Rainy Day Fund Passes Senate
From the announcement:
The Oregon Senate today passed House Bill 2707 and House Bill 2031, legislation that creates the state’s first-ever comprehensive rainy day fund. The new savings account will initially be funded by redirecting approximately $290 million from the corporate kicker into the fund. Additional deposits into the rainy day fund will come from the General Fund ending balance, with the next deposit forecast to be $138 million. ...House Bill 2707 establishes a savings account that can be tapped if certain strict economic criteria are met. The legislature will also have to provide a three-fifths vote before the fund could be accessed. Additionally, the legislature could only draw on two-thirds of the fund in any one biennium.
Next up, the governor's signature. Discuss.
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March 15, 2007
Posted in in the news 2007. |
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connect with blueoregon
Mar 15, '07
All those safeguards are meaningless if they aren't in the Constitution.
The 3/5ths vote, the 2/3rds withdrawal and the economic criteria (which have weak triggers to begin with) can all be wiped away with a bare majority of legislators and a willing governor.
This is more like a cloudy day fund.
Mar 15, '07
Are you kidding me? PanchoPDX is 1000% correct...this is nothing more than a tax grab to spend whenever the Legislature sees fit. As long as it's statutory and not protected in the constitution, calling this a 'comprehensive rainy day fund' is a lie. 31 and 16 votes can change any statute. If the Legislature passes a law saying the sky is red, that doesn't make it so.
'Cloudy day fund' is being too nice..."Re-Election Fund" is more appropriate. Wait 'til February when the Legislature comes back into 'special' session...handing out $300 million in goodies in an election year will simply be too big of a temptation to resist. Mark my words.
Any press release or newsletter or update coming from any member of the Legislature proclaiming this as a success, call them on it. It's bullshit. The campaign for 2008 just began...
10:38 p.m.
Mar 15, '07
Waaaaaaaaaaaaaaaaaaaaahhhhh... Would you like some cheese with that whine?
Mar 15, '07
Great, more taxes for the bloated nefarious evil state of Oregon! Time for a tax revolt. No more taxation without representation. You know, that troll picture looks more like the typical money grubbing government paper pusher in Oregon. I'm so glad I'm 1099ing now. I am going to keep all of my money and not give a red cent to this evil government that has so egregiously wronged me over the years.
1:14 a.m.
Mar 16, '07
GT, you forgot to take your meds again.
Mar 16, '07
I am not taking any because apparently I'm "too rich" for DHS to buy them for me. Oh well.
6:02 p.m.
Mar 19, '07
"this evil government that has so egregiously wronged me over the years."
"I am not taking any because apparently I'm "too rich" for DHS to buy them for me."
Sounds like you may have some interesting stories to share. Do tell!
6:05 p.m.
Mar 19, '07
So after the governor signs this legislation, the legislature should refer a similar version to the voters as a Constitutional amendment, to make it all permanent.
Either that or we should start an initiative drive to do the same.
Mar 19, '07
"Sounds like you may have some interesting stories to share. Do tell! "
<h2>Oh you don't know the half of it. Bipolar. It's enough to make even a sane person go totally berzerk. Not to mention someone who's already got issues to begin with.</h2>