Oregon Measure 11, Bonds for OHSU Medical Research Amendment (May 2002)
| Oregon Measure 11 | |
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| Election date |
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| Topic Bond issues and Healthcare facility funding |
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| Status |
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| Type Legislatively referred constitutional amendment |
Origin |
Oregon Measure 11 was on the ballot as a legislatively referred constitutional amendment in Oregon on May 21, 2002. It was approved.
A "yes" vote supported authorizing the issuance and sale of general obligation bonds to help finance the Oregon Health & Science University medical research capital costs. |
A "no" vote opposed authorizing the issuance and sale of general obligation bonds to help finance the Oregon Health & Science University medical research capital costs. |
Election results
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Oregon Measure 11 |
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| Result | Votes | Percentage | ||
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589,869 | 75.62% | ||
| No | 190,226 | 24.38% | ||
Text of measure
Ballot title
The ballot title for Measure 11 was as follows:
| “ | AMENDS CONSTITUTION: AUTHORIZES LESS EXPENSIVE GENERAL OBLIGATION BOND FINANCING FOR OHSU MEDICAL RESEARCH AND OTHER CAPITAL COSTS RESULT OF “YES” VOTE: “Yes” vote would authorize state to issue less expensive general obligation bonds rather than more expensive revenue bonds to finance OHSU medical research, capital costs. RESULT OF “NO” VOTE: “No” vote rejects authorization for state to issue less expensive general obligation bonds to finance OHSU capital costs; maintains revenue bond financing under existing law. SUMMARY: Amends Constitution. The measure authorizes the sale of less expensive general obligation bonds, in place of more expensive revenue bonds previously authorized by the 2001 Legislature under the Oregon Opportunity Act. Net bond proceeds, which may not exceed $200 million, would finance statewide medical and technology research, and other capital costs, for Oregon Health and Science University (OHSU). Bond proceeds may not be used for OHSU operating expenses. The measure limits the amount of the indebtedness incurred under this measure to one-half of one percent of the real market value of all property in the state. Measure specifies sources of repayment; General Fund, lottery funds, tobacco settlement funds, and amounts appropriated from other sources, but not including ad valorem property taxes. Other provisions. ESTIMATE OF FINANCIAL IMPACT: The measure authorizes the issuance of general obligation bonds for Oregon Health and Science University in an amount that produces net proceeds up to $200 million. Principal and interest on the bonds will cost an estimated $15.8 million per year for 20 years, for an estimated total cost to the state of $316 million (including $115.3 million of interest). Passage provides interest savings of approximately $1.6million per year totaling $31.5 million over the 20 years. There is no financial effect on local government expenditures or revenues. | ” |
Full Text
The full text of this measure is available here.
Path to the ballot
- See also: Amending the Oregon Constitution
A simple majority vote is required during one legislative session for the Oregon State Legislature to place a constitutional amendment on the ballot. That amounts to a minimum of 31 votes in the Oregon House of Representatives and 16 votes in the Oregon State Senate, assuming no vacancies. Amendments do not require the governor's signature to be referred to the ballot.
See also
External links
Footnotes
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State of Oregon Salem (capital) |
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