Bill Text: OR HB2323 | 2013 | Regular Session | Engrossed

Oregon House Bill 2323 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

Bill Title: Relating to the Oregon Growth Board; and declaring an emergency.

Spectrum: Bipartisan Bill

Status: (Passed) 2013-08-14 - Chapter 732, (2013 Laws): Effective date August 14, 2013. [HB2323 Detail]

Download: Oregon-2013-HB2323-Engrossed.html



     77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session

HA to A-Eng. HB 2323

LC 2458/HB 2323-A4

                       HOUSE AMENDMENTS TO
                   A-ENGROSSED HOUSE BILL 2323

              By JOINT COMMITTEE ON WAYS AND MEANS

                             July 1

  On page 1 of the printed A-engrossed bill, line 3, after ' 5'
insert ', 6'.
  In line 4, after '2012;' insert 'limiting expenditures;'.
  Delete lines 7 through 12 and insert:
  '  { +  SECTION 1. + } Section 26, chapter 90, Oregon Laws
2012, is amended to read:
  '  { +  Sec. 26. + } Sections 5, 6, 7 and 12 to 18 { + ,
chapter 90, Oregon Laws 2012 + }   { - of this 2012 Act - } , the
amendments to ORS   { - 192.502, - } 284.701,   { - 284.706, - }
293.731, 293.733, 293.761, 293.796 and 348.702 by sections
 { - 7a and 19 to 25 of this 2012 Act - }  { +  20, 23 and 25,
chapter 90, Oregon Laws 2012, and sections 8 to 10 of this 2013
Act + } and the repeal of ORS 348.701, 348.703, 348.704, 348.706,
348.707 and 348.710 by section 10 { + , chapter 90, Oregon Laws
2012, + }
  { - of this 2012 Act - }  become operative on January
 { - 2 - }  { +  1 + }, 2014.'.
  On page 15, line 13, delete the first comma and insert ' and'
and delete ', 293.731, 293.761 and 348.702'.
  In line 14, delete 'to 10'.
  After line 15, insert:
  '  { +  SECTION 12. + } Section 6, chapter 90, Oregon Laws
2012, is amended to read:
  '  { +  Sec. 6. + } (1) The Oregon Growth Board   { - shall - }
 { +  may + } contract with one or more management companies
 { + or state agencies + } to manage and invest the moneys in the
Oregon Growth Account established under ORS 348.702 and the
Oregon Growth Fund established under section 7, { +  chapter 90,
Oregon Laws 2012 + }   { - of this 2012 Act - } . For purposes of
this subsection, a contract with a management company  { +  or
state agency + } may consist of:
  ' (a) A partnership agreement under which the Oregon Growth
Board is the limited partner and the management company  { + or
state agency + } is the general partner; or
  ' (b) Another form of payment or profit-sharing arrangement
under which the Oregon Growth Board may receive payment or
another form of return in exchange for its investment.
  ' (2) A management company  { + or state agency + } selected to
manage the Oregon Growth Fund or the Oregon Growth Account shall
manage the moneys in the fund or account, subject to the policies
and procedures and investment directives and strategies of the
Oregon Growth Board, with the care, skill and diligence that a
prudent investor acting in a similar capacity and familiar with
such investments would use in managing and investing a similar
fund.
  ' (3) The management company  { + or state agency + } shall
invest in Oregon an amount that is at least equal to the amount
of the principal transferred from the Oregon Growth Account or
the Oregon Growth Fund to the management company  { + or state
agency + } for investment.
  ' (4)   { - The - }  { +  A + } contract between the board and
a management company to manage the Oregon Growth Account or the
Oregon Growth Fund, and the functions performed under the
contract, are not subject to the State Personnel Relations Law or
ORS 279.835 to 279.855 or ORS chapter 279A or 279B.
  ' (5) The Oregon Growth Board shall provide to local
governments and state agencies any reports on the investment of
moneys in the Oregon Growth Account that are necessary to fulfill
audit, financial, investment or other reporting requirements to
which the Education Stability Fund is subject by law or standard
accounting principles.
  '  { +  SECTION 13. + }  { + There is allocated for the
biennium beginning July 1, 2013, from the Administrative Services
Economic Development Fund, to the Oregon Business Development
Department, the amount of $100,000 for the Oregon Growth
Board. + }
  '  { +  SECTION 14. + }  { + Notwithstanding any other law
limiting expenditures, the amount of $100,000 is established for
the biennium beginning July 1, 2013, as the maximum limit for
payment of expenses from lottery moneys allocated from the
Administrative Services Economic Development Fund to the Oregon
Business Development Department for the Oregon Growth Board. + }
  '  { +  SECTION 15. + }  { + There is allocated for the
biennium beginning July 1, 2013, from the Administrative Services
Economic Development Fund, to the Oregon Growth Fund, the amount
of $1,900,000 for the expenses of administering and implementing
sections 1 to 7, chapter 90, Oregon Laws 2012. No funds may be
allocated under this section prior to January 1, 2014. + }
  '  { +  SECTION 16. + }  { + If this 2013 Act does not become
effective until after June 30, 2013, the repeal of sections 27,
28, 34, 35 and 36, chapter 90, Oregon Laws 2012, by section 4 of
this 2013 Act revives sections 5, 6, 7, 10, 12 to 18 and 26,
chapter 90, Oregon Laws 2012. If this 2013 Act does not become
effective until after June 30, 2013, section 4 of this 2013 Act
shall be operative retroactively to that date, and the operation
and effect of sections 5, 6, 7, 10, 12 to 18 and 26, chapter 90,
Oregon Laws 2012, shall continue unaffected from June 30, 2013,
to the effective date of this 2013 Act and thereafter. Any
otherwise lawful action taken or otherwise lawful obligation
incurred under the authority of sections 5, 6, 7, 10, 12 to 18
and 26, chapter 90, Oregon Laws 2012, after June 30, 2013, and
before the effective date of this 2013 Act, is ratified and
approved. + } ' .
  In line 16, delete '12' and insert '17'.
  Delete line 18 and insert 'June 30, 2013.'.
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