Bill Text: OR HB4020 | 2012 | Regular Session | Introduced

Oregon House Bill 4020 (Prior Session Legislation)

Introduced

Bill Title: Relating to lottery bonds; declaring an emergency.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2012-03-05 - In committee upon adjournment. [HB4020 Detail]

Download: Oregon-2012-HB4020-Introduced.html



     76th OREGON LEGISLATIVE ASSEMBLY--2012 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 116

                         House Bill 4020

Sponsored by Representative SCHAUFLER (Presession filed.)

                             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.

  Increases amount of lottery bonds issued to finance grants and
loans for transportation projects for biennium beginning July 1,
2011.
  Declares emergency, effective on passage.

                        A BILL FOR AN ACT
Relating to lottery bonds; amending section 20, chapter 624,
  Oregon Laws 2011; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. Section 20, chapter 624, Oregon Laws 2011, is
amended to read:
   { +  Sec. 20. + } (1) For the biennium beginning July 1, 2011,
at the request of the Oregon Department of Administrative
Services, in consultation with the Department of Transportation,
the State Treasurer is authorized to issue lottery bonds pursuant
to ORS 286A.560 to 286A.585 in an amount not to exceed net
proceeds of
  { - $40 - }  { +  $50 + } million for the purpose described in
subsection (2) of this section, plus an additional amount, to be
estimated by the State Treasurer, for payment of bond-related
costs.
  (2) Net proceeds of lottery bonds issued pursuant to this
section must be deposited in the Multimodal Transportation Fund
established under ORS 367.080 sufficient to provide   { - $40 - }
 { +  $50 + } million in net proceeds and interest earnings for
the Department of Transportation to finance grants and loans for
transportation projects as provided in ORS 367.080 to 367.086.
  (3) Bond-related costs for the lottery bonds authorized by this
section must be paid from the gross proceeds of the lottery bonds
and from allocations for the purposes of ORS 286A.576 (1)(c).
  (4) The Legislative Assembly finds that issuing lottery bonds
to finance transportation projects pursuant to this section is
essential to promoting the state's economic development and the
use of lottery bond proceeds is authorized based on the following
findings:
  (a) There is an urgent need to improve and expand publicly
owned and privately owned transportation infrastructure to
support economic development in this state.
  (b) A safe, efficient and reliable transportation network
supports the long-term economic development and livability of
this state.
  (c) A multimodal network of air, rail, public transit, highway
and marine transportation moves people and goods efficiently.
  (d) Local governments and private sector businesses often lack
capital and the technical capacity to undertake multimodal
transportation projects.
  (e) Public financial assistance can stimulate industrial growth
and commercial enterprise and promote employment opportunities in
this state.
  (f) Public investment in transportation infrastructure will
create jobs and further economic development in this state.
  (g) The use of lottery bond proceeds as provided in this
section will create jobs, further economic development, finance
public education or protect parks, watersheds, fish or wildlife
within Oregon, and issuance of lottery bonds for the purpose
described in this section is therefore an appropriate use of
state lottery funds under section 4, Article XV of the Oregon
Constitution, and ORS 461.510.
  SECTION 2.  { + This 2012 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2012 Act takes effect on its
passage. + }
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