Bill Text: OR SJR1 | 2013 | Regular Session | Enrolled

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Bill Title: Proposing amendment to Oregon Constitution to allow indebtedness to finance the corpus of the Oregon Student Opportunity Fund.

Spectrum: Unknown

Status: (Passed) 2013-07-08 - Filed With Secretary of State. [SJR1 Detail]

Download: Oregon-2013-SJR1-Enrolled.html

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     77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session

                            Enrolled

                    Senate Joint Resolution 1

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 State Treasurer Ted
  Wheeler)

Be It Resolved by the Legislative Assembly of the State of
  Oregon:

  PARAGRAPH 1. The Constitution of the State of Oregon is amended
by creating a new Article to be known as Article XI-R, such
Article to read:

                               { +
ARTICLE XI-R + }
   { +  SECTION 1. + }  { + (1) In the manner provided by law and
notwithstanding the limitations contained in section 7, Article
XI of this Constitution, the credit of the State of Oregon may be
loaned and indebtedness incurred to:
  (a) Finance the corpus of the Oregon Student Opportunity Fund
established pursuant to section 3 of this Article.
  (b) Refinance indebtedness incurred under this section.
  (2) Indebtedness incurred under this section may be used to pay
the costs of issuing, administering and paying indebtedness
incurred under this section. + }
   { +  SECTION 2. + }  { + (1) Indebtedness may be incurred
under section 1 of this Article in an aggregate principal amount
that does not exceed, at any one time, one percent of the real
market value of all property in this state.
  (2) Indebtedness incurred under section 1 of this Article is a
general obligation of the State of Oregon and must contain a
direct promise on behalf of the State of Oregon to pay the
principal of, the interest on and the premium, if any, on the
obligation. The full faith and credit and taxing power of the
State of Oregon must be pledged to pay the principal of, the
interest on and the premium, if any, on the obligation. However,
the State of Oregon may not pledge or levy an ad valorem tax to
pay the indebtedness. + }
   { +  SECTION 3. + }  { + (1) The Legislative Assembly shall
establish a fund to be known as the Oregon Student Opportunity
Fund. The moneys in the Oregon Student Opportunity Fund must be
used for the exclusive benefit of Oregon students pursuing
post-secondary education, including technical, professional and
career training.
  (2) In addition to the deposit of proceeds of indebtedness
described in paragraph (a) of subsection (1) of section 1 of this
Article, moneys in the fund may include:
  (a) Gifts, devises or bequests made to the State of Oregon for
deposit in the fund; and
  (b) Any other moneys deposited in the fund by law.

Enrolled Senate Joint Resolution 1 (SJR 1-A)               Page 1

  (3) Moneys described in subsection (2) of this section that are
deposited in the fund:
  (a) May be invested as provided by law and are not subject to
the limitations of section 6, Article XI of this Constitution.
  (b) Must be retained in the fund, except as provided in
subsection (6) of this section.
  (4) Earnings on moneys in the fund:
  (a) Must be credited to the fund; and
  (b) May be retained in the fund or used to provide financial
assistance to Oregon students pursuing post-secondary education,
including technical, professional and career training.
  (5) The Legislative Assembly may pass a bill to appropriate
earnings on moneys in the fund for the purpose described in
subsection (4)(b) of this section.
  (6) Notwithstanding subsection (1) of this section, when the
Governor declares an emergency pursuant to this subsection, the
Legislative Assembly, with the approval of four-fifths of the
members present in each house, may pass a bill to:
  (a) Use the moneys for any lawful purpose if the Legislative
Assembly has approved a plan to replenish the fund on appropriate
terms.
  (b) Use all or a portion of the moneys in the fund to pay the
principal of, interest on and premium, if any, on indebtedness
incurred under section 1 of this Article. + }
   { +  SECTION 4. + }  { + The Legislative Assembly may enact
legislation to carry out the provisions of this Article. + }
   { +  SECTION 5. + }  { + This Article supersedes conflicting
provisions of this Constitution. + }

  PARAGRAPH 2.  { + The amendment proposed by this resolution
shall be submitted to the people for their approval or rejection
at the next regular general election held throughout this
state. + }
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                                 Adopted by Senate June 21, 2013

                               ----------------------------------
                                   Robert Taylor, Secretary of
                                             Senate

                               ----------------------------------
                                  Peter Courtney, President of
                                             Senate

                                 Adopted by House June 28, 2013

                               ----------------------------------
                                  Tina Kotek, Speaker of House

Enrolled Senate Joint Resolution 1 (SJR 1-A)               Page 2