2011 Oregon Revised Statutes
ORS Volume 8, Chapters 305 - 325
ORS Chapter 311
311.181 State school revenue replacement obligation for 1992-1993 through 1995-1996; reports; calculation.
(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]
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