.445;

(d) All moneys derived from the sale, rental or administration of property acquired by foreclosure or other proceeding, or deed;

(e) All moneys received as interest upon investments of the account and the Oregon War Veterans’ Fund;

(f) All moneys received as proceeds from the sale of refunding bonds; and

(g) All other moneys accruing under ORS 407.115, 407.125, 407.165, 407.205, 407.275, 407.415, 407.495 and 407.515 not required to be credited to the Oregon War Veterans’ Fund.

(2) Disbursements from the sinking account shall be made upon submission of duly verified claims[,] that are approved by the Director of Veterans’ Affairs[, to the]. The Secretary of State[, who shall] may audit the [same] claims in the manner that other claims against the state are audited. The moneys in the sinking account, other than those derived from tax levies and from sales of refunding bonds, [hereby] are continuously appropriated for payment of expenses of administration of ORS 407.115, 407.125, 407.165, 407.205, 407.275, 407.415, 407.495 and 407.515 to 407.565. The moneys in the sinking account may be invested as provided in ORS 293.701 to 293.820.

(3) Amounts in the sinking account shall be held and set aside separately from the amounts in the Oregon War Veterans’ Fund and any other funds or assets of this state, but such account may be accounted for as part of the Oregon War Veterans’ Fund.

(4) The debt service reserve account within the sinking account shall be maintained as a subaccount within the sinking account dedicated to provide funds for the payment of bonds issued under authority of Article XI-A of the Oregon Constitution.

(5) Nothing in this section shall be construed so as to impair any covenant or agreement with the holders of such bonds heretofore entered into by the director on behalf of this state with respect to the maintenance of the sinking account as heretofore constituted and any such covenant and agreement shall remain in full force and effect.

(6) The director may create subaccounts in the sinking account necessary for appropriate administration of the director’s duties including, but not limited to, providing for the issuance, security, payment or administration of bonds or to preserve the federally tax exempt status of bonds issued on a federally tax exempt basis. The director may segregate such subaccounts from other subaccounts used for other purposes including, but not limited to, the issuance, security, payment or administration of bonds or other obligations, whether previously or subsequently issued.

SECTION 3. ORS 835.065 is amended to read:

835.065. All [necessary] expenses of the Oregon Department of Aviation incurred in carrying out the provisions of this chapter [shall be audited] are open to inspection and audit by the Secretary of State and must be paid from the State Aviation Account in the same manner as other claims against the state are paid, after [due] approval [thereof] of the expenses by the Director of the Oregon Department of Aviation, or as provided by law.

Approved by the Governor June 2, 2011

Filed in the office of Secretary of State June 2, 2011

Effective date January 1, 2012

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