(1) There is established in the General Fund an account to be known as the Southern Oregon University Medford Instructional Facility Account. Funds in the account shall be used for the construction, remodeling, expansion and renovation of facilities for a joint instructional facility in Medford for Southern Oregon University and Rogue Community College.
(2) The account shall consist of federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the instructional facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $2,550,000 in interest, donations and federal and local government funds for purposes of this subsection.
(3) Moneys in the account shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution, are continuously appropriated to the Department of Higher Education and may be transferred to the Department of Higher Education Capital Construction Fund for the instructional facility project described in subsection (1) of this section. [2005 c.787 §15]
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Last modified: August 7, 2008