(2) On or before a date determined by the Governor, the State Treasurer shall advise the Governor on the prudent maximum amount of bonds to be issued for each bond program. The State Treasurer shall consider available economic and financial data in preparing advice to be given to the Governor.
(3) As part of the Governor’s budget described in ORS 291.216, the Governor shall:
(a) Consider the prudent maximum amounts advised by the State Treasurer pursuant to subsection (2) of this section to determine the Governor’s total recommended amount; and
(b) Recommend to the Legislative Assembly the total amount of bonds the State Treasurer may issue for each bond program for a biennium.
(4) The Legislative Assembly shall determine the amount of bonds the State Treasurer may issue for each state agency for a biennium. If the Legislative Assembly fails to make the determination described in this subsection by the first day of the biennium, the unused portion of the authorization the Legislative Assembly made for the preceding biennium is deemed to carry forward for the current biennium at the amount authorized for the preceding biennium until the earlier of:
(a) The date on which legislation authorizing the amount of bonds for the current biennium is enacted; or
(b) The date on which the Legislative Assembly adjourns sine die.
(5) The amount of bonds that may be issued under bond programs may be modified by the Governor. However, the Governor may not modify the amount of bonds that may be issued under bond programs in a way that would cause the maximum amount established by the Legislative Assembly for a category of bond programs to be exceeded if the Legislative Assembly:
(a) Has categorized the bonds that may be issued under bond programs as general obligation, direct revenue and pass-through revenue bonds; and
(b) Assigned a maximum amount to each category.
(6) This section applies to bonds:
(a) Unless the bonds are expressly exempted from the requirements of this section.
(b) Except refunding bonds. [2007 c.783 §9; 2013 c.766 §1; 2015 c.767 §8; 2015 c.828 §28; 2016 c.117 §47]