Oregon SB 5534: Relating to lottery bonds; and declaring an emergency.

Bill Text

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SB 5534-2
(LC 9534)
6/22/21 (DFY/ps)
Requested by JOINT COMMITTEE ON WAYS AND MEANS
PROPOSED AMENDMENTS TO
SENATE BILL 5534
On page 1 of the printed bill, line 2, after “provisions;” delete the rest
of the line and delete lines 3 and 4 and insert “amending ORS 285B.551 and
sections 13 and 14, chapter 746, Oregon Laws 2007, sections 4 and 10, chapter
906, Oregon Laws 2009, section 6, chapter 786, Oregon Laws 2013, section 28,
chapter 748, Oregon Laws 2017, and sections 2, 3, 4, 5, 10, 11, 15, 17, 19, 20,
33, 37, 39, 40 and 41, chapter 671, Oregon Laws 2019; repealing sections 8, 13,
18, 22, 24, 25, 26, 27, 31 and 35, chapter 671, Oregon Laws 2019; and declaring
an emergency.”.
Delete lines 6 through 28 and delete pages 2 through 10 and insert:
“SECTION 1. ORS 285B.551 is amended to read:
“285B.551. (1) Pursuant to ORS 286A.560 to 286A.585, at the request of the
Oregon Department of Administrative Services, after the department consults
with the Oregon Business Development Department, the State Treasurer is
authorized to issue lottery bonds:
“(a) To provide financial and other assistance, including but not limited
to loans and grants, to municipalities, ports and other persons and entities
in accordance with the laws governing use of moneys in the Special Public
Works Fund created by ORS 285B.455, the Water Fund created by ORS
285B.563, the Safe Drinking Water Revolving Loan Fund created by ORS
285A.213, the Oregon Port Revolving Fund created by ORS 285A.708, the
Brownfields Redevelopment Fund created by ORS 285A.188, the Oregon

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Business Development Fund created by ORS 285B.092 and the Marine Navi-
gation Improvement Fund created by ORS 777.267.
“(b) To fund Oregon’s share of the costs of the Columbia River channel
deepening project.
“(c) To fund Oregon’s share of the costs of studies and ecosystem resto-
ration projects in the lower Columbia River estuary designed to improve
habitat for listed endangered or threatened species of Columbia River
anadromous salmonids.
“(2) The use of lottery bond proceeds is authorized based on the following
findings:
“(a) The financial and other assistance to municipalities, ports and other
persons and entities will assist in the establishment and expansion of busi-
nesses in Oregon and in the construction, improvement and expansion of
infrastructure, community and port facilities and other facilities that com-
prise the physical foundation for industrial and commercial activity and
provide the basic framework for continued and expanded economic opportu-
nities and quality communities throughout Oregon.
“(b) The Columbia River channel deepening project is necessary to allow
newer, larger steamships access to Oregon and Washington deep draft ports.
A deeper shipping channel will allow the Columbia River to continue as a
world leader in agricultural exports and as a key trade corridor for farms
and businesses throughout Oregon and the region.
“(c) Such financial and other assistance to municipalities, ports and other
persons and entities and the deepening of the Columbia River channel will
therefore promote economic development within this state, and thus the use
of net proceeds derived from the operation of the Oregon State Lottery to
pay debt service on lottery bonds issued under this section to provide such
financial and other assistance to municipalities, ports and other persons and
entities and to pay a portion of the costs of deepening the Columbia River
channel is an authorized use of state lottery funds under section 4, Article
SB 5534-2 6/22/21
Proposed Amendments to SB 5534 Page 2

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XV of the Oregon Constitution, and ORS 461.510.
“(d) The current lower Columbia River estuary habitat for listed endan-
gered or threatened species of Columbia River anadromous salmonids could
be improved through ecosystem restoration projects. The use of the Oregon
State Lottery to pay debt service on lottery bonds issued under this section
to pay for studying how the estuary could be improved and to pay for
ecosystem restoration projects are authorized uses of state lottery funds.
“(3)(a) The aggregate principal amount of lottery bonds issued pursuant
to subsection (1)(a) of this section for financial and other assistance to
municipalities, ports and other persons and entities may not exceed the sum
of [$366,226,252] $386,226,252 and an additional amount estimated by the
State Treasurer to be necessary to pay bond-related costs. The aggregate
principal amount of lottery bonds issued pursuant to subsection (1)(b) of this
section for the Columbia River channel deepening project may not exceed the
sum of $17.7 million and an additional amount estimated by the State
Treasurer to be necessary to pay bond-related costs.
“(b) The Oregon Department of Administrative Services may not r