shopgirl57 said:
Look it up Measure 11 in Oregon, you do not know Oregon Laws, that is obvious.
And you don't know it either:
http://www.sos.state.or.us/elections/may212002/guide/mea/m11/m11.htm
Measure No. 11
House Joint Resolution 19--Referred to the Electorate of Oregon by the 2001 Legislature to be voted on at the Primary Election, May 21, 2002.
BALLOT TITLE
11
AMENDS CONSTITUTION: AUTHORIZES LESS EXPENSIVE GENERAL OBLIGATION BOND FINANCING FOR OHSU MEDICAL RESEARCH AND OTHER CAPITAL COSTS
RESULT OF "YES" VOTE: "Yes" vote would authorize state to issue less expensive general obligation bonds rather than more expensive revenue bonds to finance OHSU medical research, capital costs.
RESULT OF "NO" VOTE: "No" vote rejects authorization for state to issue less expensive general obligation bonds to finance OHSU capital costs; maintains revenue bond financing under existing law.
SUMMARY: Amends Constitution. The measure authorizes the sale of less expensive general obligation bonds, in place of more expensive revenue bonds previously authorized by the 2001 Legislature under the Oregon Opportunity Act. Net bond proceeds, which may not exceed $200 million, would finance statewide medical and technology research, and other capital costs, for Oregon Health and Science University (OHSU). Bond proceeds may not be used for OHSU operating expenses. The measure limits the amount of the indebtedness incurred under this measure to one-half of one percent of the real market value of all property in the state. Measure specifies sources of repayment: General Fund, lottery funds, tobacco settlement funds, and amounts appropriated from other sources, but not including ad valorem property taxes. Other provisions.
ESTIMATE OF FINANCIAL IMPACT: The measure authorizes the issuance of general obligation bonds for Oregon Health and Science University in an amount that produces net proceeds up to $200 million. Principal and interest on the bonds will cost an estimated $15.8 million per year for 20 years, for an estimated total cost to the state of $316 million (including $115.3 million of interest). Passage provides interest savings of approximately $1.6 million per year totaling $31.5 million over the 20 years.
There is no financial effect on local government expenditures or revenues.
TEXT OF MEASURE
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-L, such Article to read:
ARTICLE XI-L
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, in an aggregate outstanding principal amount not to exceed, at any one time, one-half of one percent of the real market value of all property in the state, to provide funds to finance capital costs of Oregon Health and Science University. Bonds issued under this section may not be paid from ad valorem property taxes.
(2) Any indebtedness incurred under this section shall be in the form of general obligation bonds of the State of Oregon containing a direct promise on behalf of the State of Oregon to pay the principal, premium, if any, and interest on such bonds, in an aggregate outstanding principal amount not to exceed the amount authorized in subsection (1) of this section. The bonds shall be the direct obligation of the State of Oregon and shall be in such form, run for such period of time, have such terms and bear such rates of interest as may be provided by statute. The full faith and credit and taxing power of the State of Oregon shall be pledged to the payment of the principal, premium, if any, and interest on such bonds provided, however, that the ad valorem taxing power of the State of Oregon may not be pledged to the payment of such bonds.
(3) The proceeds from bonds issued under this section shall be used to finance capital costs of Oregon Health and Science University and costs of issuing bonds pursuant to this Article. Bonds issued under this section to finance capital costs of Oregon Health and Science University shall be issued in an aggregate principal amount that produces net proceeds for the university in an amount that does not exceed $200 million.
(4) The proceeds from bonds issued under this section may not be used to finance operating costs of Oregon Health and Science University.
(5) As used in this Article, "bonds" means bonds, notes or other financial obligations of the State of Oregon issued under this section.
SECTION 2. The principal, premium, if any, interest and any other amounts payable with respect to bonds issued under section 1 of this Article shall be repaid as determined by the Legislative Assembly from the following sources:
(1) Amounts appropriated for such purpose by the Legislative Assembly from the General Fund, including any taxes levied to pay the bonds other than ad valorem property taxes;
(2) Amounts allocated for such purpose by the Legislative Assembly from the proceeds of the State Lottery or from the Master Settlement Agreement entered into on November 23, 1998, by the State of Oregon and leading United States tobacco product manufacturers; and
(3) Amounts appropriated or allocated for such purpose by the Legislative Assembly from other sources of revenue.
SECTION 3. Bonds issued under section 1 of this Article may be refunded with bonds of like obligation.
SECTION 4. The Legislative Assembly may enact legislation to carry out the provisions of this Article.
SECTION 5. This Article shall supersede all 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 a special election held throughout this state on the same date as the next biennial primary election.
NOTE: Boldfaced type indicates new language; [brackets and italic] type indicates deletions or comments.
Arguments in Favor
Arguments in Opposition
Explanatory Statement
Legislative Argument in Support
Statewide Measures
Table of Contents
