70th OREGON LEGISLATIVE ASSEMBLY--1999 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 2681
A-Engrossed
House Bill 2832
Ordered by the House April 22
Including House Amendments dated April 22
Sponsored by Representative MESSERLE, Senator TARNO
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.
{ - Allocates lottery moneys to Oregon Unified International
Trade Fund for Coos County pipeline project. - }
{ + Authorizes Economic Development Department to use $20
million from proceeds of sale of lottery bonds to make grant to
Coos County for pipeline project. Requires Coos County to issue
general obligation bonds prior to issuance of lottery bonds. + }
Declares emergency, effective July 1, 1999.
A BILL FOR AN ACT
Relating to the Oregon Unified International Trade Fund;
appropriating money; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
SECTION 1. { + The Legislative Assembly finds that:
(1) The economy of Coos County has been depressed in recent
years as a result of unfavorable developments in the timber and
fishing industries.
(2) The economy of Coos County will benefit from the
construction of a natural gas pipeline extending from the
existing natural gas pipeline near Roseburg to the Coos Bay and
North Bend area because the pipeline will enable Coos County to
attract significant industries to locate in the area, thereby
increasing opportunities for employment and additional economic
activities that will be generated as a result of such industries.
(3) The construction of such a pipeline will therefore promote
economic development within this state, and thus the use of net
proceeds derived from the operation of the Oregon State Lottery
to pay debt service on lottery bonds issued under section 2 of
this 1999 Act to finance a portion of the costs of such a
pipeline is an appropriate use of state lottery funds under
section 4, Article XV of the Oregon Constitution, and ORS
461.510. + }
SECTION 2. { + (1) Lottery bonds may be issued for the purpose
of providing grant moneys to Coos County to be applied by Coos
County to the payment of a portion of the costs of designing,
acquiring and constructing a natural gas pipeline extending from
the existing natural gas pipeline near Roseburg to the Coos Bay
and North Bend area, including but not limited to the costs of
acquiring all rights of way and interests in real property,
machinery, equipment and structures needed for the pipeline. The
lottery bonds authorized by this section shall be issued:
(a) In accordance with sections 1 to 9, chapter 44, Oregon Laws
1999 (Enrolled Senate Bill 200);
(b) At the earliest practicable time following the date upon
which the presiding officer of the Board of County Commissioners
of Coos County certifies in writing to the Director of the
Economic Development Department and the State Treasurer that the
conditions set forth in subsection (2) of this section have been
satisfied;
(c) To the extent possible under applicable federal law, as
obligations, the interest on which is exempt from federal income
taxation; and
(d) In an aggregate principal amount sufficient to:
(A) Pay all bond-related costs associated with the issuance of
the lottery bonds; and
(B) Enable the Economic Development Department to make, from
the net proceeds of the sale of the lottery bonds, a grant to
Coos County in the amount of $20 million for the purpose of
paying a portion of the costs of the pipeline.
(2) The lottery bonds authorized by this section may not be
issued until the electors of Coos County, in accordance with
applicable law, authorize Coos County to issue general obligation
bonds in an amount which, when added to the amount of the grant
to Coos County under this section and any other funds available
to Coos County for such purpose, will be sufficient to pay the
estimated costs of designing, acquiring and constructing the
pipeline.
(3) The net proceeds from the sale of the lottery bonds
authorized by this section shall be deposited in the Oregon
Unified International Trade Fund. The moneys so deposited in the
Oregon Unified International Trade Fund, including investment
earnings thereon, are continuously appropriated for the following
purposes:
(a) The payment of all bond-related costs associated with the
issuance of the lottery bonds; and
(b) The making of a grant to Coos County in the amount of $20
million in accordance with subsection (4) of this section.
(4) Prior to the issuance of the lottery bonds authorized by
this section, the Director of the Economic Development Department
shall enter into a grant agreement with Coos County. The grant
agreement shall:
(a) Provide that, upon issuance of the lottery bonds, there
shall be paid to Coos County, from the net proceeds of the
lottery bonds deposited in the Oregon Unified International Trade
Fund, a grant in the amount of $20 million, which grant moneys
and any investment earnings thereon shall be held by Coos County
and expended from time to time by Coos County for the purpose of
paying a portion of the costs of designing, acquiring and
constructing the pipeline described in subsection (1) of this
section; and
(b) Set forth the procedures under which Coos County will
account to the department for the purpose of documenting that the
grant moneys and investment earnings thereon have been expended
by Coos County for the purpose authorized by this section. + }
SECTION 3. { + This 1999 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 1999 Act takes effect July 1,
1999. + }
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