Measure 11 would fund
medical research at OHSU
■The measure would allow
general obligation bonds
to be issued instead of more
expensive revenue bonds
By Brad Schmidt
Oregon Daily Emerald
Ballot Measure 11, on the May 21
primary ticket, would finance
statewide medical research and
other capital costs at Oregon Health
and Science University at a cheaper
rate than currently possible.
If approved, the measure would
allow the state to issue less expen
sive general obligation bonds rather
than the current, more expensive
revenue bonds. General bond re
payment is almost certain, and sub
sequently the interest rate is lower.
Revenue bond repayment is not
guaranteed because the money is
generated by the project itself.
With voter approval, Measure 11
will save Oregon nearly $35 mil
lion in interest payments, money
that the measure’s supporters say
could be used to fund new jobs and
aid in medical research.
The measure would allocate no
more than $200 million to OHSU’s
Oregon Opportunity program.
Bond repayment will come from
various sources, including the
state’s general fund, lottery funds
and tobacco settlement funds. If
Measure 11 is rejected, $165 mil
lion will be issued to OHSU, but
the repayment of the funds would
be payable from only the tobacco
settlement fund and would carry a
higher rate of interest.
The measure prohibits the state
Measure 11 will fund:
$98 million: A six-story, 179,000
200,500 square fool biomedical
research building on the OHSU main
campus
$12 million: Acquisition of a research
building on the west campus
$15 million; Expansion of clinical
facilities at OHSU, part of an estimated
horn imposing property taxes to
raise revenue for bond repayment.
Measure 11, first proposed as
House Joint Resolution 19 in the
71st Legislative Assembly in 2001,
would amend the Oregon Constitu
tion by creating an exception to the
state’s lending rules.
“We got together to voice
our opinion, and the next
thing you know we are a
political action committee. ”
Craig Rowland
neighbor
State Rep. Phil Barnhart, D-Eu
gene, said Measure 11 “looks like
an obvious ‘yes’ vote.”
Barnhart said bankers become
wary to fund projects if the state is
continually asking for money.
“After a while the bankers say,
‘Go away. Don’t bug us anymore,”’
he said.
Oregon has a history of being
conservative in its bond borrowing,
however. Barnhart said he doesn’t
think banks will have a problem
$220 million project
$65 million: Recruitment of
researchers
$10 million: To the Rural Health
Institute and Health, Education,
Research Oregon Network, which
uses Internet technology to link
medical providers and researchers
from around the state
SOURCE: The Oregon Opportunity Committee
buying general bonds.
Opponents of the bill say OHSU
plans to use the money to build a
tram costing more than $20 million
to connect its Marquam Hill cam
pus with new facilities two-thirds
of a mile away. In the 2002 voters’
pamphlet, the South Portland Na
tional Historic District neighbors
said the measure would waste
scarce public funds by building a
“ski resort style ... carnival ride.”
Craig Rowland, a neighbor who
says he’d be adversely affected by
a tram, said he realizes that
OHSU will receive funding no
matter what and used the voters
guide to alert the public about the
tram issue.
“It was sort of a joke, to tell you
the truth. We got together to voice
our opinion, and the next thing
you know we are a political action
committee.”
Elbe Booth, director of public af
fairs for the company which is
managing the Oregon Opportunity
program, said “none of the money
will be used for the tram.”
E-mail reporter Brad Schmidt
atbradschmidt@dailyemerald.com.
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