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Measure 69

  • Text of Measure

    Be It Resolved by the Legislative Assembly of the State of Oregon:

    PARAGRAPH 1. Sections 1, 2 and 3, Article XI-F(1), and section 1, Article XI-G of the Constitution of the State of Oregon, are amended to read:

    Sec. 1. The credit of the state may be loaned and indebtedness incurred in an amount which shall not exceed at any one time three-fourths of one percent of the true cash value of all the taxable property in the state, as determined by law to provide funds with which to [redeem and refund outstanding revenue bonds issued to finance the cost of buildings and other projects for higher education, and to construct, improve, repair, equip, and furnish buildings and other structures for such purpose, and to purchase or improve sites therefor] acquire, construct, improve, repair, equip and furnish buildings, structures, land and other projects, or parts thereof, that the legislative assembly determines will benefit higher education institutions or activities.

    Sec. 2. [The buildings and structures hereafter constructed for higher education pursuant to this amendment shall be such only as conservatively shall appear to the constructing authority to be wholly self-liquidating and self-supporting from revenues, gifts, grants, or building fees. All unpledged net revenues of buildings and other projects may be pooled with the net revenues of new buildings or projects in order to render the new buildings or projects self-liquidating and self-supporting.] Indebtedness shall not be incurred to finance projects described in section 1 of this Article unless the constructing authority conservatively estimates that the constructing authority will have sufficient revenues to pay the indebtedness and operate the projects financed with the proceeds of the indebtedness. For purposes of this section, “revenues” includes all funds available to the constructing authority except amounts appropriated by the legislative assembly from the General Fund.

    Sec. 3. Ad valorem taxes shall be levied annually upon all the taxable property in the state of Oregon in sufficient amount, with the aforesaid revenues, [gifts, grants, or building fees,] to provide for the payment of such indebtedness and the interest thereon. The legislative assembly may provide other revenues to supplement or replace such tax levies.

    Sec. 1. (1) Notwithstanding the limitations contained in section 7, Article XI of this Constitution, and in addition to other exceptions from the limitations of such section, the credit of the state may be loaned and indebtedness incurred in an amount not to exceed at any time three-fourths of one percent of the true cash value of all taxable property in the state, as determined by law.

    (2) Proceeds from any loan authorized or indebtedness incurred under this section shall be used to provide funds with which to acquire, construct, improve, repair, equip and furnish [those] buildings, structures, land and other projects, or parts thereof, [and to purchase or improve sites therefor, designated by] that the Legislative Assembly [for] determines will benefit higher education institutions [and] or activities or [for] community colleges authorized by law to receive state aid.

    [(3) The amount of any loan authorized or indebtedness incurred under this section by means of bonds to be issued in any biennium shall not exceed the dollar amount appropriated from the General Fund for the same or similar purposes. Any dollar amounts appropriated to meet the requirements of this subsection shall be specifically designated therefor by the Legislative Assembly.]

    (3) The amount of any indebtedness incurred under this section in any biennium shall be matched by an amount that is at least equal to the amount of the indebtedness. The matching amount must be used for the same or similar purposes as the proceeds of the indebtedness and may consist of moneys appropriated from the General Fund or any other moneys available to the constructing authority for such purposes. However, the matching amount may not consist of proceeds of indebtedness incurred by the state under any other Article of this Constitution. Any matching amount appropriated from the General Fund to meet the requirements of this subsection must be specifically designated therefor by the Legislative Assembly.

    (4) Nothing in this section prevents the financing of [buildings, structures and] projects, or parts thereof, by a combination of the moneys available under this section, under Article XI-F(1) of this Constitution, and from other lawful sources. [However, moneys available under this section shall not be expended on or for any buildings, structures or projects, or parts thereof, that are wholly self-liquidating and self-supporting.]

    PARAGRAPH 2. The amendment proposed by this resolution shall be submitted to the people for their approval or rejection at a special election held throughout this state on the same date as the next primary election.

    Note: Boldfaced type indicates new language; [brackets and italic] type indicates deletions or comments.

Oregon Secretary of State • 136 State Capitol • Salem, OR 97310-0722
Phone: (503) 986-1523 • Fax: (503) 986-1616 • oregon.sos@state.or.us

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