MEASURE NO. 52

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SENATE BILL 346--Referred to the Electorate of Oregon by the 1997 Legislature to be voted on at the Special Election, November 4, 1997.

BALLOT TITLE

52

AUTHORIZES STATE LOTTERY BOND PROGRAM TO FINANCE PUBLIC SCHOOL PROJECTS

Be It Enacted by the People of the State of Oregon:

SECTION 1. (1) The Legislative Assembly may enact legislation to establish a state education lottery bond program that provides financing for state education projects. The Legislative Assembly may pay the debt service of state education lottery bonds from earnings on the Education Endowment Fund, unobligated net lottery proceeds and other moneys that the Legislative Assembly may appropriate for such purpose. State education lottery bonds may be issued in an aggregate principal amount that produces net proceeds for state education projects that shall not exceed $150 million.

(2) As used in this section, "state education projects" means projects for the acquisition, construction, improvement, remodeling, maintenance or repair of public school facilities in the State of Oregon, including land, site preparation costs, permanent or portable buildings and equipment, telecommunications equipment, computers, software and related technology, textbooks, library books, furniture and furnishings, vehicles, costs of planning for bond issues and capital improvements, the payment of debt service on obligations, other than general obligation bonds, issued for such projects and holding in reserve for any of the purposes described in this subsection.

SECTION 2. This Act shall be submitted to the people for their approval or rejection at a special election held throughout this state on November 4, 1997.

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

Explanatory Statement

Legislative Argument

Arguments in Favor

Arguments in Opposition

Online Voters' Guide Contents Page