BY RACHEL CHEESEMAN

SALEM - The State Land Board, composed of Governor Ted Kulongoski, Secretary of State Kate Brown and Treasurer Ted Wheeler, voted unanimously Tuesday to authorize the initiation of rulemaking and the amendment of rules governing the leasing of geothermal resources.

Director of the Department of State Lands Louise Solliday explained that the rules hadn’t been updated since 1974 and were out of date in many aspects, from royalties and per-acre revenues to application requirements and processing.

“It’s just a lot of outdated requirements, so it’s just bringing them into the twenty-first century,” Solliday said.

A rules advisory committee will be created, including members from various state agencies such as forestry and education, along with industry representatives, to draft a new set of rules.

After this draft is completed, there will be a period for public comment and public hearing.

“We try to make folks broadly aware that there’s rulemaking going on,” Solliday said, explaining that notice of the public hearings will be announced on the department’s website, as well as on the Secretary of State’s bulletin.

The process, she said, can take anywhere from six months to a year.

BY SARAH ROSS

SALEM- Director of State Lands Louise Solliday testified before the State Land Board Tuesday about the market gains for the Common School Fund’s annual portfolio in the 2009 calendar year.

The data released showed the net returns gained just over 30 percentage points from 2008. While this is a large return compared with most years, financial experts consider it to be a correction of the markets in 2007 and 2008. In 2007, the Common School Fund had just under 3 percentage points in net returns, while in 2008 the Fund lost over 32 percent.

The Department of State Lands Report stated: “Calendar year 2009 did its best to relieve some of the sting left behind from 2007 and 2008. While much ground remains to be made up, from mid-March on, the equity and fixed income markets soared.”

The State Land Board is a meeting of the state’s highest officials, Governor Ted Kulongoski, Secretary of State Kate Brown, and Treasurer Ted Wheeler. The Board meets every two months to determine policy over state lands.

The Common School Fund is a fund managed by the Department of State Lands, putting money toward public school education in Oregon. Money in the fund comes from the mineral, timber, and other resources harvested on certain state lands and waterways.

BY SARAH ROSS

SALEM- Governor Ted Kulongoski announced on Monday that Multnomah County Chair Ted Wheeler will take over as State Treasurer.

In a press release announcing the appointment, Kulongoski stated, “Ted Wheeler brings the perfect balance of expertise from both the public and private sectors to this job with an impressive record managing the county’s budget to a working knowledge of the financial industry.”

This announcement comes following the death of State Treasurer Ben Westlund, 60, on Sunday.

Wheeler issued a statement Monday saying, “It is with conflicted emotions that I accept Governor Kulongoski’s appointment to the office of Oregon State Treasurer. I am grateful for the opportunity to serve the citizens of this great state and believe I am well prepared for the challenges ahead but am saddened by the circumstances that bring me here today.”

Wheeler has served as the Multnomah County Chair since 2006, also filling the positions of Chief Executive Officer for the county and Chair for the Board of Commissioners. Previously, Wheeler worked in the financial sector with companies including Bank of America and Copper Mountain Trust. He received degrees in economics, business, and public policy from Stanford, Columbia, and Harvard universities.

Oregon voters will elect a permanent replacement for Oregon State Treasurer in November.

Wheeler has tendered his resignation as Multnomah County Chair effective March 11. Chief Operating Officer Jana McLellen will serve as Chair until the Board of Commissioners selects a replacement to serve throughout 2010. A permanent replacement will be voted on in May.

Filings for Wheeler’s position, so far, include Mike Darger, Margaret Carter, and Jeff Cogen.