(1) There is established in the General Fund an account to be known as the Higher Education Academic Modernization Account. Funds in the account shall be used at state institutions of higher education within the Oregon University System for academic modernization, capital repair, deferred maintenance and making facilities compliant with building and safety codes.
(2) The account shall consist of funds donated to the Oregon University System for the purposes described in subsection (1) of this section. The account may also consist of other funds available to the Oregon University System for the purposes described in subsection (1) of this section. The Department of Higher Education may not deposit any moneys into the account that were appropriated to the department under chapter 725, Oregon Laws 2003. Interest earned on moneys in the account shall be credited to the account.
(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, and are continuously appropriated to the Department of Higher Education for the purposes described in subsection (1) of this section. The account may not be credited with more than $1,000,000 in interest, donations and other funds. [2003 c.725 §12]
Note: See note under 351.509.
Note: Legislative Counsel has substituted “chapter 725, Oregon Laws 2003,” for the words “this 2003 Act” in section 12, chapter 725, Oregon Laws 2003, compiled as 351.628. Specific ORS references have not been substituted, pursuant to 173.160. The sections for which substitution otherwise would be made may be determined by referring to the 2003 Comparative Section Table located in Volume 20 of ORS.Section: Previous 351.605 351.610 351.615 351.620 351.625 351.626 351.627 351.628 351.630 351.633 351.635 351.638 351.640 351.642 351.643 Next
Last modified: August 7, 2008