PUBLIC HEARING AND

WORK SESSION HB 3659  

 

TAPE 238, AB

 

HOUSE REVENUE COMMITTEE

AUGUST 4, 2003   9:30 AM   STATE CAPITOL BUILDING

 

Members Present:                        Representative Lane Shetterly, Chair

                                                Representative Wayne Scott, Vice Chair

                                                Representative Joanne Verger, Vice Chair

                                                Representative Phil Barnhart

                                                Representative Vicki Berger

                                                Representative Pat Farr

                                                Representative Mark Hass

                                                Representative Elaine Hopson

                                                Representative Max Williams                                               

 

Witnesses Present:                        Kate Richardson, Oregon Treasury Department

 

Staff Present:                            Paul Warner, Legislative Revenue Officer

                                                Richard Yates, Legislative Revenue Office

                                                Kathy Tooley, Committee Assistant

 

TAPE 238, SIDE A

 

004

Chair Shetterly

Calls meeting to order at 9:35 a.m.

 

OPENED PUBLIC HEARING HB 3659

 

010

Yates

Provided description of HB 3659 which authorizes the Treasurer to issue general obligation (GO) bonds in the event HJR 18 passes, to finance state pension liability.  If HJR 18 does not pass, HB 3659 gives the Treasurer the authority to issue Certificates of Participation (COPs) or financial agreements for that purpose.

 

030

Kate Richardson

Explained the bill is the implementing language for HJR 18. The amendment has four small changes, aligning language, deleting a holdover section from when HJR 18 was broader; and parallel language between COPS and GO options.

 

045

Chair Shetterly

Closed public hearing on HB 3659.

 

 

Chair Shetterly

Recessed meeting at 9:45 a.m.

 

050

Chair Shetterly

Reconvened meeting at 4:02.

 

 

 

OPENED WORK SESSION ON HB 3659

 

055

Richardson

The -1 Amendment includes language for the GOs bonds if Measure 29 does pass the ballot, if it does not pass, includes language for COPs; resolves parallel issues; ensures the moneys deposited go through the process they are supposed to be credit.  It is a technical amendment to align the language so it is appropriate for COPs or GO bonds as applicable. 

 

065

Chair Shetterly

MOTION:  MOVED ADOPTION OF THE –1 AMENDMENT INTO HB 3659.

 

ORDER:  HEARING NO OBJECTION, THE CHAIR SO ORDERS. (ALL MEMBERS PRESENT EXCEPT REPS. FARR AND WILLIAMS, EXCUSED).

 

067

Chair Shetterly

MOTION:  MOVED HB 3659 AS AMENDED TO THE HOUSE FLOOR WITH A DO PASS RECOMMENDATION WITH A SUBSEQUENT REFERRAL TO WAYS AND MEANS ON THE WAY TO THE FLOOR.

 

ROLL CALL:  MOTION PASSED 7-0-2

REPRESENTATIVES VOTING AYE:  Barnhart, Berger, Hass, Hopson, Scott, Verger, Chair Shetterly.  EXCUSED:  Farr, Williams.

 

074

Chair Shetterly

Adjourned the meeting at 4:04 p.m.

 

 

 

 

 

 

Tape Log Submitted by,

 

 

 

Kathy Tooley, Committee Assistant

 

Exhibit Summary:

1.       Yates, “Staff Measure Summary HB 3659”, 1 page

2.       Richardson, “HB 3659-1 Amendment”, 2 pages