Oregon Ballot Measure 29, State Debt and Pension Liabilities (September 2003)

Oregon Ballot Measure 29 (2003) or House Joint Resolution (HJR) 18, was on the September 16, 2003 ballot in Oregon as a legislatively-referred constitutional amendment where it was approved.

Measure 29 authorized the State of Oregon to incur debt to finance the pension liabilities of the state at a lower cost to the state and to pay costs of issuing and incurring indebtedness. Measure 29 authorized the Legislative Assembly to enact implementing legislation.

The text of Measure 29 specified that indebtedness authorized by the measure is a general obligation of the state, backed by the full faith and credit and taxing power of the state, except ad valorem taxing power. The measure limited the amount of indebtedness outstanding at any time to 1% of the real market value of property in the state.

Election results

Measure 29
Result		Votes	Percentage
a Yes		360,290	55.25%
No		291,778	44.75%

Text of measure

Title

The ballot title was:

Amends Constitution: Authorizes State Of Oregon To Incur General Obligation Debt For Savings On Pension Liabilities.

Summary

The official summary provided to describe Ballot Measure 29 said:

This measure amends the Oregon Constitution to authorize the State of Oregon to incur debt to finance pension liabilities of the state at a lower cost to the state and to pay costs of issuing and incurring indebtedness. The measure authorizes the Legislative Assembly to enact implementing legislation. The measure specifies that indebtedness authorized by the measure is a general obligation of the state, backed by the full faith and credit and taxing power of the state, except ad valorem taxing power. The measure limits the amount of indebtedness outstanding at any time to one percent of the real market value of property in the state.

Fiscal impact

See also: Fiscal impact statement

The fiscal estimate said:

This measure has no direct financial effect to state or local government expenditures or revenues. However, general obligation indebtedness provides the lowest cost alternative among financing mechanisms. To the extent that the State of Oregon uses the authority to issue general obligation indebtedness rather than using more costly financing mechanisms, the State of Oregon should experience lower financing costs.

See also

• Oregon 2003 ballot measures
• 2003 ballot measures
• List of Oregon ballot measures

Suggest a link

External links

• Measure 29 Voter Guide
• Measure 29 Election Results
• Measure 29 Fiscal Note
• Measure 29 Explanatory Note
• Legislative Argument in Support
• Arguments in Favor of Measure 29
• Arguments in Opposition of Measure 29

References

---

This state ballot measure article is a stub. You can help people learn by expanding it.