2011 Oregon Revised Statutes
ORS Volume 9, Chapters 326 - 365
ORS Chapter 351
351.460 Account for payment of principal and interest of Article XI-F(1) and Article XI-G bonds and financial agreements.

(1) The State Board of Higher Education shall maintain an account within the Oregon University System Fund established by ORS 351.506 to provide for the payment of the principal of and the interest upon:

(a) The bonds issued under authority of Article XI-F(1) of the Oregon Constitution and ORS 351.350;

(b) The bonds issued under authority of Article XI-G of the Oregon Constitution and ORS 351.345; and

(c) Amounts due under financial agreements entered into under ORS 351.356.

(2) The account maintained under this section comprises one subaccount for each of the purposes of the account identified in subsection (1) of this section.

(3) Income and interest derived from moneys in the subaccounts of the account maintained under this section are credited to the appropriate subaccount.

(4) The sources of moneys for the account maintained under this section are:

(a) All moneys received from ad valorem taxes levied pursuant to ORS 291.445;

(b) All moneys that the Legislative Assembly may provide in lieu of ad valorem taxes;

(c) The revenues transferred to the account maintained under this section pursuant to subsection (6) of this section;

(d) All moneys received as accrued interest upon bonds sold;

(e) All earnings from investments of the account;

(f) Net proceeds of the sale of refunding bonds; and

(g) All moneys that the State of Oregon has agreed to hold in the account to pay amounts due under financial agreements entered into under ORS 351.356.

(5) The board may credit the account maintained under this section with moneys received from either a sale or interfund transfer of buildings, structures, land or other projects. When the buildings, structures, land or other projects are sold or the use of the buildings, structures, land or other projects is rededicated so that a transfer from one subaccount to another subaccount is appropriate, the moneys received shall be credited to the appropriate subaccount.

(6)(a) The board shall transfer revenues to the account maintained under this section in amounts sufficient to pay, when due, the principal of and the interest and any premium upon the bonds issued under authority of Article XI-F(1) of the Oregon Constitution. Revenues not required for the account as described in this subsection shall be transferred to other accounts and subaccounts within the Oregon University System Fund that are designated by the Chancellor of the Oregon University System. The portion of student building fees that are imposed under ORS 351.170 to provide the funds with which to amortize the principal of and pay the interest on bonds issued under Article XI-F(1) of the Oregon Constitution shall be applied only to pay those bonds.

(b) For purposes of this subsection, revenues includes all funds available to the board except:

(A) Amounts appropriated by the Legislative Assembly from the General Fund; and

(B) Lottery funds allocated for debt service.

(7)(a) The board may not use the account maintained under this section for any purpose other than the purposes for which the account was created.

(b) Notwithstanding paragraph (a) of this subsection, if the balance in any subaccount exceeds the amount required to pay debt service during a fiscal period, the board may transfer the surplus in the subaccount to other accounts in the Oregon University System Fund. This paragraph does not apply to any surplus consisting of General Fund moneys appropriated for debt service or lottery funds allocated for debt service. Any surplus consisting of General Fund moneys appropriated for debt service shall revert to the General Fund as provided in ORS 293.190. [Amended by 1963 c.584 7; 1969 c.513 1; 1973 c.809 1; 1981 c.660 29; 1989 c.311 2; 1991 c.220 10; 1995 c.110 4; 2003 c.14 158; 2005 c.755 25; 2007 c.767 3; 2007 c.783 152; 2009 c.762 12; 2011 c.2 8; 2011 c.637 54]