(1) Legal title to real property and facilities acquired by the State of Oregon prior to July 1, 1995, and utilized by Oregon Health and Science University shall remain with the State of Oregon. However, the university shall have the exclusive care, custody and control of such real property and facilities pursuant to an exclusive leasehold interest in the real property and facilities for a term of 99 years. The term of the leasehold shall begin on July 1, 1995, and shall renew automatically and perpetually for consecutive 99-year terms.
(2) Notwithstanding any other provisions of Oregon law concerning the authority of state agencies to lease real property and facilities, the Oregon Department of Administrative Services acting on behalf of the State of Oregon shall execute a ground lease for all real property and facilities utilized by the university consistent with the provisions of this section.
(3) The ground lease shall not be subject to any termination unless:
(a) The State of Oregon causes all outstanding obligations of the university to be defeased under the terms of any applicable master indenture or financing agreement; and
(b) There are no other conditions placed on the university.
(4) Upon execution of the ground lease, the university shall pay the State of Oregon the sum of $99 in consideration for the ground lease.
(5) The ground lease executed under this section shall supersede the lease entered into between the State of Oregon and the university in December 1995, with respect to the real property and facilities, including but not limited to provisions in the lease relating to or setting forth:
(a) Purported limitations on the authority of the State Board of Higher Education to bind the State of Oregon;
(b) The term of the lease and the absence of any renewal provisions; and
(c) Any circumstances under which the lease may be terminated.
(6) The university shall manage and maintain all real property and facilities utilized by the university. Real property and facilities of the State of Oregon leased to the university pursuant to this section shall not be sold by the university but may be encumbered by the university. Such real property and facilities shall only be encumbered by the State of Oregon in accordance with state law and in a manner that would not impair the financial condition of the university or the rights of the holders of any obligations of the university issued or incurred under any master indenture or other financing agreement. [1995 c.162 §34; 1999 c.291 §18]Section: Previous 353.035 353.040 353.050 353.060 353.070 353.080 353.100 353.108 353.110 353.117 353.120 353.130 353.140 353.160 353.180 Next
Last modified: August 7, 2008