Oregon Measure 72, Property Projects Borrowing Limit Amendment (2010)
| Oregon Measure 72 | |
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| Election date |
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| Topic Property and State and local government budgets, spending, and finance |
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| Status |
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| Type Legislatively referred constitutional amendment |
Origin |
Oregon Measure 72 was on the ballot as a legislatively referred constitutional amendment in Oregon on November 2, 2010. It was approved.
A "yes" vote supported adding an exception to the $50,000 borrowing limit to allow the state to issue general obligation bonds to finance state real and personal property projects. |
A "no" vote opposed adding an exception to the $50,000 borrowing limit to allow the state to issue general obligation bonds to finance state real and personal property projects. |
Election results
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Oregon Measure 72 |
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| Result | Votes | Percentage | ||
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774,582 | 59.09% | ||
| No | 536,204 | 40.91% | ||
Text of measure
Ballot title
The ballot title for Measure 72 was as follows:
| “ | Amends Constitution: Authorizes exception to $50,000 state borrowing limit for state’s real and personal property projects | ” |
Ballot summary
The ballot summary for this measure was:
| “ | Currently, the state constitution forbids lending the state’s credit or borrowing in excess of $50,000, with some exceptions. The measure would amend the state constitution to add a new exception to allow the state to issue general obligation bonds to finance acquisition, construction, remodeling, repair, equipping or furnishing of state owned or operated property. General obligation bonds are the cheapest method of borrowing the state may use and would cost less than the certificates of participation the state currently uses. The bonds would save an estimated $5 million on interest costs for each $100 million issued. The measure does not authorize any specific bonds, but authorizes the Legislative Assembly to enact implementing legislation. The measure prohibits the levy of property taxes to repay the bonds and limits the amount of outstanding bonds to one percent of the real market value of property in the state. | ” |
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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