This bill limits issuing bonds where the debt service does not exceed 5% of the General Fund revenues estimated to be received in the biennium provided in Article IX, section 14, of the Oregon Constitution.
Personal Choice and Responsibility
State debt is slowly bankrupting the state, which imposes a debt on every taxpayer. It is every person's responsibility to hold legislators accountable for a balanced budget.
Oregon's debt to GDP ratio is 16.52%, which is over $9,200 debt per citizen. General Fund-supported debt is appropriate to holding the legislature accountable from overspending. The higher the debt service the less spendable income to support education and social services.
Holding the debt service to a maximum will also limit government from growing faster than the economy.