Oregon Measure 54, Guaranteed Bonds for School Districts Amendment (1998)
| Oregon Measure 54 | |
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| Election date |
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| Topic Bond issues and Education |
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| Status |
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| Type Legislatively referred constitutional amendment |
Origin |
Oregon Measure 54 was on the ballot as a legislatively referred constitutional amendment in Oregon on November 3, 1998. It was approved.
A "yes" vote supported allowing the state to guarantee the payment of general obligation bonds issued by qualified school districts, community college districts, and education service districts. |
A "no" vote opposed allowing the state to guarantee the payment of general obligation bonds issued by qualified school districts, community college districts, and education service districts. |
Election results
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Oregon Measure 54 |
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| Result | Votes | Percentage | ||
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569,982 | 54.56% | ||
| No | 474,727 | 45.44% | ||
Text of measure
Ballot title
The ballot title for Measure 54 was as follows:
| “ | AMENDS CONSTITUTION: AUTHORIZES STATE TO GUARANTEE BONDED INDEBTEDNESS OF CERTAIN EDUCATION DISTRICTS RESULT OF “YES” VOTE: “Yes" vote authorizes state to guarantee general obligation bonds issued by certain education districts. RESULT OF “NO” VOTE: “No” vote retains prohibition against state guarantee of general obligation bonds issued by education districts. SUMMARY: Constitution now generally prohibits state from creating debt over $50,000 or lending its credit. Measure amends constitution permitting state to guarantee general obligation bonded indebtedness of school districts, education service districts, community college districts. Limits amount state can guarantee to 1/2 of one percent of true cash value of taxable property in state. State may issue bonds, borrow from Common School Fund to satisfy obligation. Legislature must enact statutes authorizing state to recover from district payments made to satisfy state's guarantee of district debt. ESTIMATE OF FINANCIAL IMPACT: Reduced interest and issuance costs on indebtedness by participating school districts, education service districts and community college districts are estimated to be $70 million over the next 20 years under this measure. This estimate is based on current levels of bond issuance. There is no financial effect on state government revenues or expenditures. | ” |
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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