Measure No. 29
Explanatory StatementThis measure amends the Oregon Constitution to authorize the State of Oregon to incur debt to finance the pension liabilities of the state at a lower cost to the state and to pay costs of issuing and incurring indebtedness. The measure authorizes the Legislative Assembly to enact implementing legislation.
The measure specifies that indebtedness authorized by the measure is a general obligation of the state, backed by the full faith and credit and taxing power of the state, except ad valorem taxing power. The measure limits the amount of indebtedness outstanding at any time to one percent of the real market value of property in the state.
(This impartial statement explaining the ballot measure was provided by the legislature of the 2003 Regular Session.)