2013 Oregon Revised Statutes
Volume : 09 - Education and Culture
Chapter 341 - Community Colleges
Section 341.721 - Issuance by State Treasurer.

(1) To provide funds to community college districts for the purposes specified in Article XI-G of the Oregon Constitution, the State Treasurer may issue bonds at the request of the Higher Education Coordinating Commission in accordance with the provisions of ORS chapter 286A.

(2) The State Treasurer may not issue bonds pursuant to Article XI-G of the Oregon Constitution under subsection (1) of this section for a community college project unless a grant agreement has been entered into pursuant to ORS 341.735 between the Department of Community Colleges and Workforce Development and the community college district that is receiving the bond proceeds. [2005 c.787 §20; 2007 c.783 §140; 2013 c.747 §71]

Note: The amendments to 341.721 by section 71, chapter 747, Oregon Laws 2013, become operative July 1, 2014. See section 204, chapter 747, Oregon Laws 2013. The text that is operative until July 1, 2014, is set forth for the user's convenience.
(1) To provide funds to community college districts for the purposes specified in Article XI-G of the Oregon Constitution, the State Treasurer may issue bonds at the request of the State Board of Education in accordance with the provisions of ORS chapter 286A.

(2) The State Treasurer may not issue bonds pursuant to Article XI-G of the Oregon Constitution under subsection (1) of this section for a community college project unless a grant agreement has been entered into pursuant to ORS 341.735 between the Department of Community Colleges and Workforce Development and the community college district that is receiving the bond proceeds.

Note: Sections 25 and 26, chapter 904, Oregon Laws 2009, provide:

Sec. 25. (1) Pursuant to Article XI-G of the Oregon Constitution and ORS 341.721 and ORS chapter 286A, the State Treasurer may sell, at the request of the Higher Education Coordinating Commission, 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 treasurer determines, but in no event may the treasurer sell more than the aggregate principal sum of $63,223,000 par value for the biennium beginning July 1, 2009. The moneys realized from the sale of the bonds shall be appropriated and may be expended for the purposes set forth in section 7, chapter 904, Oregon Laws 2009, and section 3 (1), chapter 761, Oregon Laws 2007, 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 7 (1), chapter 904, Oregon Laws 2009, are matched with the General Fund appropriation made under ORS 341.753, as amended by section 27, chapter 904, Oregon Laws 2009.

(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 7 (2), chapter 904, Oregon Laws 2009, are matched with the General Fund appropriation made under ORS 341.755, as amended by section 28, chapter 904, Oregon Laws 2009.

(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 7 (3), chapter 904, Oregon Laws 2009, are matched with the General Fund appropriation made under ORS 341.757, as amended by section 29, chapter 904, Oregon Laws 2009.

(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 7 (4), chapter 904, Oregon Laws 2009, are matched with the General Fund appropriation made under ORS 341.762, as amended by section 30, chapter 904, Oregon Laws 2009.

(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 7 (5), chapter 904, Oregon Laws 2009, are matched with the General Fund appropriation made under ORS 341.766, as amended by section 31, chapter 904, Oregon Laws 2009.

(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 7 (6), chapter 904, Oregon Laws 2009, are matched with the General Fund appropriation made under ORS 341.773, as amended by section 26, chapter 761, Oregon Laws 2007, and section 32, chapter 904, Oregon Laws 2009.

(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 7 (7), chapter 904, Oregon Laws 2009, are matched with the General Fund appropriation made under ORS 341.775, as amended by section 33, chapter 904, Oregon Laws 2009.

(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 7 (8), chapter 904, Oregon Laws 2009, are matched with the General Fund appropriation made under ORS 341.784.

(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 7 (9), chapter 904, Oregon Laws 2009, are matched with the General Fund appropriation made under ORS 341.787. [2009 c.904 §25; 2013 c.747 §72]

Note: The amendments to section 25, chapter 904, Oregon Laws 2009, by section 72, chapter 747, Oregon Laws 2013, become operative July 1, 2014. See section 204, chapter 747, Oregon Laws 2013. The text that is operative until July 1, 2014, is set forth for the user's convenience.

Sec. 25. (1) Pursuant to Article XI-G of the Oregon Constitution and ORS 341.721 and ORS chapter 286A, the State Treasurer may sell, at the request of the State Board of Education, 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 treasurer determines, but in no event may the treasurer sell more than the aggregate principal sum of $63,223,000 par value for the biennium beginning July 1, 2009. The moneys realized from the sale of the bonds shall be appropriated and may be expended for the purposes set forth in section 7 of this 2009 Act and section 3 (1), chapter 761, Oregon Laws 2007, 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 7 (1) of this 2009 Act are matched with the General Fund appropriation made under section 20, chapter 761, Oregon Laws 2007 [341.753], as amended by section 27 of this 2009 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 7 (2) of this 2009 Act are matched with the General Fund appropriation made under section 21, chapter 761, Oregon Laws 2007 [341.755], as amended by section 28 of this 2009 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 7 (3) of this 2009 Act are matched with the General Fund appropriation made under section 22, chapter 761, Oregon Laws 2007 [341.757], as amended by section 29 of this 2009 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 7 (4) of this 2009 Act are matched with the General Fund appropriation made under section 26, chapter 787, Oregon Laws 2005 [341.762], as amended by section 30 of this 2009 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 7 (5) of this 2009 Act are matched with the General Fund appropriation made under section 23, chapter 761, Oregon Laws 2007 [341.766], as amended by section 31 of this 2009 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 7 (6) of this 2009 Act are matched with the General Fund appropriation made under section 27, chapter 787, Oregon Laws 2005 [341.773], as amended by section 26, chapter 761, Oregon Laws 2007, and section 32 of this 2009 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 7 (7) of this 2009 Act are matched with the General Fund appropriation made under section 27, chapter 761, Oregon Laws 2007 [341.775], as amended by section 33 of this 2009 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 7 (8) of this 2009 Act are matched with the General Fund appropriation made under section 34 of this 2009 Act [341.784].

(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 7 (9) of this 2009 Act are matched with the General Fund appropriation made under section 35 of this 2009 Act [341.787].

Sec. 26. Notwithstanding section 7, chapter 904, Oregon Laws 2009, at the request of the Higher Education Coordinating Commission, the State Treasurer may issue bonds for a project listed in section 7, chapter 904, Oregon Laws 2009:

(1) If the total amount from other revenues, including federal funds, identified for the project in the expenditure limitation in section 7, chapter 904, Oregon Laws 2009, has been received by the Department of Community Colleges and Workforce Development; or

(2) After the department reports 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 7, chapter 904, Oregon Laws 2009, has not been received by the department. [2009 c.904 §26; 2013 c.747 §73]

Note: The amendments to section 26, chapter 904, Oregon Laws 2009, by section 73, chapter 747, Oregon Laws 2013, become operative July 1, 2014. See section 204, chapter 747, Oregon Laws 2013. The text that is operative until July 1, 2014, is set forth for the user's convenience.

Sec. 26. Notwithstanding section 7 of this 2009 Act, at the request of the State Board of Education, the State Treasurer may issue bonds for a project listed in section 7 of this 2009 Act:

(1) If the total amount from other revenues, including federal funds, identified for the project in the expenditure limitation in section 7 of this 2009 Act has been received by the Department of Community Colleges and Workforce Development; or

(2) After the department reports 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 7 of this 2009 Act has not been received by the department.

Note: Sections 14 and 15, chapter 2, Oregon Laws 2009, provide:

Sec. 14. Issuance for capital construction, deferred maintenance, capital renewal, code compliance and safety projects. (1) Pursuant to ORS 286A.560 to 286A.585, at the request of the Oregon Department of Administrative Services, after the department consults with the Department of Community Colleges and Workforce Development, the State Treasurer is authorized to issue lottery bonds for community college capital construction, deferred maintenance, capital renewal, code compliance and safety projects.

(2) The use of lottery bond proceeds is authorized based on the following findings:

(a) New buildings and facilities are needed in order that community colleges have adequate facilities for teaching.

(b) Having adequate community college buildings and facilities is essential to Oregon's healthy economic growth.

(c) Subsystems within community college buildings are wearing out and must be replaced so that community colleges have adequate facilities for teaching.

(d) Having safe and fully functioning community college 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 for:

(a) Capital construction may not exceed the amount of $8,600,000 and an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs as defined in ORS 286A.560.

(b) Deferred maintenance, capital renewal, code compliance and safety projects may not exceed the amount of $48,962,850 and an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs as defined in ORS 286A.560.

(4) Of the net proceeds of lottery bonds issued pursuant to this section for the biennium beginning July 1, 2009, an amount not to exceed $13,700,000 shall be deposited in the Department of Community Colleges and Workforce Development Capital Construction, Deferred Maintenance and Capital Repair Project Fund established by section 15, chapter 2, Oregon Laws 2009. [2009 c.2 §14; 2009 c.906 §11]

Sec. 15. Department of Community Colleges and Workforce Development Capital Construction, Deferred Maintenance and Capital Repair Project Fund. (1) The Department of Community Colleges and Workforce Development Capital Construction, Deferred Maintenance and Capital Repair Project Fund is established separate and distinct from the General Fund. Interest earned by the Department of Community Colleges and Workforce Development Capital Construction, Deferred Maintenance and Capital Repair Project Fund shall be credited to the fund.

(2) Net proceeds of lottery bonds issued pursuant to section 14, chapter 2, Oregon Laws 2009, and section 2 of this 2012 Act shall be deposited into the Department of Community Colleges and Workforce Development Capital Construction, Deferred Maintenance and Capital Repair Project Fund. Moneys in the fund are continuously appropriated to the Department of Community Colleges and Workforce Development for the purpose of making grants to community college districts for capital construction, deferred maintenance, capital renewal, code compliance and safety projects. [2009 c.2 §15; 2009 c.906 §12; 2012 c.78 §3]

Note: Sections 11 to 13, chapter 2, Oregon Laws 2009, provide:

Sec. 11. Chemeketa Community College Deferred Maintenance Account. (1) There is established in the General Fund an account to be known as the Chemeketa Community College Deferred Maintenance Account. Moneys in the account shall be used for deferred maintenance, capital renewal, code compliance and safety projects for the Chemeketa Community College District.

(2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Chemeketa Community College District for the purposes listed in subsection (1) of this section:

(a) Moneys from federal and local governments;

(b) Donations;

(c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

(d) Building reserve funds of the community college district transferred to the department from the community college district; and

(e) Proceeds from the sale of bonds issued by the community college district.

(3) Interest earned on moneys in the account shall be credited to the account.

(4) The account may not be credited with more than $5,082,500 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

(5) Moneys in the account are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Chemeketa Community College District for the purposes listed in subsection (1) of this section. [2009 c.2 §11; 2011 c.2 §39]

Sec. 12. Clackamas Community College Deferred Maintenance Account. (1) There is established in the General Fund an account to be known as the Clackamas Community College Deferred Maintenance Account. Moneys in the account shall be used for deferred maintenance, capital renewal, code compliance and safety projects for the Clackamas Community College District.

(2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Clackamas Community College District for the purposes listed in subsection (1) of this section:

(a) Moneys from federal and local governments;

(b) Donations;

(c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

(d) Building reserve funds of the community college district transferred to the department from the community college district; and

(e) Proceeds from the sale of bonds issued by the community college district.

(3) Interest earned on moneys in the account shall be credited to the account.

(4) The account may not be credited with more than $1,293,750 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

(5) Moneys in the account are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Clackamas Community College District for the purposes listed in subsection (1) of this section. [2009 c.2 §12; 2011 c.2 §40]

Sec. 13. Portland Community College Deferred Maintenance Account. (1) There is established in the General Fund an account to be known as the Portland Community College Deferred Maintenance Account. Moneys in the account shall be used for deferred maintenance, capital renewal, code compliance and safety projects for the Portland Community College District.

(2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Portland Community College District for the purposes listed in subsection (1) of this section:

(a) Moneys from federal and local governments;

(b) Donations;

(c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

(d) Building reserve funds of the community college district transferred to the department from the community college district; and

(e) Proceeds from the sale of bonds issued by the community college district.

(3) Interest earned on moneys in the account shall be credited to the account.

(4) The account may not be credited with more than $3,327,500 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

(5) Moneys in the account are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Portland Community College District for the purposes listed in subsection (1) of this section. [2009 c.2 §13; 2011 c.2 §41]

Note: Sections 1, 6 and 10, chapter 705, Oregon Laws 2013, provide:

Sec. 1. General obligation bonds, including bonds for community colleges. The amounts authorized, as provided by ORS 286A.035, for issuance of general obligation bonds of this state during the 2013-2015 biennium are as follows:

<u>General Fund Obligations</u>

(1) Oregon University System

(Art. XI-G):

(a) Oregon State University:

(A) Strand Agricultural Hall

deferred maintenance $ 6,586,000

(B) Biofuels Demonstration

Project $ 4,000,000

(C) Classroom Building and Quad $ 32,500,000

(D) Cascades Campus Expansion $ 4,000,000

(E) Chemistry, Biology and

Building $ 20,000,000

(b) Portland State University:

(A) School of Business $ 10,000,000

(B) Stott Center renovations

and deferred maintenance $ 20,000,000

(c) University of Oregon:

(A) Straub and Earl Halls

classroom expansion $ 11,000,000

(B) Science Commons and

Research Library $ 8,375,000

(d) Western Oregon University

Facility $ 1,400,000

(2) Department of Community

Development (Art. XI-G) $ 125,081,600

(3) Department of Environmental

Quality (Art. XI-H) $ 10,000,000

(4) Oregon Business Development

Department (Art. XI-M) $ 15,000,000

(5) Oregon Business Development

Department (Art. XI-N) $ 15,000,000

(6) Oregon Department of

Services (Art. XI-Q) $ 426,052,000

(7) Department of Transportation

(Art. XI, section 7) $ 453,725,000

(8) Department of Veterans'

Affairs (Art. XI-A) $ 60,000,000

(9) Oregon University System

(Art. XI-F(1)):

(a) Systemwide:

(A) Capital renewal, code

compliance and safety $ 3,300,000

(B) Commercial paper $ 15,000,000

(C) Student building fee

projects $ 20,000,000

(b) Oregon Institute of

Building acquisition $ 10,000,000

(c) Oregon State University:

(A) Student Experience Center $ 42,700,000

(B) New student residence hall $ 19,000,000

(C) Memorial Union East

Wing renovation $ 9,177,500

(D) Cascades campus expansion $ 4,000,000

(E) Housing and dining

facility upgrades $ 9,500,000

(d) Portland State University:

(A) Stott Center renovations

and deferred maintenance $ 2,000,000

(B) Land acquisition $ 10,000,000

(e) Southern Oregon University:

(A) Cascade Hall replacement $ 7,000,000

(B) Student Recreation and

Fitness Center $ 20,000,000

(f) University of Oregon:

(A) Erb Memorial Union $ 84,300,000

(B) Student Recreation

renovation $ 50,250,000

(C) Housing expansion $ 84,750,000

(10) Water Resources Department

(Art. XI-I(1)) $ 10,235,000

(11) Housing and Community

(Art. XI-I(2)) $ 25,000,000

(12) State Department

of Energy (Art. XI-J) $ 60,000,000

<u>Total General Obligation</u>

<u>Bonds</u> $ 1,708,932,100

[2013 c.705 §1]

Sec. 6. Matching funds required before bonds issued. Bonds authorized under section 1 (1) and (2) of this 2013 Act may not be issued until the constructing authority certifies to the State Treasurer that the constructing authority has matching funds available for the same or similar purposes as the Article XI-G bonds that will fund the grant or loan to the constructing authority, that the match funds are not proceeds of indebtedness incurred by the state under any article of the Oregon Constitution, and that the match funds are available to the constructing authority in an amount at least equal to the amount of Article XI-G bond proceeds that the constructing authority will receive. [2013 c.705 §6]

Sec. 10. Limitations on issuance of bonds. Notwithstanding any provision of law:

(1) General obligation bonds authorized to be issued under Article XI-G of the Oregon Constitution prior to January 1, 2013, for community college projects must be issued not later than June 30, 2015. Project approvals for general obligation bonds authorized to be issued under Article XI-G of the Oregon Constitution prior to January 1, 2013, for community college projects, expire on June 30, 2015.

(2) A community college may not have more than one project approved for funding with general obligation bonds authorized to be issued under Article XI-G of the Oregon Constitution that is awaiting matching funds, other than projects approved prior to January 1, 2013.

(3) A community college for which a project to be funded with general obligation bonds authorized to be issued under Article XI-G of the Oregon Constitution is approved in this 2013 Act may not request approval of an additional project to be funded with general obligation bonds authorized to be issued under Article XI-G of the Oregon Constitution until the beginning of the regular session of the Legislative Assembly held in 2017, unless the community college withdraws the project approved under this 2013 Act.

(4) For biennia beginning on or after July 1, 2015, the aggregate amount authorized for issuance of general obligation bonds under Article XI-G of the Oregon Constitution for projects at a single community college may not exceed $8 million. [2013 c.705 §10]