2015 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 Office 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; 2015 c.366 §27]

Note: Sections 14 and 14a, chapter 121, Oregon Laws 2014, provide:

Sec. 14. Lottery bonds to provide funding to Central Oregon Community College for Cascades Hall. (1) For the biennium beginning July 1, 2013, at the request of the Oregon Department of Administrative Services, after the department consults with the Office of Community Colleges and Workforce Development, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 to 286A.585 in an amount that does not exceed $1.63 million in net proceeds for the purpose described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section in an amount sufficient to provide $1.63 million in net proceeds and interest earnings must be deposited to the Cascades Hall Reacquisition Fund established under section 14a of this 2014 Act for the purpose of terminating the leasehold on, and remodeling, Cascades Hall on the campus of the Central Oregon Community College.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that the proceeds will be used to finance public education. [2014 c.121 §14]

Sec. 14a. Cascades Hall Reacquisition Fund. (1) The Cascades Hall Reacquisition Fund is established in the State Treasury, separate and distinct from the General Fund. Amounts in the Cascades Hall Reacquisition Fund may be invested as provided in ORS 293.701 to 293.857, and interest earned on the fund must be credited to the fund.

(2) Amounts credited to the fund are continuously appropriated to the Higher Education Coordinating Commission for the purpose of terminating the leasehold on, and remodeling, Cascades Hall on the campus of the Central Oregon Community College and for the purpose of paying bond-related costs. The commission shall deposit in the fund:

(a) The net proceeds and interest earnings of lottery bonds issued pursuant to section 14, chapter 121, Oregon Laws 2014;

(b) Amounts appropriated or otherwise provided by the Legislative Assembly for deposit in the fund; and

(c) Gifts, grants or contributions received by the commission for the purpose described in this section.

(3) The commission may create separate accounts in the fund as appropriate for the management of moneys in the fund. [2014 c.121 §14a; 2015 c.366 §56]

Note: Sections 10 and 10a, chapter 812, Oregon Laws 2015, provide:

Sec. 10. Lottery bonds to provide funding to Linn-Benton Community College for expansion of Advanced Transportation Technology Center. (1) For the biennium beginning July 1, 2015, at the request of the Oregon Department of Administrative Services, after the department consults with the Higher Education Coordinating Commission, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 to 286A.585 in an amount that produces $1.5 million in net proceeds and interest earnings for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2) Net proceeds of lottery bonds issued under this section in an amount sufficient to provide $1.5 million in net proceeds and interest earnings must be transferred to the Higher Education Coordinating Commission for deposit in the Linn-Benton Community College Alternative Fuels Fund, established under section 10a of this 2015 Act, to provide grant funding to Linn-Benton Community College for expansion of the Advanced Transportation Technology Center.

(3) The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the finding that energy conservation, renewable energy and general business development projects create jobs and facilitate and encourage economic development. [2015 c.812 §10]

Sec. 10a. Linn-Benton Community College Alternative Fuels Fund. (1) The Linn-Benton Community College Alternative Fuels Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned on moneys in the Linn-Benton Community College Alternative Fuels Fund shall be credited to the fund. The Linn-Benton Community College Alternative Fuels Fund consists of moneys deposited in the fund under section 10 of this 2015 Act and may include fees, revenues or other income deposited into the fund by the Legislative Assembly.

(2) Moneys in the fund are continuously appropriated to the Higher Education Coordinating Commission for purposes described in section 10 of this 2015 Act. [2015 c.812 §10a]

Note: Sections 1, 5 and 6, chapter 685, Oregon Laws 2015, 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 the state during the 2015-2017 biennium are as follows:

GENERAL OBLIGATION BONDS

General Fund Obligations

(1) Oregon Department of

Administrative Services,

Oregon Health and Science

University, Cancer

Institute (Art. XI-G) $ 200,035,000

(2) Higher Education Coordinating

Commission (Art. XI-G):

(a) Oregon State University:

(A) Forest Science Complex $ 30,140,000

(B) Marine Studies Campus

Phase I $ 25,155,000

(b) Portland State University,

Neuberger Hall Renovation

and Deferred Maintenance $ 10,220,000

(c) University of Oregon:

(A) Klamath Hall Renovation $ 6,325,000

(B) College and Careers Building $ 17,275,000

(C) Chapman Hall Renovation $ 2,550,000

(d) Oregon Institute of

Technology, Center for

Excellence in Engineering

and Technology $ 785,000

(e) Blue Mountain Community

College, Animal Science

Education Center $ 3,331,350

(f) Columbia Gorge Community

College, Advanced Technology

Center $ 7,320,000

(g) Klamath Community College,

Student Success and

Career/Technical Center $ 7,850,000

(h) Mt. Hood Community

College, Technology

Innovation Center $ 8,000,000

(i) Rogue Community College,

Health and Science Center $ 8,000,000

(j) Southwestern Oregon

Community College, Health

and Science Building $ 8,000,000

(k) Treasure Valley Community

College, Workforce Vocational

Center $ 2,830,250

(L) Umpqua Community College,

Industrial Arts Center $ 8,000,000

(3) Oregon Business Development

Department (Art. XI-M) $ 176,870,000

(4) Oregon Business Development

Department (Art. XI-N) $ 30,440,000

(5) Department of

Education (Art. XI-P) $ 126,210,000

(6) Oregon Department of

Administrative

Services (Art. XI-Q) $ 369,640,000

(7) Department of

Transportation (Art. XI,

section 7) $ 35,475,000

Dedicated Fund Obligations

(8) Department of Veterans’

Affairs (Art. XI-A) $ 100,000,000

(9) Higher Education Coordinating

Commission (Art. XI-F(1)):

(a) Portland State University:

(A) Land Acquisition for University

Center Building $ 10,220,000

(B) Broadway Housing Purchase $ 53,680,000

(b) Oregon State University

Modular Data Center $ 7,085,000

(10) Department of Environmental

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

(11) Water Resources Department

(Art. XI-I(1)) $ 30,520,000

(12) Housing and Community

Services Department

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

(13) State Department of Energy

(Art. XI-J) $ 25,000,000

Total General Obligation

Bonds $ 1,345,956,600

[2015 c.685 §1]

Sec. 5. Legislative determinations related to bonds. (1) For purposes of Article XI-F(1), section 1, of the Oregon Constitution, the Legislative Assembly determines that the projects authorized to be financed pursuant to section 1 (9) of this 2015 Act with bonds issued under Article XI-F(1) of the Oregon Constitution will benefit higher education institutions or activities.

(2) For purposes of Article XI-G, section 1, of the Oregon Constitution, the Legislative Assembly determines that the projects authorized to be financed pursuant to section 1 (1) and (2) of this 2015 Act with bonds issued under Article XI-G of the Oregon Constitution will benefit higher education institutions or activities or community colleges authorized by law to receive state aid. [2015 c.685 §5]

Sec. 6. Matching funds required before bonds issued. Bonds authorized under section 1 (1) or (2) of this 2015 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 the constructing authority will receive.

[2015 c.686 §6]