Oregon Statutes - Chapter 352 - State and Independent Institutions of Higher Education - Section 352.510 - University Fund from sale of university lands; use of interest; additions to principal; pledges of credit limited.

The interest that may hereafter accrue on the fund arising from the sale of the university lands donated to the state by Act of Congress of February 14, 1859, is set apart, separate and distinct from the General Fund, and continuously appropriated to the maintenance, use and support of the University of Oregon. Until otherwise provided by law, no part of said interest shall be expended otherwise than in the payment of the salaries of its president, professors and teachers, and other current expenses. If at the close of any fiscal year a sum equal to $500 of said interest remains unexpended after the full payment of such salaries and expenses for said year, the same shall be added to and become a part of the principal of said fund forever. The State Board of Higher Education, the faculty or other officers of the state university shall in no case pledge the faith or credit of the university of the state in excess of the interest annually accruing on the University Fund, together with the receipts from tuitions and other sources during the current year. [Amended by 1989 c.966 §38; 2005 c.755 §26]

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Last modified: August 7, 2008