(1) For each tax year beginning on or after July 1, 1992, and before July 1, 1996, the Department of Revenue shall prepare a report certifying the state’s constitutional replacement obligation for the fiscal year. The constitutional replacement obligation shall be the lesser of:
(a) The amounts as cumulated under ORS 311.115 (3)(b); or
(b) The amount as calculated under subsection (2) of this section.
(2) From the total amount of taxes on property imposed by all taxing districts to fund the public school system in the previous tax year, plus the amount distributed by the state specifically designated as replacement revenue to satisfy the requirements of section 11b (5), Article XI of the Oregon Constitution in the previous year, plus six percent of the total thereof, subtract the total amount of taxes on property actually imposed by all taxing districts to fund the public school system for the current tax year within the limits of section 11b, Article XI of the Oregon Constitution. [1991 c.459 §229e]
Note: See note under 311.175.
Section: Previous 311.145 311.150 311.160 311.165 311.175 311.177 311.179 311.181 311.183 311.205 311.206 311.207 311.208 311.209 311.210 NextLast modified: August 7, 2008