75th OREGON LEGISLATIVE ASSEMBLY--2010 Special 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 25

                   Senate Joint Resolution 49

Sponsored by Senator STARR; Senator ATKINSON (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, 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. 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
estimates that General Fund revenues for the biennium that begins
on July 1 of the year of the regular legislative session 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, 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 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, 2011. + }

  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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