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 506 Senate Bill 168 Printed pursuant to Senate Interim Rule 213.28 by order of the President of the Senate in conformance with presession filing rules, indicating neither advocacy nor opposition on the part of the President (at the request of Governor John A. Kitzhaber for Water Resources Department) 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. Authorizes issuance of lottery bonds to finance implementation of Klamath Basin Restoration Agreement of 2010. Declares emergency, effective on passage. A BILL FOR AN ACT Relating to Klamath Basin Restoration Agreement of 2010; appropriating money; and declaring an emergency. Be It Enacted by the People of the State of Oregon: SECTION 1. { + (1) At the request of the Oregon Department of Administrative Services, in consultation with the Water Resources Department, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 to 286A.585, for the biennium beginning July 1, 2011, in an amount not to exceed net proceeds of $3.4 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 bonds issued pursuant to this section must be deposited in the Klamath Basin Restoration Agreement Fund established in section 3 of this 2011 Act for executing the commitments of the State of Oregon in the implementation of the Klamath Basin Restoration Agreement of 2010. (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). + } SECTION 2. { + The Legislative Assembly finds that: (1) Implementation of the Klamath Basin Restoration Agreement of 2010 will have negative impacts, including a retirement of water rights, a reduction in water delivery and the potential devaluation of land and agricultural activities in the Klamath River Basin in Oregon. (2) The commitment of the State of Oregon will help to mitigate and offset negative impacts of the restoration agreement and to establish a basis for continuing job creation and economic development in the restored Klamath River Basin. (3) The factors described in subsection (2) of this section will encourage and promote job creation and economic development within the State of Oregon, and issuance of lottery bonds to finance the restoration agreement is therefore an appropriate use of state lottery funds under section 4, Article XV of the Oregon Constitution, and ORS 461.510. + } SECTION 3. { + (1) The Klamath Basin Restoration Agreement Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned on moneys in the Klamath Basin Restoration Agreement Fund shall be credited to the fund. The fund consists of moneys deposited in the fund under section 1 of this 2011 Act, and may include fees, revenues or other income deposited in the fund by the Legislative Assembly for the implementation of the Klamath Basin Restoration Agreement of 2010. Moneys in the fund are continuously appropriated to the Water Resources Department for the purposes described in subsection (2) of this section. (2) Moneys in the fund may be used to: (a) Provide grants for projects, targeted to support agricultural users and development, that foster and create incentive for development of renewable energy, energy efficiency and energy and water conservation. (b) Provide moneys to Klamath County to compensate for loss of tax revenue due to implementation of the restoration agreement. (c) Pay the costs of the department to administer the fund. (d) Pay bond-related costs, as defined in ORS 286A.560. + } SECTION 4. { + This 2011 Act being necessary for the immediate preservation of the public peace, health and safety, an emergency is declared to exist, and this 2011 Act takes effect on its passage. + } ----------