House Joint Resolution 101—Referred to the Electorate of Oregon by the Legislative Assembly of the 2010 February Special Session to be voted on at the Primary Election, May 18, 2010.
Amends Constitution: Continues and modernizes authority for lowest cost borrowing for community colleges and public universities.
Result of “yes” vote
“Yes” vote continues and modernizes state authority to issue lowest cost bonds to finance projects for the benefit of community colleges and public universities.
Result of “no” vote
“No” vote rejects modernization of authority to issue lowest cost bonds to finance projects for the benefit of community colleges and public universities.
This measure continues and modernizes the state’s authority to use general obligation bonds, the lowest cost method of borrowing, to finance projects for community colleges and public universities. It does not increase the current limit on borrowing. The measure clarifies that community colleges and public universities may purchase existing buildings with the proceeds of general obligation bonds. It also allows the Oregon University System to use nontax revenues to determine whether bonds to be issued under Article XI-F(1) are self-supporting. The measure allows Article XI-F(1) and XI-G bond proceeds to be used for the same parts of a project and to be used for mixed-use projects that benefit higher education. It allows nontax revenues to be used as matching funds for Article XI-G bond proceeds.
Estimate of financial impact
There is no financial effect on either state or local government expenditures or revenues.