Bill Text: OR HB3190 | 2013 | Regular Session | Introduced

Oregon House Bill 3190 (Prior Session Legislation)

Bill Title: Relating to revenue bonds to finance pension liability; declaring an emergency.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2013-07-08 - In committee upon adjournment. [HB3190 Detail]

Download: Oregon-2013-HB3190-Introduced.html



     77th OREGON LEGISLATIVE ASSEMBLY--2013 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 2793

                         House Bill 3190

Sponsored by Representative WHISNANT

                             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.

  Prohibits participating public employer from issuing revenue
bonds to finance pension liability without express authorization
from Legislative Assembly and majority of electors within
jurisdiction of participating public employer.
  Declares emergency, effective on passage.

                        A BILL FOR AN ACT
Relating to revenue bonds to finance pension liability; creating
  new provisions; amending ORS 238.694; and declaring an
  emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 238.694 is amended to read:
  238.694. (1) The Legislative Assembly finds that authorizing
issuance of revenue bonds to finance pension liabilities may
reduce the cost of public pensions to taxpayers and that the
reduction of those costs to taxpayers is a matter of statewide
concern.
  (2) Notwithstanding the limitation on indebtedness in ORS
287A.105 or any other limitation on indebtedness or borrowing
under state or local law, for the purpose of obtaining funds to
pay the pension liability of a public body, the governing body of
a public body may authorize and cause the issuance of revenue
bonds under ORS chapter 287A  { - . - }   { + if:
  (a) The Legislative Assembly has expressly authorized the
governing body of the public body to issue revenue bonds for the
purpose of obtaining funds to pay the pension liability; and
  (b) The electors within the jurisdiction of the public body
have approved the issuance of the revenue bonds by a majority
vote. + }
  (3) The governing body of a public body may pledge the full
faith and credit and taxing power of the public body to the
payment of the principal and interest on bonds issued under ORS
238.692 to 238.698, and any premium on those bonds.
  (4) Unless the charter of a county provides a lower limit, a
county may issue revenue bonds to finance pension liabilities in
an amount that does not exceed five percent of the real market
value of the taxable property within the boundaries of the
county.
  (5) Revenue bonds authorized under this section need not comply
with the procedure specified in ORS 287A.150.

  (6) A public body that issues revenue bonds under this section
may also issue revenue bonds for the purpose of refunding the
bonds.
  (7) A public body may enter into indentures or other agreements
with trustees or escrow agents for the issuance, administration
or payment of bonds authorized under this section.
  SECTION 2.  { + The amendments to ORS 238.694 by section 1 of
this 2013 Act apply only to revenue bonds issued on and after the
effective date of this 2013 Act. + }
  SECTION 3.  { + This 2013 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2013 Act takes effect on its
passage. + }
                         ----------