Bill Text: OR SJR27 | 2011 | Regular Session | Introduced

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Bill Title: Proposing amendment to Oregon Constitution relating to establishment of five-year moratorium on general obligation borrowing and specified forms of revenue-based borrowing.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2011-06-30 - In committee upon adjournment. [SJR27 Detail]

Download: Oregon-2011-SJR27-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 1703

                   Senate Joint Resolution 27

Sponsored by Senator ATKINSON

                             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
five-year moratorium on general obligation borrowing and
specified forms of revenue-based borrowing. Permits refunding to
reduce borrowing costs under outstanding general obligations and
other specified outstanding revenue-based obligations.
  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 Article to be known as Article XI-R, such
Article to read:
   { +  SECTION 1. + }  { + (1) During the five-year period
beginning on the effective date of this section, the State of
Oregon may not:
  (a) Lend its credit or incur indebtedness or liability in any
manner except as provided in subsection (3) of this section.
  (b) Issue general obligation bonds under authority of Articles
XI-A to XI-Q of this Constitution except as provided in
subsection (3) of this section.
  (2) During the five-year period beginning on the effective date
of this section:
  (a) The State of Oregon may not issue certificates of
participation or other similar financing agreements except as
provided in subsection (3) of this section.
  (b) The Legislative Assembly may not authorize and neither the
State Treasurer nor any department of state government may issue
certificates of participation or other similar financing
agreements except as provided in subsection (3) of this section.
  (3) During the five-year period beginning on the effective date
of this section:
  (a) The State of Oregon may lend its credit and incur
indebtedness or liability as authorized in section 7, Article XI
of this Constitution.
  (b) The State Treasurer may issue refunding bonds under the
authority of Articles XI-A to XI-Q of this Constitution for the
purpose of reducing the costs of borrowing under outstanding
general obligation bonds issued under the authority of Articles
XI-A to XI-Q of this Constitution.
  (c) The State Treasurer may approve and a department of state
government may enter into certificates of participation or
similar financing agreements under law for the purpose of
reducing the costs of borrowing under outstanding certificates of
participation or similar financing agreements issued under law.
  (d) Except as explicitly prohibited by subsection (2) of this
section, the State Treasurer may issue lottery bonds, conduit
bonds or other revenue bonds, including refunding bonds, for
which:
  (A) The full faith and credit or the taxing power of the State
of Oregon is not pledged.
  (B) There is an explicit stream of revenue dedicated to
repayment.
  (4) This section supersedes any conflicting provision of this
Constitution.
  (5) This section is repealed June 30, 2017. + }

  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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