Oregon Lottery Bonds for Public Schools, Measure 52 (1997)
The Oregon Lottery Bonds for Public Schools Act, also known as Measure 52, was on the November 4, 1997 ballot in Oregon as a legislatively-referred state statute, where it was approved. The measure authorized legislation establishing a state lottery bond program to finance public schools.
|Oregon Measure 52 (1997)|
Election results via: Oregon Blue Book
Text of measure
The language appeared on the ballot as:
52 AUTHORIZES STATE LOTTERY BOND PROGRAM TO FINANCE PUBLIC SCHOOL PROJECTIONS
RESULT OF "YES" VOTE: A "yes" vote authorizes legislation establishing state education lottery bond projects.
RESULT OF "NO" VOTE: A "no" vote rejects establishing state education lottery bond program to finance public school projects.
SUMMARY: Measure authorizes legislation establishing revenue bond program to finance "state education projects" for public schools. "State education projects" means projects to acquire, construct, improve, remodel, maintain, repair public school facilities, including land, building costs; computer, telecommunications equipment; books, furniture, furnishings, vehicles, planning costs. State repays bond debt using unobligated net lottery proceeds, earnings on Education Endowment Fund, other moneys appropriated by legislature. Net proceeds of bonds limited to $150 million. Implementing legislation, already enacted contingent on measure's passage, appropriates funding only for school district projects.
ESTIMATE OF FINANCIAL IMPACT: The measure authorizes the sale of Lottery-backed revenue bonds with a principal sum of up to $150 million, plus an amount equal to bond issuance costs and reserves. The proceeds are to be used for the acquisition, construction, improvement, remodeling or repair of public school facilities throughout Oregon and the purchase of telecommunications equipment, computers, software and related technology, books, furniture and vehicles. The bonds, plus interest, will be repaid through a Lottery revenue allocation of approximately $15 million per year beginning in fiscal year 2000. If issued at recent interest rates and a 15 year pay back period, total interest costs are estimated at $71.4 million.
- Oregon 1997 ballot measures
- 1997 ballot measures
- List of Oregon ballot measures
- History of Initiative & Referendum in Oregon
- Oregon Blue Book Initiative, Referendum and Recall: 1996-1999
- Oregon State Constitution
- Oregon Official Voters' Pamphlet November November 1997
- Oregon State Library, "State of Oregon Official Voters' Pamphlet," accessed December 12, 2013
- Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.