Bill Text: OR SB273 | 2013 | Regular Session | Engrossed

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Bill Title: Relating to school capital matching bonds; declaring an emergency.

Spectrum: Committee Bill

Status: (Failed) 2013-07-08 - In committee upon adjournment. [SB273 Detail]

Download: Oregon-2013-SB273-Engrossed.html

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     77th OREGON LEGISLATIVE ASSEMBLY--2013 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 1408

                           A-Engrossed

                         Senate Bill 273
                Ordered by the Senate February 27
          Including Senate Amendments dated February 27

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 Senate Interim Committee on
  Education and Workforce Development for Oregon School Boards
  Association)

                             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.

  Authorizes State Treasurer to issue Article XI-P general
obligation bonds to match general obligation bonds issued by
school districts for capital construction.
  Declares emergency, effective July 1, 2013.

                        A BILL FOR AN ACT
Relating to school capital matching bonds; and declaring an
  emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + (1) Notwithstanding ORS 286A.798 (1)(b), in
addition to and not in lieu of any authorization to issue general
obligation bonds under ORS 286A.035, in the biennium beginning
July 1, 2013, the State Treasurer may issue Article XI-P bonds
in:
  (a) An amount not to exceed $200 million of net proceeds and
interest earnings for the purpose specified in subsection (2) of
this section, plus an amount determined by the State Treasurer to
pay estimated bond-related costs.
  (b) The manner provided by ORS 286A.796 to 286A.806.
  (2) In addition to the standards applicable to moneys deposited
in the School Capital Matching Fund established under ORS
286A.806, the State Board of Education shall:
  (a) Prioritize by rule the use of net proceeds and interest
earnings of bonds issued under this section for capital
construction, improvement or remodeling projects that:
  (A) Increase the amount of or retrofit instructional space for
kindergarten education;
  (B) Increase the amount of or retrofit instructional space
available for physical education;
  (C) Implement retrofits or new construction designed to reduce
the potential for structural damage to property and harm to
individuals caused by an earthquake or a tsunami;
  (D) Implement other health, safety and security projects; or
  (E) Implement projects designed to improve student achievement;
and
  (b) Ensure in the awarding of grants or loans that net proceeds
are made available to school districts throughout the State of
Oregon in a manner that reflects the diversity of the State of
Oregon, including urban and rural school districts and school
districts with large and small student enrollments. + }
  SECTION 2.  { + This 2013 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2013 Act takes effect on July 1,
2013. + }
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