Proposing revision of Oregon Constitution relating to bonded indebtedness; and requiring approval by a two-thirds majority.
Catchline/Summary:
Proposes revision of Oregon Constitution to exempt local taxing districts from certain limitations on bonded indebtedness if bonded indebtedness is incurred to finance capital costs. Proposes amendment to] revision of Oregon Constitution to exempt local taxing districts from certain limitations on bonded indebtedness if bonded indebtedness is incurred to finance capital costs.
Allows state to loan credit and incur specified amount of indebtedness to provide funds to school districts to finance capital costs. Specifies that indebtedness must be incurred in form of general obligation bonds. Specifies sources for repaying bonds.
Creates school capital matching fund for purposes of financing school district capital costs and repaying bonds. Deletes provisions relating to school matching subaccount in education stability fund and outdated provision relating to transference of moneys from education stability fund. Transfers moneys in subaccount to school capital matching fund on specified date.
Sunsets provision transferring moneys on January 2, 2011.
Refers proposed amendment] revision to people for their approval or rejection at next regular general] primary election.
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HJR 13
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