Bill Text: OR SJR18 | 2011 | Regular Session | Introduced

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Bill Title: Proposing amendment to Oregon Constitution relating to an Oregon Budget Reserve Fund.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2011-06-30 - In committee upon adjournment. [SJR18 Detail]

Download: Oregon-2011-SJR18-Introduced.html

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     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 1081

                   Senate Joint Resolution 18

Sponsored by Senator STARR (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.

  Proposes amendment to Oregon Constitution to create Oregon
Budget Reserve Fund. Specifies sources of fund and conditions
under which moneys in fund may be spent.
  Refers proposed amendment to people for their approval or
rejection at next regular general election.

                        JOINT RESOLUTION
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 section 2a to be added to and made a part of
Article IX, such section to read:
   { +  SECTION 2a. + }  { + (1) The Oregon Budget Reserve Fund
is established. The fund consists of:
  (a) Moneys deposited into the fund in accordance with this
section; and
  (b) Any other moneys deposited into the fund in accordance with
law.
  (2) In budgeting for a biennium that begins on July 1 of the
year of a regular legislative session held in an odd-numbered
year, the Legislative Assembly shall leave unappropriated three
percent of the amount of General Fund revenues estimated to be
available for the biennium. The Legislative Assembly shall use
the estimate of General Fund revenues contained in the last
quarterly economic and revenue forecast presented prior to the
end of the regular legislative session held in an odd-numbered
year. For purposes of this section, the quarterly economic and
revenue forecast is the forecast made for purposes of subsection
(6) of section 4, Article XV of this Constitution.
  (3) When the actual amount of General Fund revenues collected
has been determined for a biennium:
  (a) If the actual amount equals or exceeds the amount of the
estimate used to determine the amount left unappropriated for
that biennium under subsection (2) of this section, the three
percent of estimated General Fund revenues that was left
unappropriated for that biennium under subsection (2) of this
section shall be deposited into the Oregon Budget Reserve Fund.
  (b) If the actual amount is less than the amount of the
estimate used to determine the amount left unappropriated for
that biennium under subsection (2) of this section, but not less
than 97 percent of the estimated amount, the amount by which the
actual revenues exceed 97 percent of the estimated revenues shall
be deposited into the Oregon Budget Reserve Fund.
  (4) The Legislative Assembly may by law appropriate in any one
biennium up to two-thirds of the principal of the Oregon Budget
Reserve Fund if:
  (a) The proposed 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
presented prior to the end of the regular legislative session
held in an odd-numbered year estimates that General Fund revenues
for the biennium that begins on July 1 of the year of the regular
legislative session held in an odd-numbered year will be at least
three percent less than the amount of appropriations made from
the General Fund for the biennium that ends on June 30 of the
year of the regular legislative session held in an odd-numbered
year, as determined as of the date the forecast is presented;
  (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 estimates
that General Fund revenues for the biennium in which the forecast
is made will be at least two percent below the amount estimated
in the last quarterly economic and revenue forecast presented
prior to the end of the regular legislative session held in an
odd-numbered year in which the budget for the current biennium
was adopted; or
  (b) The proposed appropriation is approved by three-fifths of
the members serving in each house of the Legislative Assembly and
the Governor declares an emergency.
  (5) Earnings on moneys in the Oregon Budget Reserve Fund shall
be deposited into the fund and become part of the principal of
the fund.
  (6) For purposes of this section, moneys in the Oregon Budget
Reserve Fund that are appropriated under subsection (4) of this
section are not General Fund revenues.
  (7) The Legislative Assembly shall first apply subsection (2)
of this section to the budget developed for the biennium
beginning July 1, 2013. + }

  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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