Source: https://www.oregonlaws.org/ors/2007/351.350
Timestamp: 2020-04-09 04:15:15
Document Index: 281937695

Matched Legal Cases: ['§1', '§1', '§1', '§1', '§1', '§1', '§9', '§8', '§7', '§11', '§7', '§25', '§147', '§11', '§30', '§1', '§5', '§6', '§7', '§8', '§9', '§2', '§2', '§149', '§3', '§3']

ORS 351.350 - Bond issue for self-liquidating higher education purposes - 2007 Oregon Revised Statutes
2007 ORS Vol. 9 Chapter 351 Section 351.350
Bond issue for higher educa­tion and community college projects
2007 ORS 351.350¹
Bond issue for self-liquidating higher education purposes
In order to provide funds for the purposes specified in Article XI-F(1), Oregon Constitution, the State Board of Higher Education may request the State Treasurer to issue bonds in accordance with the provisions of ORS chapter 286A. [Amended by 1955 c.88 §1; 1957 c.703 §1; 1959 c.127 §1; 1961 c.35 §1; 1963 c.10 §1; 1963 c.615 §1; 1967 c.404 §9; 1969 c.664 §8; 1971 c.709 §7; 1975 c.331 §11; 1981 c.539 §7; 1981 c.660 §25; 2007 c.783 §147]
Note: Section 11, chapter 725, Oregon Laws 2003, provides:
Sec. 11. (1) Pursuant to ORS 286.560 to 286.580 [renumbered 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities)] and 348.716 (Oregon Education Fund), lottery bonds may be issued to fund projects for:
(a) The remodel of the HP Building II Renovation project at Oregon State University for a microproducts breakthrough institute relating to a signature research center;
(b) The expansion of microscopy and materials characterization facilities at Portland State University relating to a signature research center; and
(c) The construction, remodeling, expansion and renovation of facilities for an integrative science complex at the University of Oregon relating to a signature research center.
(a) The universities of the Oregon University System promote the improved education of Oregon’s students;
(b) The promotion of educated employees for business and industry expands markets, which in turn creates jobs and stimulates economic development of the state’s business and industry; and
(c) The creation of a signature research center will support the growth of emerging markets and the creation of new markets, which in turn create jobs and stimulate economic development of the state’s business and industry.
(3) The aggregate principal amount of lottery bonds issued pursuant to this section may not exceed the sum of $10,000,000 and an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs. Lottery bonds issued pursuant to this section shall be issued only at the request of the Chancellor of the Oregon University System.
(4)(a) Of the net proceeds of lottery bonds issued pursuant to this section, $4,750,000 shall be deposited in the Oregon State University Engineering Capital Construction Remodel Account established in section 8, chapter 725, Oregon Laws 2003.
(b) Of the net proceeds of lottery bonds issued pursuant to this section, $500,000 shall be deposited in the Portland State University Center for Nanoscience and Nanotechnology Account established in section 9, chapter 725, Oregon Laws 2003.
(c) Of the net proceeds of lottery bonds issued pursuant to this section, $4,750,000 shall be deposited in the University of Oregon Integrative Science Complex Account established in section 10, chapter 725, Oregon Laws 2003.
(5) The proceeds of lottery bonds issued pursuant to this section may be used only for the purposes set forth in subsection (1) of this section and for bond-related costs. [2003 c.725 §11; 2007 c.761 §30]
Note: Sections 1 and 5 to 9, chapter 761, Oregon Laws 2007, provide:
Sec. 1. The State Board of Higher Education shall determine the capital renewal, code compliance and safety projects to be undertaken with moneys made available under section 2 (1) of this 2007 Act on the basis of the board’s determination of the most critical deferred maintenance needs. In determining the deferred maintenance needs, the board shall give priority to projects that protect the health and safety of occupants and maintain the structural integrity of facilities. [2007 c.761 §1]
Sec. 5. (1) The project approvals and expenditure limitations in this 2007 Act, and the expenditure limitations established by the Emergency Board during the biennium beginning July 1, 2007, for capital construction or acquisition projects of the Department of Higher Education and of the Department of Community Colleges and Workforce Development for community colleges, expire on June 30, 2013, unless otherwise noted or unless changed by the Legislative Assembly.
(2) The project approvals and expenditure limitations established by section 2 (3)(h), (4)(f) and (5)(g), chapter 845, Oregon Laws 2001, for capital construction or acquisition projects of the Department of Higher Education expire on June 30, 2009, unless otherwise changed by Legislative Assembly.
(3)(a) The project approvals and expenditure limitations established by section 2 (5)(f) of this 2007 Act are in lieu of the project approvals and expenditure limitations adopted by the Emergency Board during the 2005-2007 biennium for the Department of Higher Education for the Portland State University PCAT Redevelopment Project.
(b) Any action taken by the State Board of Higher Education prior to the effective date of this 2007 Act [July 12, 2007] or any contract entered into by the board prior to the effective date of this 2007 Act necessary for the acquisition of and improvements to land and the acquisition, planning, constructing, altering, repairing, furnishing and equipping of buildings and facilities for the PCAT Redevelopment Project that was within the project approvals and expenditures limit authorized by the Emergency Board during the 2005-2007 biennium is hereby authorized. [2007 c.761 §5]
Sec. 6. (1) Pursuant to Article XI-G of the Oregon Constitution and ORS 286.031 to 286.061 [series repealed in 2007] and 351.345 (Bond issue for higher education and community college projects), the State Board of Higher Education may sell, with the approval of the State Treasurer, general obligation bonds of the State of Oregon of the kind and character and within the limits prescribed by Article XI-G of the Oregon Constitution, as the board determines, but in no event may the board sell more than the aggregate principal sum of $131,604,535 par value for the biennium beginning July 1, 2007. The moneys realized from the sale of the bonds shall be appropriated and may be expended for the purposes set forth in section 2 (3)(h), chapter 845, Oregon Laws 2001, and in section 2 (6)(h) and (7)(e), chapter 787, Oregon Laws 2005, and section 2 (2)(b) and (c), (3), (4)(a), (k) and (L), (5)(f), (h), (i) and (j), (6)(g), (h) and (j) and (7) of this 2007 Act and for payment for capitalized interest and costs incidental to issuance of the bonds.
(2) In compliance with the requirements of Article XI-G of the Oregon Constitution, funds available under the expenditure limitation for bonds issued pursuant to Article XI-G of the Oregon Constitution in section 2 (2)(b) of this 2007 Act are matched with the General Fund appropriations made under sections 10 (7) and 11 of this 2007 Act.
(3) In compliance with the requirements of Article XI-G of the Oregon Constitution, funds available under the expenditure limitation for bonds issued pursuant to Article XI-G of the Oregon Constitution in section 2 (2)(c) of this 2007 Act are matched with the General Fund appropriation made under section 10 (8) of this 2007 Act.
(4) In compliance with the requirements of Article XI-G of the Oregon Constitution, funds available under the expenditure limitation for bonds issued pursuant to Article XI-G of the Oregon Constitution in section 2 (3) of this 2007 Act are matched with the General Fund appropriation made under section 10 (1) of this 2007 Act.
(5) In compliance with the requirements of Article XI-G of the Oregon Constitution, funds available under the expenditure limitation for bonds issued pursuant to Article XI-G of the Oregon Constitution in section 2 (4)(a) of this 2007 Act are matched with the General Fund appropriation made under section 10 (3) of this 2007 Act.
(6) In compliance with the requirements of Article XI-G of the Oregon Constitution, funds available under the expenditure limitation for bonds issued pursuant to Article XI-G of the Oregon Constitution in section 2 (4)(k) of this 2007 Act are matched with the General Fund appropriation made under section 12 of this 2007 Act.
(7) In compliance with the requirements of Article XI-G of the Oregon Constitution, funds available under the expenditure limitation for bonds issued pursuant to Article XI-G of the Oregon Constitution in section 2 (4)(L) of this 2007 Act are matched with the General Fund appropriation made under section 10 (2) of this 2007 Act.
(8) In compliance with the requirements of Article XI-G of the Oregon Constitution, funds available under the expenditure limitation for bonds issued pursuant to Article XI-G of the Oregon Constitution in section 2 (5)(f) of this 2007 Act are matched with the General Fund appropriation made under section 17 of this 2007 Act.
(9) In compliance with the requirements of Article XI-G of the Oregon Constitution, funds available under the expenditure limitation for bonds issued pursuant to Article XI-G of the Oregon Constitution in section 2 (5)(h) of this 2007 Act are matched with the General Fund appropriation made under section 13 of this 2007 Act.
(10) In compliance with the requirements of Article XI-G of the Oregon Constitution, funds available under the expenditure limitation for bonds issued pursuant to Article XI-G of the Oregon Constitution in section 2 (5)(i) of this 2007 Act are matched with the General Fund appropriation made under section 10 (4) of this 2007 Act.
(11) In compliance with the requirements of Article XI-G of the Oregon Constitution, funds available under the expenditure limitation for bonds issued pursuant to Article XI-G of the Oregon Constitution in section 2 (5)(j) of this 2007 Act are matched with the General Fund appropriation made under section 10 (5) of this 2007 Act.
(12) In compliance with the requirements of Article XI-G of the Oregon Constitution, funds available under the expenditure limitation for bonds issued pursuant to Article XI-G of the Oregon Constitution in section 2 (6)(g) of this 2007 Act are matched with the General Fund appropriation made under section 14 of this 2007 Act.
(13) In compliance with the requirements of Article XI-G of the Oregon Constitution, funds available under the expenditure limitation for bonds issued pursuant to Article XI-G of the Oregon Constitution in section 2 (6)(h) of this 2007 Act are matched with the General Fund appropriation made under section 10 (6) of this 2007 Act.
(14) In compliance with the requirements of Article XI-G of the Oregon Constitution, funds available under the expenditure limitation for bonds issued pursuant to Article XI-G of the Oregon Constitution in section 2 (6)(j) of this 2007 Act are matched with the General Fund appropriation made under section 15 of this 2007 Act.
(15) In compliance with the requirements of Article XI-G of the Oregon Constitution, funds available under the expenditure limitation for bonds issued pursuant to Article XI-G of the Oregon Constitution in section 2 (7) of this 2007 Act are matched with the General Fund appropriation made under section 16 of this 2007 Act. [2007 c.761 §6]
Sec. 7. Notwithstanding the expenditure limitations established under sections 2 and 8 of this 2007 Act, the State Board of Higher Education may increase any limit for expenditures from other revenues, including federal funds, prescribed by sections 2 and 8 of this 2007 Act for a specific project, if the expenditure limitation for bonds issued pursuant to Article XI-F(1) or XI-G of the Oregon Constitution for the project is reduced by the board in the same amount. [2007 c.761 §7]
Sec. 8. (1) Notwithstanding the expenditure limitations established under section 2 of this 2007 Act, and subject to subsection (3) of this section, the State Board of Higher Education may expend amounts that exceed the expenditure limitations established under section 2 (2) to (7) of this 2007 Act for bonds issued pursuant to Article XI-F(1) of the Oregon Constitution by the following percentage amounts:
(a) For a project with a combined approved General Fund appropriation and total expenditure limitation of $500,000 to $999,999 under section 2 of this 2007 Act, up to 12 percent of the expenditure limitation for bonds issued pursuant to Article XI-F(1) of the Oregon Constitution.
(b) For a project with a combined approved General Fund appropriation and total expenditure limitation of $1,000,000 to $4,999,999 under section 2 of this 2007 Act, up to eight percent of the expenditure limitation for bonds issued pursuant to Article XI-F(1) of the Oregon Constitution.
(c) For a project with a combined approved General Fund appropriation and total expenditure limitation of $5,000,000 to $9,999,999 under section 2 of this 2007 Act, up to five percent of the expenditure limitation for bonds issued pursuant to Article XI-F(1) of the Oregon Constitution.
(d) For a project with a combined approved General Fund appropriation and total expenditure limitation of $10,000,000 or more under section 2 of this 2007 Act, up to three percent of the expenditure limitation for bonds issued pursuant to Article XI-F(1) of the Oregon Constitution.
(2) Notwithstanding the expenditure limitations established under section 2 of this 2007 Act, and subject to subsection (3) of this section, the State Board of Higher Education may expend amounts that exceed the expenditure limitations established under section 2 (2) to (7) of this 2007 Act for other revenues, including federal funds, by the following percentage amounts:
(a) For a project with a combined approved General Fund appropriation and total expenditure limitation of $500,000 to $999,999 under section 2 of this 2007 Act, up to 12 percent of the expenditure limitation for other revenues, including federal funds.
(b) For a project with a combined approved General Fund appropriation and total expenditure limitation of $1,000,000 to $4,999,999 under section 2 of this 2007 Act, up to eight percent of the expenditure limitation for other revenues, including federal funds.
(c) For a project with a combined approved General Fund appropriation and total expenditure limitation of $5,000,000 to $9,999,999 under section 2 of this 2007 Act, up to five percent of the expenditure limitation for other revenues, including federal funds.
(d) For a project with a combined approved General Fund appropriation and total expenditure limitation of $10,000,000 or more under section 2 of this 2007 Act, up to three percent of the expenditure limitation for other revenues, including federal funds.
(3) The total amount by which the expenditure limitations established under section 2 of this 2007 Act are exceeded under subsections (1) and (2) of this section may not be greater than the sum of the amounts established under section 2 (8) of this 2007 Act. [2007 c.761 §8]
Sec. 9. Notwithstanding ORS 351.345 (Bond issue for higher education and community college projects) and section 2 of this 2007 Act, the State Board of Higher Education may issue bonds for a project listed in section 2 (2)(b), (4)(k), (5)(f) and (h), (6)(g) and (j) and (7) of this 2007 Act:
(1) If the total amount from other revenues, including federal funds, identified for the project in the expenditure limitation in section 2 of this 2007 Act has been received by the state board; or
(2) After reporting to the Emergency Board or the Joint Committee on Ways and Means, if the total amount from other revenues, including federal funds, identified for the project in the expenditure limitation in section 2 of this 2007 Act has not been received by the state board. [2007 c.761 §9]
Note: Sections 2 and 3, chapter 788, Oregon Laws 2005, provide:
Sec. 2. (1) Pursuant to ORS 286.560 to 286.580 [renumbered 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities)], lottery bonds may be issued by the State Treasurer at the request of the Department of Higher Education for deferred maintenance and capital renewal, code compliance and safety projects.
(a) Major subsystems within university buildings are wearing out and must be replaced in order that universities have adequate facilities for teaching.
(b) Having safe and fully functioning university facilities is essential to Oregon’s healthy economic growth.
(3) The aggregate principal amount of lottery bonds issued pursuant to subsection (1) of this section by the State Treasurer for deferred maintenance and capital renewal, code compliance and safety projects may not exceed the amount of $69.43 million and an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs as defined in ORS 286.560.
(4) Of the net proceeds of lottery bonds issued pursuant to this section for the biennium beginning July 1, 2007, an amount not to exceed $50 million shall be deposited in the Department of Higher Education Deferred Maintenance and Capital Repair Project Fund established by section 3, chapter 788, Oregon Laws 2005. [2005 c.788 §2; 2007 c.746 §2; 2007 c.783 §149]
Sec. 3. (1) The Department of Higher Education Deferred Maintenance and Capital Repair Project Fund is established separate and distinct from the General Fund. Interest earned by the Department of Higher Education Deferred Maintenance and Capital Repair Project Fund shall be credited to the fund.
(2) Net proceeds of lottery bonds issued pursuant to section 2, chapter 788, Oregon Laws 2005, shall be deposited into the Department of Higher Education Deferred Maintenance and Capital Repair Project Fund. Moneys in the fund are continuously appropriated to the Department of Higher Education for deferred maintenance and capital repair projects. [2005 c.788 §3; 2007 c.746 §3]
Higher Educa­tion Isola­tion Facility Bond Sinking Fund