Bill Text: OR SB431 | 2013 | Regular Session | Introduced
Bill Title: Relating to the Oregon Rainy Day Fund.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Failed) 2013-07-08 - In committee upon adjournment. [SB431 Detail]
Download: Oregon-2013-SB431-Introduced.html
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 1884
Senate Bill 431
Sponsored by Senator EDWARDS, Representative BAILEY;
Representatives CLEM, GARRETT (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.
Requires interest on moneys in General Fund to be deposited
into Oregon Rainy Day Fund. Directs Legislative Assembly to
provide that interest on moneys in General Fund that otherwise
accrue to Oregon Rainy Day Fund shall instead accrue to General
Fund if conditions allowing appropriation of Oregon Rainy Day
Fund are satisfied.
Modifies amount transferred to Oregon Rainy Day Fund each
biennium to one percent of amount of General Fund appropriations
for that biennium, less amount of interest deposited in Oregon
Rainy Day Fund during biennium.
A BILL FOR AN ACT
Relating to the Oregon Rainy Day Fund; creating new provisions;
and amending ORS 9.577, 240.131, 293.140, 293.144, 293.146,
293.148, 293.293 and 541.576.
Be It Enacted by the People of the State of Oregon:
SECTION 1. ORS 293.140 is amended to read:
293.140. Except as otherwise provided by law, all interest
received on deposits of state funds shall accrue to and become a
part of the { - General Fund - } { + Oregon Rainy Day Fund
established by ORS 293.144 + }.
{ + (2) If the Legislative Assembly determines that one or
more of the conditions described in ORS 293.144 (2) have been
satisfied, the Legislative Assembly by law shall provide that
interest received on deposits of state funds that would otherwise
accrue to and become a part of the Oregon Rainy Day Fund under
subsection (1) of this section shall instead accrue to and become
a part of the General Fund. + }
SECTION 2. ORS 293.144 is amended to read:
293.144. (1) The Oregon Rainy Day Fund is established as an
account in the General Fund.
(2) The Legislative Assembly may appropriate moneys from the
Oregon Rainy Day Fund only if the appropriation is approved by
three-fifths of the members serving in each house of the
Legislative Assembly and the Legislative Assembly finds one of
the following:
(a) That the last quarterly economic and revenue forecast for a
biennium indicates that moneys available to the General Fund for
the next biennium will be at least three percent less than
appropriations from the General Fund for the current biennium;
(b) That there has been a decline for two or more consecutive
quarters in the last 12 months in seasonally adjusted nonfarm
payroll employment; or
(c) That a quarterly economic and revenue forecast projects
that revenues in the General Fund in the current biennium will be
at least two percent below what the revenues were projected to be
in the revenue forecast on which the legislatively adopted budget
for the current biennium was based.
{ - (3) Once each month, the Oregon Department of
Administrative Services shall calculate the amount of General
Fund interest that is attributable to moneys in the Oregon Rainy
Day Fund. Except as otherwise provided in ORS 293.148, the
department shall transfer the amount calculated under this
subsection to the Oregon Rainy Day Fund. - }
{ - (4) - } { + (3) + } The Legislative Assembly may not
appropriate for any one biennium more than two-thirds of the
amount that is in the Oregon Rainy Day Fund at the beginning of
that biennium. If the appropriation is for a biennium that has
not yet begun, the Legislative Assembly may use as the base the
most recent estimate of the amount that will be in the Oregon
Rainy Day Fund at the beginning of the biennium for which the
appropriation is made.
{ - (5) - } { + (4) + } As used in this section,
'legislatively adopted budget' has the meaning given that term in
ORS 291.002.
SECTION 3. ORS 293.146 is amended to read:
293.146. (1) As used in this section:
(a) 'Ending balance' means the difference between the amount of
General Fund revenues collected during a biennium and the amount
of General Fund appropriations for the biennium.
(b) 'General Fund appropriations' means the amount of moneys
appropriated from the General Fund for a biennium in the
legislatively approved budget for the biennium, minus the amount
of any General Fund appropriation balances for that biennium that
revert to the General Fund under ORS 293.190.
(c) 'Legislatively approved budget' has the meaning given that
term in ORS 291.002.
(2) Except as provided in ORS 293.148, as soon as possible
after the ending balance for a biennium is determined, an amount
equal to one percent of the amount of General Fund appropriations
for that biennium { + , less the amount of interest deposited in
the Oregon Rainy Day Fund during the biennium under ORS
293.140, + } shall be transferred to the Oregon Rainy Day Fund
established by ORS 293.144. If the ending balance does not equal
or exceed one percent of the amount of General Fund
appropriations, { + less the amount of interest deposited in the
Oregon Rainy Day Fund during the biennium under ORS 293.140,
+ }an amount equal to the ending balance shall be transferred to
the Oregon Rainy Day Fund.
SECTION 4. ORS 293.148 is amended to read:
293.148. (1) If the moneys in the Oregon Rainy Day Fund
established by ORS 293.144 just prior to the time of a transfer
scheduled under ORS { - 293.144 (3) or - } 293.146 equal at
least 7-1/2 percent of the amount of General Fund revenues
collected during the prior biennium, moneys that would otherwise
be transferred to the Oregon Rainy Day Fund { + under ORS
293.146 + }shall be deposited in the General Fund.
(2) If the moneys in the Oregon Rainy Day Fund just prior to
the time of a transfer scheduled under ORS { - 293.144 (3)
or - } 293.146 do not equal at least 7-1/2 percent of the amount
of General Fund revenues collected during the prior biennium, the
transfer to the Oregon Rainy Day Fund shall be made regardless of
whether that transfer increases the amount in the Oregon Rainy
Day Fund to at least 7-1/2 percent of the amount of General Fund
revenues collected during the prior biennium.
SECTION 5. ORS 9.577 is amended to read:
9.577. (1) The Legal Aid Account is established in the General
Fund of the State Treasury. All moneys in the account are
continuously appropriated to the State Court Administrator for
the purpose of the distributions required by this section.
{ - Interest earned by the account shall be credited to the
General Fund. - }
(2) Each month, the State Court Administrator shall transfer to
the Legal Aid Account, from amounts collected by the State Court
Administrator as fees and charges in the circuit courts, the
amounts necessary to make the distributions required by
subsection (3) of this section.
(3) Each biennium, the State Court Administrator shall
distribute to the Oregon State Bar $11.9 million from the Legal
Aid Account. Distributions under this section shall be made by
the State Court Administrator in eight quarterly installments of
equal amounts, with the first distribution to be made as soon as
possible after July 1, 2011. Amounts distributed to the Oregon
State Bar under this subsection may be used only for the funding
of the Legal Services Program established under ORS 9.572.
SECTION 6. ORS 240.131 is amended to read:
240.131. The Employment Relations Board Administrative Account
is established separate and distinct from the General Fund. The
account consists of all moneys received by the Employment
Relations Board, other than moneys appropriated to the board by
the Legislative Assembly. All moneys in the account are
continuously appropriated to the board for the payment of all
expenses incurred by the board. { - Interest earned by the
account shall be credited to the General Fund. - }
SECTION 7. ORS 293.293 is amended to read:
293.293. (1) Whenever a court is required to hold funds in
trust for the benefit of any party, all such funds shall be
deposited with the State Treasurer in an account separate and
distinct from the General Fund. { - Interest on such funds
shall be credited to the General Fund. - }
(2) Notwithstanding subsection (1) of this section, if the
amount in trust is $10,000 or more, upon motion of a party, the
court may order that the amount deposited with the State
Treasurer be placed in an interest bearing account and that the
interest be credited or paid to a party or parties, as the court
deems appropriate.
SECTION 8. ORS 541.576 is amended to read:
541.576. (1) The Water Conservation, Reuse and Storage
Investment Fund is established in the State Treasury, separate
and distinct from the General Fund. { - Interest earned by the
Water Conservation, Reuse and Storage Investment Fund shall be
credited to the General Fund. - } Moneys in the Water
Conservation, Reuse and Storage Investment Fund are continuously
appropriated to the Water Resources Department to award grants
and to pay the cost of direct services provided under ORS
541.561.
(2) The Water Conservation, Reuse and Storage Investment Fund
shall consist of:
(a) Moneys appropriated to the fund by the Legislative
Assembly;
(b) Any moneys that may be transferred to the fund by the
federal government, a state agency or a local government; and
(c) Grant repayments, if any.
SECTION 9. { + The amendments to ORS 293.140, 293.144, 293.146
and 293.148 by sections 1 to 4 of this 2013 Act first apply to
the biennium beginning July 1, 2015. + }
----------
