Article IX of the Oregon State Constitution deals with "Finance". There are 20 sections in this Article. Some of the are long. We will look at the last 5 sections in this post.
Section 11
This section prohibits that the state or any political subdivision can guarantee a rate of return on retirement investments.
Section 12
This section prohibits considering unused sick leave in calculations of retirement benefits.
Section 13
This section references the fact that section 10, 11, 12 and 13 were all passed at the same time. If one of the sections was found to be unconstitutional, that does not affect the other sections, again, just because they were passed all at the same time.
Section 14
This section has some specific rules, probably should be in the laws rather than in the constitution. This defines what is know as "the kicker". These rules deal with surplus taxes. An estimate is prepared per subsection (1), and then the actual amount is calculated per subsection (2). Per subsection (3), the excess gets allocated to education purposes or per subsection (4), it is returned to the taxpayers. Subsection (5) defines how the money is to be returned to the taxpayers. Subsection (6) defines that the estimate prepared in subsection (1) can be amended by an emergency law passed by two thirds of the legislature. Finally in subsection (7) it states what is exempted by this section of the constitution.
Section 15
This section prohibits any taxes on the transfer of real property. However it does grandfather existing taxes.
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