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WORK SESSION, SB 24, SB 21 PUBLIC HEARING, SB 23, SB 28 |
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TAPES 28,29-A |
FEBRUARY 8, 2005 8:30 AM STATE CAPITOL BUILDING
Members Present: Senator Ryan Deckert, Chair
Senator Charles Starr, Vice Chair
Senator Floyd Prozanski
Senator Rick Metsger
Members Excused: Senator Gary George
Witnesses Present: Mike Mueller, Oregon State Treasury
Pat Clancy, Municipal Debt Advisory Commission
Harvey Rogers, Preston/Gates/Ellis LLP, Portland
Michelle Deister, League of Oregon Cities
Staff Present: Paul Warner, Legislative Revenue Officer
Steve Meyer, Economist
Mazen Malik, Economist
Barbara Guardino, Committee Assistant
TAPE 28, SIDE A
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011 |
Chair Deckert |
Calls meeting to order at 8:35 a.m. Committee stands at ease to await a quorum.
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WORK SESSION, SB 24 |
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044 |
Chair Deckert |
Opens work session on SB 24, authorizing sale of equity investments in the Common School Fund.
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046 |
Mike Mueller |
Testifies in favor of SB 24. Allows for flexibility for definition of income for the Common School Fund, giving additional discretion to State Land Board.
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057 |
Chair Deckert |
Requests Mueller comment on prior discussion from when bill came up Jan. 31, 2005.
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061 |
Vice Chair C. Starr |
MOTION: MOVES SB 24 TO THE SENATE FLOOR WITH A DO PASS RECOMMENDATION. |
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064 |
Sen. Deckert |
ASKS FOR ANY OBJECTION. THERE BEING NO OBJECTION THE CHAIR SO ORDERS. VOTE: 3-0-2 MEMBERS VOTING AYE: PROZANSKI, VICE CHAIR C. STARR, CHAIR DECKERT MEMBERS EXCUSED: GEORGE, METSGER
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WORK SESSION, SB 21
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079 |
Mazen Malik |
Gives review of SB 21. Staff Measure Summary (EXHIBIT 2). Deletes prohibition on investment of certain funds in foreign securities. No revenue impact or fiscal impact statements issued.
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103 |
Vice Chair C. Starr |
MOTION: MOVES SB 21 TO THE SENATE FLOOR WITH A DO PASS RECOMMENDATION.
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109 |
Sen. Deckert |
ASKS FOR ANY OBJECTION TO MOTION. THERE BEING NO OBJECTION THE CHAIR SO ORDERS. VOTE: 3-0-2 MEMBERS VOTING AYE: PROZANSKI, VICE CHAIR C. STARR, CHAIR DECKERT MEMBERS EXCUSED: GEORGE, METSGER |
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PUBLIC HEARING, SB 23
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131 |
Malik |
Reviews SB 23, Staff Measure Summary (EXHIBIT 3). Makes technical changes to procedures for issuing, selling and maintaining bonds issued by public users. Contains clarifying language.
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153 |
Malik |
Bill also addresses issue of limiting tax bonds for counties to finance pension bonds and to set 5% limit vs. 1% limit. This change is also the subject of the change in SB 28. Change allows Council of Governments to be under same laws as municipalities.
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190 |
Malik |
Discusses language on page 2, line 41.
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219 |
Malik |
Amendments proposed for this bill have not arrived yet. |
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226 |
Pat Clancy |
Testifies in favor of SB 23. Chair of Municipal Debt Advisory Commission, which is charged with overseeing municipal debt issuance process and preparing bills to address concerns.
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265 |
Harvey Rogers |
Testifies in favor of SB 23. See Summary of Testimony of Harvey W. Rogers on Senate Bills and 28 (EXHIBIT 5). Will walk members through bill section-by-section. Will also discuss amendment that is not currently before the committee that is a mistake.
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296 |
Sen. Prozanski |
Asks Rogers to point out areas that contain differences in opinion.
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306 |
Clancy |
Before this committee is what has been agreed upon.
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325 |
Rogers |
Gives background on issue of adjustment of Oregon counties’ constitutional debt limits. Two sessions ago there became an awareness of growing unfunded actuarial government liability that governments have to Oregon Public Retirement System.
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365 |
Rogers |
In order to pay down unfunded PERS liability, legislature adopted statutes to authorize counties to incur indebtedness for pension liabilities. Language in SB 28 and SB 23 is an effort to say the older statute deals with borrowings that are not pension borrowings. Pension borrowing is a separate authorization.
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423 |
Rogers |
Continues comments concerning SB 23.
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TAPE 29, SIDE A
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019 |
Rogers |
Begins discussion of second issue, which will appear in an amendment. Pertains to local governments and property taxes. General obligation bonds for Oregon local governments are different from the state because of local options. The amendment will deal with cash flow issues in regard to these bonds.
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066 |
Rogers |
An amendment will address this problem as well as a problem that Marion County is experiencing.
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103 |
Sen. Prozanski |
Asks questions on issue of 12% interest for late payments.
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115 |
Malik |
Explains.
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139 |
Clancy |
Explains why this last piece is coming as an amendment. |
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175 |
Michelle Deister |
Testifies in support of upcoming amendments.
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180 |
Chair Deckert |
Closes public hearing on SB 23; opens public hearing on SB 28.
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PUBLIC HEARING, SB 28
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199 |
Malik |
Reviews SB 28. Clarifies maximum amount of outstanding indebtedness that applies to limited tax bonds issued to finance pension liabilities.
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223 |
Rogers |
Explains, there are identical provisions in SB 23 and SB 28. The language is only needed once.
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237 |
Chair Deckert |
Would prefer it drafted as amendment in SB 23.
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280 |
Chair Deckert |
Closes public hearing on SB 28. Will bring amendments back as SB 23. Notes agenda for remainder of week: White paper on taxation of regulated utilities. Adjourns meeting at 9:22 a.m. |
Tape Log Submitted by,
Barbara Guardino, Committee Assistant
Exhibit Summary:
1. SB 24, Staff Measure Summary, Meyer, 1 pp.
2. SB 21, Staff Measure Summary, Malik, 1 pp.
3. SB 23, Staff Measure Summary, Malik, 1 pp.
4. SB 23, Legislative Fiscal Office, No Expenditure Impact Statement, Malik, 1 pp.
5. SB 23, Summary of Testimony of Harvey W. Rogers on Senate Bills 23 and 28, Rogers, 4 pp.
6. SB 28, Legislative Fiscal Office, No Expenditure Impact Statement, Malik, 1 pp.
7. SB 28, Staff Measure Summary, Malik, 1 pp.