(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 construction, remodeling, expansion and renovation of facilities at community colleges 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]
Section: Previous 341.705 341.709 341.710 341.715 341.720 341.721 341.725 341.728 341.730 341.731 341.735 341.739 341.740 341.750 341.760 NextLast modified: August 7, 2008