2015 Oregon Revised Statutes
Volume : 09 - Education and Culture
Chapter 352 - Public Universities
Section 352.385

[1987 c.745 §§1,2; 1995 c.364 §1; 1997 c.853 §37; 2011 c.637 §249; repealed by 2015 c.767 §4]

Note: Sections 1 and 2, chapter 2, Oregon Laws 2011, provide:

Sec. 1. (1) The Legislative Assembly finds that:

(a) Article XI-F(1) of the Oregon Constitution permits the state to incur general obligation bonded indebtedness to finance higher education projects.

(b) Article XI-G of the Oregon Constitution permits the state to incur general obligation bonded indebtedness to finance projects for higher education institutions or activities and community colleges.

(c) An amendment to Articles XI-F(1) and XI-G of the Oregon Constitution was approved by the people at a special election held on the date of the primary election in May 2010.

(d) The amendment requires the Legislative Assembly to determine that projects financed under Article XI-F(1) or XI-G of the Oregon Constitution either benefit higher education institutions or activities or benefit community colleges authorized by law to receive state aid.

(2) To permit the issuance of general obligation bonds under Article XI-F(1) or XI-G of the Oregon Constitution for projects that the Legislative Assembly approved prior to the effective date of the amendment to Articles XI-F(1) and XI-G of the Oregon Constitution, the Legislative Assembly determines that:

(a) The projects that the Legislative Assembly approved for financing under Article XI-F(1) or XI-G of the Oregon Constitution prior to the effective date of the amendment to Articles XI-F(1) and XI-G of the Oregon Constitution for higher education benefit higher education institutions or activities; and

(b) The projects that the Legislative Assembly approved for financing under Article XI-G of the Oregon Constitution prior to the effective date of the amendment to Article XI-G of the Oregon Constitution for community colleges benefit community colleges authorized by law to receive state aid. [2011 c.2 §1]

Sec. 2. (1) The Legislative Assembly finds that:

(a) Article XI-G of the Oregon Constitution, including the amendment approved by the people at a special election held on the date of the primary election in May 2010, requires that the amount of any general obligation bonded indebtedness incurred under Article XI-G of the Oregon Constitution be matched by an amount that is at least equal to the amount of the indebtedness.

(b) The matching amount required under Article XI-G of the Oregon Constitution may consist of moneys appropriated from the General Fund or any other moneys available to the constructing authority for such purposes.

(c) Prior to the effective date of the amendment to Article XI-G of the Oregon Constitution, Article XI-G of the Oregon Constitution required matching amounts to be appropriated from the General Fund. To satisfy this requirement, the Legislative Assembly created separate matching accounts in the General Fund to hold matching amounts for each project that was authorized to receive financing under Article XI-G of the Oregon Constitution.

(d) Appropriating matching amounts from the General Fund artificially inflates the General Fund and interferes with efficient application of matching amounts to projects approved by the Legislative Assembly.

(2) To eliminate unnecessary inflation of the General Fund and to allow more efficient application of matching amounts, the Legislative Assembly determines that the matching amount for each project that the Legislative Assembly approved for financing under Article XI-G of the Oregon Constitution prior to the effective date of the amendment to Article XI-G of the Oregon Constitution, but that has not yet been financed under Article XI-G of the Oregon Constitution:

(a) May consist of a deposit to a fund or account of a state agency, or a deposit to a fund or account held by an escrow agent, a commercial bank or a private financial institution, if the moneys deposited are obligated to pay for costs of the project.

(b) May consist of a grant agreement, contract or other intergovernmental agreement that obligates a federal, state or local governmental entity to provide funds for the project. The matching amount provided by a grant agreement, contract or other intergovernmental agreement is considered to be the total amount of funds the constructing authority reasonably expects to receive from the agreement or contract and have available for the project.

(c) Is not required to be deposited in a General Fund matching account created by the Legislative Assembly prior to the effective date of the amendment to Article XI-G of the Oregon Constitution.

(3) To ensure that the types and sources of funds that the Legislative Assembly approved prior to the effective date of the amendment to Article XI-G of the Oregon Constitution for use as matching amounts are used as expected by the Legislative Assembly, matching amounts for each project approved under Article XI-G of the Oregon Constitution prior to the effective date of the amendment to Article XI-G of the Oregon Constitution may consist only of the types and sources of funds that the Legislative Assembly approved prior to the effective date of the amendment to Article XI-G of the Oregon Constitution for deposit in the General Fund matching account created for that project. [2011 c.2 §2]