2011 Oregon Revised Statutes
ORS Volume 9, Chapters 326 - 365
ORS Chapter 341
341.728 Community College Bond Building Fund.
(1) The Community College Bond Building Fund is established separate and distinct from the General Fund.
(2) The Community College Bond Building Fund shall consist of moneys realized from the sale of bonds issued pursuant to Article XI-G of the Oregon Constitution for the benefit of community college districts under ORS 341.721.
(3) Moneys in the Community College Bond Building Fund are appropriated continuously to the Department of Community Colleges and Workforce Development and may be disbursed by the department for the purposes described in section 1 (2), Article XI-G of the Oregon Constitution, including payment of costs related to issuing bonds and payment of debt service on bonds, pursuant to grant agreements entered into between the department and community college districts under ORS 341.735.
(4) Moneys in the Community College Bond Building Fund may be invested as provided in ORS 286A.025 until needed for disbursement under subsection (3) of this section. If a surplus remains in the fund after disbursement, the surplus and earnings from temporary investments shall be credited to the Community College Bond Sinking Fund. [2005 c.787 22; 2007 c.783 141; 2009 c.2 18; 2011 c.2 4]
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