(1) The Department of Revenue shall prepare a report of the state’s constitutional replacement obligation for the 1991-1992 fiscal year. The constitutional replacement obligation shall be the lesser of:
(a) The amount as cumulated under ORS 311.175 (3)(b); or
(b) The amount as calculated under subsection (2) of this section.
(2) From the total amount of taxes on property that are subject to the limits of section 11b, Article XI of the Oregon Constitution, certified by common and union high school districts, education service districts, community college districts and any taxes levied under particular voter approval by any county for the county school fund for the 1990-1991 tax year, plus six percent thereof, subtract:
(a) The amount of revenue offset against all taxes on property subject to the limits of section 11b, Article XI of the Oregon Constitution, certified by taxing districts to fund the public school system during the 1991-1992 tax year;
(b) The amount of revenue lost for the 1991-1992 tax year due to truncation of the tax rates for those taxes; and
(c) The amount of taxes on property actually imposed by those districts to fund the public school system for 1991-1992 within the limits of section 11b, Article XI of the Oregon Constitution. [1991 c.459 §229d]
Note: See note under 311.175.
Section: Previous 311.140 311.145 311.150 311.160 311.165 311.175 311.177 311.179 311.181 311.183 311.205 311.206 311.207 311.208 311.209 NextLast modified: August 7, 2008