(1) The moneys realized from sales of bonds issued to construct, improve, repair, equip and furnish buildings and other structures for higher education, and to purchase and improve sites therefor, shall be credited to a special fund in the State Treasury separate and distinct from the General Fund, to be designated the Higher Education Bond Building Fund.
(2) In the Higher Education Bond Building Fund there shall be:
(a) A separate subfund for the credit of moneys realized from sales of bonds issued pursuant to Article XI-F(1) of the Oregon Constitution and ORS 351.350;
(b) A separate subfund for the credit of moneys realized from sales of bonds issued pursuant to Article XI-G of the Oregon Constitution and ORS 351.345; and
(c) A separate subfund for the credit of moneys realized from the sales of revenue bonds issued pursuant to ORS chapter 286A.
(3) The moneys received from the issuance of temporary bonds under ORS 351.470 for the purpose of interim financing pending the sale of the bonds shall also be credited to the appropriate subfund of the Higher Education Bond Building Fund.
(4) The moneys in the fund are continuously appropriated to defray the costs of the projects to be financed through sale of the bonds and for the purpose of retiring temporary bonds issued under ORS 351.470 and shall not be used for any other purpose, except that such moneys may, with the approval of the State Treasurer, be invested until needed. If a surplus remains after application to such purpose, the surplus, and earnings from temporary investments, shall be credited to the Higher Education Bond Sinking Fund by the appropriate subfund. [Amended by 1953 c.214 §2; 1957 c.703 §6; 1963 c.584 §6; 1981 c.660 §28; 1995 c.110 §2; 2003 c.14 §157; 2005 c.755 §24; 2007 c.783 §150]Section: Previous 351.380 351.390 351.400 351.410 351.420 351.430 351.440 351.450 351.455 351.456 351.460 351.470 351.480 351.490 351.495 Next
Last modified: August 7, 2008