Measure 32 is a referral by the people of a bill passed by the legislature at a special session in February 1996. The measure provides up to $750 million for funding of transportation projects throughout Oregon. Measure 32 is designed to do two things:
(1) To provide the state's share, $375 million, to fund the first construction stage of the Tri-Met South North light rail project, beginning near the Clackamas Town Center.
(2) To establish a Transportation Equity Account of $375 million to be used for transportation projects throughout the state outside the urban growth boundary of the Portland Metropolitan region. The Account may be used for capital projects for, or operation of, land, air or water modes of transporting people and goods. These may include improvements, facilities, equipment, structures and rolling stock used or useful in connection with streets, roads, highways, air transport, water transport, rail transport, bus transport, bicycles and pedestrians.
Oregon State Lottery-backed bonds are to be sold to raise the principal sum of up to $490 million, plus bond issuance costs and reserves, to meet part of the costs of the projects. For details on paying both the principal and interest on the bonds, please refer to the Fiscal Impact statement. The State is not required to pay off the bonds and interest from any source other than lottery funds. The taxing power of the state cannot be pledged to pay off the bonds but the legislature may use other state moneys to do so.
Moneys in the Transportation Equity Account for projects outside the Portland Metropolitan region will come from the following sources:
(1) $110 million from the state General Fund, available over a ten-year period beginning in 1999.
(2) $75 million provided through new funding mechanisms to be proposed to the next legislature.
(3) $115 million from Lottery-backed revenue bonds, available when the South North bonds are sold.
(4) $75 million over ten years that would otherwise be available for projects in the Portland Metropolitan region as follows:
(a) $8 million per year for five years beginning in 1999, $6 million of which comes from federal transportation funds and $2 million of which comes from lottery funds or other local government funds; and
(b) $7 million per year for five years beginning in 2004, $5 million of which comes from federal transportation funds and $2 million of which comes from lottery funds or other local government funds.
If funds for the Transportation Equity Account do not total $375 million, the legislature would be required to make up the difference.
Measure 32 prohibits sale of the authorized bonds or the distribution of any money for transportation projects unless and until federal funds are approved, based on assurances of availability of local funding, but no moneys are to be allocated or distributed until 1999.
| Committee Members: | Appointed by: |
| Don McIntire* | Chief Petitioners |
| Representative Bob Tiernan* | Chief Petitioners |
| Senator Ken Baker | Secretary of State |
| Tom Walsh | Secretary of State |
| Kathleen Beaufait | Members of the Committee |
| *Member dissents (does not concur with explanatory statement) |
(This committee was appointed to provide an impartial explanation of the ballot measure pursuant to ORS 251.215.)