Measure 102, Removes Restriction that Affordable Housing Projects Funded by Municipal Bonds be Government Owned
Removes restriction that affordable housing projects funded by city and county bonds must be government owned. Source: Ballotpedia
The constitution currently prohibits most local governments from raising money for, or loaning credit to, or in aid of, any private entity. Measure allows local governments to issue general obligation bonds to finance the cost of constructing affordable housing including when the funds go to a nongovernmental entity. Measure requires that local authorizing bonds be approved by local voters and describe affordable housing to be financed. The jurisdiction authorizing bonds must provide annual audits and public reporting on bond expenditures. Measure limits jurisdiction’s bonded indebtedness for capital costs of affordable housing to one-half of one percent of the value of all property in the jurisdiction.
Sec. 9. (1) No county, city, town or other municipal corporation, by vote of its citizens, or otherwise, shall become a stockholder in any joint company, corporation or association, whatever, or raise money for, or loan its credit to, or in aid of, any such company, corporation or association. [Provided, that]
(2) Notwithstanding subsection (1) of this section, any municipal corporation designated as a port under any general or special law of the state of Oregon[,] may be empowered by statute to raise money and expend the same in the form of a bonus to aid in establishing water transportation lines between such port and any other domestic or foreign port or ports, and to aid in establishing water transportation lines on the interior rivers of this state, or on the rivers between Washington and Oregon, or on the rivers of Washington and Idaho reached by navigation from Oregon’s rivers[; any]. Any debts of a municipality to raise money created for the aforesaid purpose shall be incurred only on approval of a majority of those voting on the question, and shall not, either singly or in the aggregate, with previous debts and liabilities incurred for that purpose, exceed one [per cent] percent of the assessed valuation of all property in the municipality.
(3) The prohibitions and limitations set forth in subsection (1) of this section do not apply to the use by a county, city, town or other municipal corporation of bonded indebtedness that is payable from ad valorem taxes not subject to limitation under section 11 or 11b of this Article to finance capital costs of affordable housing, but only if:
(a) The bonded indebtedness is approved by the majority of voters voting on the measure authorizing the bonded indebtedness at an election that meets the requirements of subsection
(8) of section 11 of this Article, as modified by section 11k of this Article;
(b) The measure authorizing the bonded indebtedness describes “affordable housing” for purposes of the measure;
(c) The jurisdiction authorizing the bonded indebtedness provides for annual audits of and public reporting on the expenditure of proceeds of the bonded indebtedness; and
(d) The principal amount of the jurisdiction’s bonded indebtedness outstanding for such purpose does not exceed one-half of one percent of the real market value of all property in the jurisdiction.