Bill Text: OR SB298 | 2011 | Regular Session | Introduced
Bill Title: Relating to Oregon Rainy Day Fund.
Spectrum: Unknown
Status: (Failed) 2011-06-30 - In committee upon adjournment. [SB298 Detail]
Download: Oregon-2011-SB298-Introduced.html
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 1007
Senate Bill 298
Printed pursuant to Senate Interim Rule 213.28 by order of the
President of the Senate in conformance with presession filing
rules, indicating neither advocacy nor opposition on the part
of the President (at the request of Senate Interim Committee on
Finance and Revenue)
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.
Requires interest on moneys in General Fund to be deposited
into Oregon Rainy Day Fund. Modifies amount transferred to Oregon
Rainy Day Fund each biennium to one percent of amount of General
Fund appropriations for that biennium, less amount of interest
deposited during biennium.
A BILL FOR AN ACT
Relating to Oregon Rainy Day Fund; creating new provisions;
amending ORS 240.131, 293.140, 293.144, 293.146, 293.148,
293.293, 351.506 and 541.576.
Be It Enacted by the People of the State of Oregon:
SECTION 1. ORS 293.140 is amended to read:
293.140. Except as otherwise provided by law, all interest
received on deposits of state funds shall accrue to and become a
part of the { - General Fund - } { + Oregon Rainy Day Fund
established by ORS 293.144 + }.
SECTION 2. ORS 293.144 is amended to read:
293.144. (1) The Oregon Rainy Day Fund is established as an
account in the General Fund.
(2) The Legislative Assembly may appropriate moneys from the
Oregon Rainy Day Fund only if the appropriation is approved by
three-fifths of the members serving in each house of the
Legislative Assembly and the Legislative Assembly finds one of
the following:
(a) That the last quarterly economic and revenue forecast for a
biennium indicates that moneys available to the General Fund for
the next biennium will be at least three percent less than
appropriations from the General Fund for the current biennium;
(b) That there has been a decline for two or more consecutive
quarters in the last 12 months in seasonally adjusted nonfarm
payroll employment; or
(c) That a quarterly economic and revenue forecast projects
that revenues in the General Fund in the current biennium will be
at least two percent below what the revenues were projected to be
in the revenue forecast on which the legislatively adopted budget
for the current biennium was based.
{ - (3) Once each month, the Oregon Department of
Administrative Services shall calculate the amount of General
Fund interest that is attributable to moneys in the Oregon Rainy
Day Fund. Except as otherwise provided in ORS 293.148, the
department shall transfer the amount calculated under this
subsection to the Oregon Rainy Day Fund. - }
{ - (4) - } { + (3) + } The Legislative Assembly may not
appropriate for any one biennium more than two-thirds of the
amount that is in the Oregon Rainy Day Fund at the beginning of
that biennium. If the appropriation is for a biennium that has
not yet begun, the Legislative Assembly may use as the base the
most recent estimate of the amount that will be in the Oregon
Rainy Day Fund at the beginning of the biennium for which the
appropriation is made.
{ - (5) - } { + (4) + } As used in this section,
'legislatively adopted budget' has the meaning given that term in
ORS 291.002.
SECTION 3. ORS 293.146 is amended to read:
293.146. (1) As used in this section:
(a) 'Ending balance' means the difference between the amount of
General Fund revenues collected during a biennium and the amount
of General Fund appropriations for the biennium.
(b) 'General Fund appropriations' means the amount of moneys
appropriated from the General Fund for a biennium in the
legislatively approved budget for the biennium, minus the amount
of any General Fund appropriation balances for that biennium that
revert to the General Fund under ORS 293.190.
(c) 'Legislatively approved budget' has the meaning given that
term in ORS 291.002.
(2) Except as provided in ORS 293.148, as soon as possible
after the ending balance for a biennium is determined, an amount
equal to one percent of the amount of General Fund appropriations
for that biennium { + , less the amount of interest deposited in
the Oregon Rainy Day Fund during the biennium under ORS
293.140, + } shall be transferred to the Oregon Rainy Day Fund
established by ORS 293.144. If the ending balance does not equal
or exceed one percent of the amount of General Fund
appropriations, { + less the amount of interest deposited in the
Oregon Rainy Day Fund during the biennium under ORS 293.140, + }
an amount equal to the ending balance shall be transferred to the
Oregon Rainy Day Fund.
SECTION 4. ORS 293.148 is amended to read:
293.148. (1) If the moneys in the Oregon Rainy Day Fund
established by ORS 293.144 just prior to the time of a transfer
scheduled under ORS { - 293.144 (3) or - } 293.146 equal at
least 7-1/2 percent of the amount of General Fund revenues
collected during the prior biennium, moneys that would otherwise
be transferred to the Oregon Rainy Day Fund { + under ORS
293.146 + } shall be deposited in the General Fund.
(2) If the moneys in the Oregon Rainy Day Fund just prior to
the time of a transfer scheduled under ORS { - 293.144 (3)
or - } 293.146 do not equal at least 7-1/2 percent of the amount
of General Fund revenues collected during the prior biennium, the
transfer to the Oregon Rainy Day Fund shall be made regardless of
whether that transfer increases the amount in the Oregon Rainy
Day Fund to at least 7-1/2 percent of the amount of General Fund
revenues collected during the prior biennium.
SECTION 5. ORS 351.506 is amended to read:
351.506. (1) The Oregon University System Fund is established
in the State Treasury, separate and distinct from the General
Fund. Any interest or other investment income derived from moneys
in the Oregon University System Fund is credited to the fund.
Except when otherwise specified by a statute establishing an
account, { + the State Board of Higher Education shall transfer
to the Oregon Rainy Day Fund established by ORS 293.144 + } the
interest or other investment income credited to the Oregon
University System Fund that was derived from tuition and fees,
facility and administrative cost recoveries, sales and services
revenues, housing fees, food service fees, parking fees and
General Fund appropriations { - shall be transferred to the
General Fund by the State Board of Higher Education - } .
(2) Except for moneys otherwise designated by statute or
federal law, all moneys received by the State Board of Higher
Education or the Oregon University System shall be paid into the
State Treasury and credited to the Oregon University System Fund.
All moneys in the fund are continuously appropriated to the State
Board of Higher Education for purposes authorized by law.
(3) The moneys in the Oregon University System Fund may be
invested as provided in ORS 293.701 to 293.820.
(4) The board may establish accounts and subaccounts within the
Oregon University System Fund when the board determines that
accounts or subaccounts are necessary or desirable. Except when
otherwise specified by a statute establishing an account, the
board may credit any interest or income derived from moneys in
the fund to any account or subaccount within the fund.
(5) The board shall keep a record of all moneys deposited into
the fund. The record shall indicate by separate cumulative
accounts and subaccounts the sources from which the moneys are
derived and the individual activity or program against which each
withdrawal is charged.
SECTION 6. ORS 240.131 is amended to read:
240.131. The Employment Relations Board Administrative Account
is established separate and distinct from the General Fund. The
account consists of all moneys received by the Employment
Relations Board, other than moneys appropriated to the board by
the Legislative Assembly. All moneys in the account are
continuously appropriated to the board for the payment of all
expenses incurred by the board. { - Interest earned by the
account shall be credited to the General Fund. - }
SECTION 7. ORS 293.293 is amended to read:
293.293. (1) Whenever a court is required to hold funds in
trust for the benefit of any party, all such funds shall be
deposited with the State Treasurer in an account separate and
distinct from the General Fund. { - Interest on such funds
shall be credited to the General Fund. - }
(2) Notwithstanding subsection (1) of this section, if the
amount in trust is $10,000 or more, upon motion of a party, the
court may order that the amount deposited with the State
Treasurer be placed in an interest bearing account and that the
interest be credited or paid to a party or parties, as the court
deems appropriate.
SECTION 8. ORS 541.576 is amended to read:
541.576. (1) The Water Conservation, Reuse and Storage
Investment Fund is established in the State Treasury, separate
and distinct from the General Fund. { - Interest earned by the
Water Conservation, Reuse and Storage Investment Fund shall be
credited to the General Fund. - } Moneys in the Water
Conservation, Reuse and Storage Investment Fund are continuously
appropriated to the Water Resources Department to award grants
and to pay the cost of direct services provided under ORS
541.561.
(2) The Water Conservation, Reuse and Storage Investment Fund
shall consist of:
(a) Moneys appropriated to the fund by the Legislative
Assembly;
(b) Any moneys that may be transferred to the fund by the
federal government, a state agency or a local government; and
(c) Grant repayments, if any.
SECTION 9. { + The amendments to ORS 293.140, 293.144,
293.146, 293.148 and 351.506 by sections 1 to 5 of this 2011 Act
first apply to the biennium beginning July 1, 2013. + }
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