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WORK SESSION: SB
313, SB 292 |
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PUBLIC HEARING:
HB 2213 |
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TAPES 101-102, A-B |
April
22, 2003 1:00 PM STATE CAPITOL BUILDING
Members Present: Senator
Ryan Deckert, Chair
Senator Ted Ferrioli, Vice Chair
Senator Tony Corcoran
Senator Charlie Ringo
Senator Bruce Starr
Members Excused: Senator
Lenn Hannon
Witnesses Present: Veronica
Rinard, Oregon Film and Video Office
Megann Ratzow, Casting Director
Dave Tyler, Department of Transportation
Douglas Goe, Orrick, Herrington,
& Sutcliffe
Staff Present: Paul Warner, Legislative Revenue
Office
Richard Yates, Legislative Revenue
Office
Lizbeth Martin-Mahar, Legislative
Revenue Office
Tara Lantz, Committee Assistant
TAPE 101, SIDE A
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005 |
Chair Deckert |
Calls meeting to order at 1:12pm. |
OPENS WORK SESSION ON SB 292
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010 |
Lizbeth Martin-Mahar |
Explains SB 292 and discusses the revenue impact. Exhibit 1. |
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021 |
Sen. Starr |
MOTION: MOVES SB 292 TO THE SENATE FLOOR WITH A DO PASS RECOMMENDATION.
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025 |
Sen. Corcoran |
States that he will vote the bill out of committee but will not vote
for it on the floor. |
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030 |
Sen. Starr |
Points out that it saves the state a large amount of money in buying
new technology for universities and colleges. |
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040 |
Sen. Deckert |
ORDER: ROLL CALL VOTE: MOTION PASSES: 4-0-2. SENATORS ANSWERING AYE: CORCORAN, RINGO, STARR, DECKERT. SENATORS
EXCUSED: HANNON, FERRIOLI. Sen. Ferrioli will carry the bill on the Senate Floor. |
OPENS WORK SESSION ON SB 313
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050 |
Paul Warner |
Explains SB 313-3 amendments and other possible amendments. Exhibit
2. |
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090 |
Veronica Rinard |
Explains why they have chosen to use SB 313 rather than SB 79 and
discusses why this bill is important. Gives data from two studies done on the
economic impact from the Production Investment Fund. Refer to written
testimony. Exhibit 3. |
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155 |
Megan Ratzow |
Testifies in support of SB 313 and gives personal account of the film
industry and how the bill would positively impact the economy. |
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230 |
Sen. Deckert |
States that they will bring the bill back on Monday with new
amendments. |
OPENS PUBLIC HEARING ON HB
2213
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265 |
Richard Yates |
Explains HB 2213 which allows the 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. Exhibit 5. |
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285 |
Dave Tyler |
Testifies in support of HB 2213 and discusses the substantive changes
it makes. Refer to written testimony. Exhibit 6. |
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325 |
Sen. Deckert |
States that he has been told the Grant Anticipation Revenue Vehicle
Bonds (GARVEEs) are not a good deal. |
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328 |
Tyler |
Responds that the highway user tax revenue bonds are a better credit
and that you pay a higher premium with GARVEE bonds. |
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335 |
Sen. Ringo |
Asks if the bonds are backed by federal funds. |
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338 |
Tyler |
Responds positively. |
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340 |
Sen. Ringo |
Asks how much money the state gets from the funds that are subject to
GARVEE bonding. |
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344 |
Tyler |
Responds that the Department of Transportation receives approximately
$300 million over a biennium. |
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350 |
Sen. Ringo |
Asks if they currently spend that stream of revenue since they aren’t
using it for bonding. |
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354 |
Tyler |
Responds positively. |
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360 |
Sen. Ringo |
Asks why it doesn’t make more sense to live off the stream of
revenue. |
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370 |
Tyler |
Responds that ODOT has traditionally used current revenues, but that
there are serious problems with the infrastructure that wouldn’t get fixed by
using the revenue. |
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395 |
Sen. Deckert |
Asks if this bill would be a policy switch from using revenues to a
bonding scheme that would jeopardize future revenues and if this causes
concern. |
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405 |
Tyler |
Responds that it is a fundamental policy shift, but that they have a
great deal of protection in bond restrictions. |
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425 |
Douglas Goe |
Responds that even if a significant package goes forward, there would
still be a significant amount of revenue used on a pay as you go basis.
Discusses interest rates and the highway user tax program. Testifies in
support of HB 2213 and discusses the intentions. |
TAPE 102, SIDE A
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065 |
Sen. Ringo |
Asks how much more expensive GARVEEs are. |
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067 |
Tyler |
Responds that it depends on ratings and debt coverage. |
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078 |
Sen. Deckert |
Asks why the bill gives the authority for bonding to ODOT and then
makes them come back to utilize the authority given to them. |
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080 |
Tyler |
Responds that the authority comes by being included in the Department
of Administrative Services annual bond limit bill. |
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095 |
Sen. Ringo |
Asks what would happen if this bill didn’t pass other than the GARVEE
issue. |
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099 |
Tyler |
Responds that they wouldn’t be able to issue GARVEE bonds or use
federal funds as a pledge for highway user tax revenue bonds. Discussion follows. |
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130 |
Sen. Deckert |
Asks about lottery bonding. |
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135 |
Goe |
Responds that lottery bonds are much more volatile, making the
criteria for coverage higher. |
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170 |
Sen. Ringo |
Asks what Goe’s firm makes on the issuance of bonds. |
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175 |
Goe |
Responds that they are paid on an hourly basis at a substantially
discounted rate. Discussion follows. |
CLOSES PUBLIC HEARING ON HB
2213
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212 |
Sen. Deckert |
Adjourns meeting at 1:56pm. |
Tape Log Submitted by,
Tara Lantz, Committee Assistant
Exhibit Summary:
1.
SB 292, Lizbeth
Martin-Mahar, Revenue Impact Statement, 1p.
2.
SB 313, Paul Warner,
Proposed SB 313-3 Amendments, 5pp.
3.
SB 313, Veronica
Rinard, Written Testimony, 4pp.
4.
SB 313, Megann Ratzow,
Written Testimony, 2pp.
5.
HB 2213, Richard Yates,
Staff Measure Summary, 1p.
6.
HB 2213, Dave Tyler,
Written Testimony, 4pp.