Bill Text: OR HB3333 | 2011 | Regular Session | Introduced

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Bill Title: Relating to investments of public funds; declaring an emergency.

Spectrum: Slight Partisan Bill (Republican 5-2)

Status: (Failed) 2011-06-30 - In committee upon adjournment. [HB3333 Detail]

Download: Oregon-2011-HB3333-Introduced.html

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     76th OREGON LEGISLATIVE ASSEMBLY--2011 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 3299

                         House Bill 3333

Sponsored by Representative WEIDNER; Representatives ESQUIVEL,
  GARRETT, GREENLICK, KRIEGER, THATCHER, WINGARD

                             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.

  Directs Oregon Investment Council and State Treasurer to try to
ensure that investment funds are not invested in company doing
business in or with Iran or owned or controlled by government of
Iran.
  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 2011 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2011 Act takes effect on its
passage. + }
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