Finance and Revenue

Starr offers rainy day fund alternative to Governor proposal

Instead of stealing the kicker, Starr requires dedicated saving every budget cycle

Salem, OR – This February, Senator Bruce Starr (R-Hillsboro) is offering an alternative to Governor Ted Kulongoski’s rainy day fund proposal. Starr will again introduce a bill that would put 3% of state revenue into a savings account at the beginning of every budget cycle. Governor Ted Kulongoski (D) has proposed changing the state constitution to allow use of Oregon’s kicker money for a rainy day fund.

HJR 18

Upon approval by voters at a special election in September, 2003, amends the Oregon Constitution to allow the State of Oregon to incur general obligation bond debt to finance the state’s pension liabilities. Limits debt authorized and outstanding to one percent of the real market value of all property in the state.

HB 3582

Directs Association of Oregon Counties to establish a work group of county officials to study the method by which highway funds are allocated to counties. Allows appointment of persons other than county officials. Specifies certain issues to be included in the study.

HB 2213

Allows Treasury to issue grant anticipation revenue bonds at the request of the Department of Transportation for financing transportation projects that are eligible to receive federal transportation funds. Requires Department to prepare a revenue declaration or indenture prior to issuing bonds, which specifies revenues pledged and other matters affecting issuance of the revenue bonds.

HB 2135

Defines the ”General Fund” to include payments into those funds or accounts specifically established in law as funds or accounts in the General Fund. Makes payments into all other funds or accounts separate and distinct from the General Fund. Makes trust funds separate and distinct from the General Fund. Continuously appropriates moneys in trust funds, which are not otherwise appropriated by law, to the agency administering the trust for the purposes of the trust. Revises procedures for registering warrants if General Fund is exhausted.

HB 2041

Authorizes the Department of Transportation to issue additional Highway User Tax revenue bonds to finance highway improvement projects. Limits net proceeds of new bonds to $1.6 billion for state and local bridge repair/replacement and $300 million for modernization projects. Specifies use of bond proceeds.

SB 772

Directs the Oregon Department of Transportation (ODOT) to enter into public-private partnerships for transportation projects. Establishes Oregon Innovative Partnerships Program and State Transportation Enterprise Fund. Appropriates moneys in fund to ODOT. Allows Attorney General to appoint special assistant attorneys general to evaluate agreements and advise ODOT. Authorizes sale of bonds to finance transportation projects. Increases pledge limit to ensure repayment of loan guarantees.

SB 692

Authorizes governing body of county, with consent of county treasurer, to make service district directly responsible for management of moneys of service district.

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