2013 ORS § 351.506¹
Oregon University System Fund

(1) The Oregon University System Fund is established in the State Treasury, separate and distinct from the General Fund. Any interest or other investment income derived from moneys in the Oregon University System Fund is credited to the fund.

(2) Except for moneys otherwise designated by statute or federal law, all moneys received by the State Board of Higher Education or the Oregon University System shall be paid into the State Treasury and credited to the Oregon University System Fund. All moneys in the fund are continuously appropriated to the State Board of Higher Education for purposes authorized by law.

(3) The moneys in the Oregon University System Fund may be invested as provided in ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government).

(4) The board may establish accounts and subaccounts within the Oregon University System Fund when the board determines that accounts or subaccounts are necessary or desirable. Except when otherwise specified by a statute establishing an account, the board may credit any interest or income derived from moneys in the fund to any account or subaccount within the fund.

(5) The board shall keep a record of all moneys deposited into the Oregon University System Fund. The record shall indicate by separate cumulative accounts and subaccounts the sources from which the moneys are derived and the individual activity or program against which each withdrawal is charged. [2009 c.762 §3; 2011 c.637 §55]

Note: 351.506 (Oregon University System Fund) was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 351 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

Note: Sections 11 to 17, chapter 761, Oregon Laws 2007, provide:

Sec. 11. Western Oregon University Business, Math and Computer Science Facility Project Account. (1) There is established in the General Fund an account to be known as the Western Oregon University Business, Math and Computer Science Facility Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Western Oregon University.

(2) The account shall consist of proceeds from lottery bonds, grant funds, gift funds, federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the 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 $500,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 (Account for construction, remodeling, expansion and renovation of facilities) for the facility project described in subsection (1) of this section. [2007 c.761 §11; 2009 c.762 §91; 2011 c.2 §30]

Sec. 12. Oregon State University Pauling Research and Education Building Account. (1) There is established in the General Fund an account to be known as the Oregon State University Pauling Research and Education Building Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for the Pauling Research and Education Building at the Oregon State University.

(2) The account shall consist of grant funds, gift funds, federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the Pauling Research and Education Building 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 $31,256,035 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 (Account for construction, remodeling, expansion and renovation of facilities) for the Pauling Research and Education Building project described in subsection (1) of this section. [2007 c.761 §12; 2009 c.762 §92; 2011 c.2 §31]

Sec. 13. Portland State University Science Research and Teaching Center and Hazardous Waste Facility Account. (1) There is established in the General Fund an account to be known as the Portland State University Science Research and Teaching Center and Hazardous Waste Facility Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a Science Research and Teaching Center and Hazardous Waste Facility Phase I at Portland State University.

(2) The account shall consist of proceeds from certificates of participation, grant funds, gift funds, proceeds of legal settlements, federal and local government funds made available to and funds donated to Portland State University for the purpose of the center and 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 $7,000,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to Portland State University and may be transferred to the account designated by the university for the center and facility project described in subsection (1) of this section. [2007 c.761 §13; 2009 c.2 §5; 2009 c.762 §93; 2011 c.2 §32; 2013 c.768 §156]

Note: The amendments to section 13, chapter 761, Oregon Laws 2007, by section 156, chapter 768, Oregon Laws 2013, become operative July 1, 2014. See section 171, chapter 768, Oregon Laws 2013. The text that is operative until July 1, 2014, is set forth for the users convenience.

Sec. 13. (1) There is established in the General Fund an account to be known as the Portland State University Science Research and Teaching Center and Hazardous Waste Facility Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a Science Research and Teaching Center and Hazardous Waste Facility Phase I at Portland State University.

(2) The account shall consist of proceeds from certificates of participation, grant funds, gift funds, proceeds of legal settlements, federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the center and 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 $7,000,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 (Account for construction, remodeling, expansion and renovation of facilities) for the center and facility project described in subsection (1) of this section.

Sec. 14. University of Oregon Integrative Science Complex, Phase 2 Account. (1) There is established in the General Fund an account to be known as the University of Oregon Integrative Science Complex, Phase 2 Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for an Interactive Science Complex, Phase 2 at the University of Oregon.

(2) The account shall consist of grant funds, gift funds, federal and local government funds made available to and funds donated to the University of Oregon for the purpose of the Interactive Science Complex, Phase 2 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 $30,000,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the University of Oregon and may be transferred to the account designated by the university for the Interactive Science Complex, Phase 2 project described in subsection (1) of this section. [2007 c.761 §14; 2009 c.762 §94; 2011 c.2 §33; 2013 c.768 §157]

Note: The amendments to section 14, chapter 761, Oregon Laws 2007, by section 157, chapter 768, Oregon Laws 2013, become operative July 1, 2014. See section 171, chapter 768, Oregon Laws 2013. The text that is operative until July 1, 2014, is set forth for the users convenience.

Sec. 14. (1) There is established in the General Fund an account to be known as the University of Oregon Integrative Science Complex, Phase 2 Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for an Interactive Science Complex, Phase 2 at the University of Oregon.

(2) The account shall consist of grant funds, gift funds, federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the Interactive Science Complex, Phase 2 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 $30,000,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 (Account for construction, remodeling, expansion and renovation of facilities) for the Interactive Science Complex, Phase 2 project described in subsection (1) of this section.

Sec. 15. University of Oregon Hayward Field Account. (1) There is established in the General Fund an account to be known as the University of Oregon Hayward Field Account. Funds in the account shall be used for the purposes described in Article XI-G of the Oregon Constitution at Hayward Field at the University of Oregon.

(2) The account shall consist of funds received from not-for-profit organizations, grant funds, gift funds, federal and local government funds made available to and funds donated to the University of Oregon for the purpose of the Hayward Field 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 $2,500,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the University of Oregon and may be transferred to the account designated by the university for the purposes described in subsection (1) of this section. [2007 c.761 §15; 2009 c.762 §95; 2011 c.2 §34; 2013 c.768 §158]

Note: The amendments to section 15, chapter 761, Oregon Laws 2007, by section 158, chapter 768, Oregon Laws 2013, become operative July 1, 2014. See section 171, chapter 768, Oregon Laws 2013. The text that is operative until July 1, 2014, is set forth for the users convenience.

Sec. 15. (1) There is established in the General Fund an account to be known as the University of Oregon Hayward Field Account. Funds in the account shall be used for the purposes described in Article XI-G of the Oregon Constitution at Hayward Field at the University of Oregon.

(2) The account shall consist of funds received from not-for-profit organizations, grant funds, gift funds, federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the Hayward Field 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 $2,500,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 (Account for construction, remodeling, expansion and renovation of facilities) for the purposes described in subsection (1) of this section.

Sec. 16. Oregon Institute of Technology Center for Health Professions Account. (1) There is established in the General Fund an account to be known as the Oregon Institute of Technology Center for Health Professions Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a Center for Health Professions project for the Oregon Institute of Technology.

(2) The account shall consist of grant funds, gift funds, federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the Center for Health Professions 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 $9,000,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 (Account for construction, remodeling, expansion and renovation of facilities) for the Center for Health Professions project described in subsection (1) of this section. [2007 c.761 §16; 2008 c.15 §14; 2009 c.762 §96; 2011 c.2 §35]

Sec. 17. Portland State University Science PCAT Redevelopment Account. (1) There is established in the General Fund an account to be known as the Portland State University Science PCAT Redevelopment Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities on the current site of the Portland Center for Advanced Technology at Portland State University.

(2) The account shall consist of grant funds, gift funds, proceeds of legal settlements, federal and local government funds made available to and funds donated to Portland State University for the purpose of the 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 $10,000,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to Portland State University and may be transferred to the account designated by the university for the project described in subsection (1) of this section. [2007 c.761 §17; 2009 c.762 §97; 2011 c.2 §36; 2013 c.768 §159]

Note: The amendments to section 17, chapter 761, Oregon Laws 2007, by section 159, chapter 768, Oregon Laws 2013, become operative July 1, 2014. See section 171, chapter 768, Oregon Laws 2013. The text that is operative until July 1, 2014, is set forth for the users convenience.

Sec. 17. (1) There is established in the General Fund an account to be known as the Portland State University Science PCAT Redevelopment Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities on the current site of the Portland Center for Advanced Technology at Portland State University.

(2) The account shall consist of grant funds, gift funds, proceeds of legal settlements, federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the 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 $10,000,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 (Account for construction, remodeling, expansion and renovation of facilities) for the project described in subsection (1) of this section.

Note: Sections 6 and 7, chapter 2, Oregon Laws 2009, provide:

Sec. 6. Western Oregon University Classroom and Office Building Account. (1) There is established in the General Fund an account to be known as the Western Oregon University Classroom and Office Building Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for classroom and office space at Western Oregon University.

(2) The account shall consist of proceeds from certificates of participation, grant funds, gift funds, proceeds of legal settlements, federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the classroom and office space 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 $3,000,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 (Account for construction, remodeling, expansion and renovation of facilities) for the classroom and office space project described in subsection (1) of this section. [2009 c.2 §6; 2011 c.2 §37; 2011 c.9 §37]

Sec. 7. Oregon Institute of Technology Owens Hall Deferred Maintenance Account. (1) There is established in the General Fund an account to be known as the Oregon Institute of Technology Owens Hall Deferred Maintenance Account. Funds in the account shall be used for the purposes described in Article XI-G of the Oregon Constitution at Owens Hall at the Oregon Institute of Technology.

(2) The account shall consist of proceeds from certificates of participation, grant funds, gift funds, proceeds of legal settlements, federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the 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 $1,444,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 (Account for construction, remodeling, expansion and renovation of facilities) for the purposes described in subsection (1) of this section. [2009 c.2 §7; 2011 c.2 §38; 2011 c.9 §38]

Note: Sections 14 to 16 and 18 to 24, chapter 904, Oregon Laws 2009, provide:

Sec. 14. South Waterfront Life Sciences Facility Project Account. (1) There is established in the General Fund an account to be known as the South Waterfront Life Sciences Facility Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project located in the South Waterfront Central District in the North Macadam Urban Renewal Area in the City of Portland.

(2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the 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 $50,000,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 (Account for construction, remodeling, expansion and renovation of facilities) for the facility project described in subsection (1) of this section. [2009 c.904 §14; 2011 c.2 §42; 2011 c.9 §39]

Sec. 15. Oregon State University Biofuels Demonstration Project Account. (1) There is established in the General Fund an account to be known as the Oregon State University Biofuels Demonstration Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Oregon State University.

(2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the 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 $4,000,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 (Account for construction, remodeling, expansion and renovation of facilities) for the facility project described in subsection (1) of this section. [2009 c.904 §15; 2011 c.2 §43; 2011 c.9 §40]

Sec. 16. Eastern Oregon University Zabel Hall Deferred Maintenance Project Account. (1) There is established in the General Fund an account to be known as the Eastern Oregon University Zabel Hall Deferred Maintenance Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Eastern Oregon University.

(2) The account shall consist of proceeds from lottery bonds made available to the Oregon University System for the purpose of the 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 $1,522,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 (Account for construction, remodeling, expansion and renovation of facilities) for the facility project described in subsection (1) of this section. [2009 c.904 §16; 2011 c.2 §44; 2011 c.9 §41]

Sec. 18. Oregon Institute of Technology Geothermal Renewable Energy Demonstration Project Account. (1) There is established in the General Fund an account to be known as the Oregon Institute of Technology Geothermal Renewable Energy Demonstration Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at the Oregon Institute of Technology.

(2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the 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 $2,000,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 (Account for construction, remodeling, expansion and renovation of facilities) for the facility project described in subsection (1) of this section. [2009 c.904 §18; 2011 c.2 §46; 2011 c.9 §43]

Sec. 19. Oregon State University Strand Agriculture Hall Deferred Maintenance Project Account. (1) There is established in the General Fund an account to be known as the Oregon State University Strand Agriculture Hall Deferred Maintenance Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Oregon State University.

(2) The account shall consist of proceeds from lottery bonds made available to the Oregon University System for the purpose of the 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 $6,586,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 (Account for construction, remodeling, expansion and renovation of facilities) for the facility project described in subsection (1) of this section. [2009 c.904 §19; 2011 c.2 §47; 2011 c.9 §44]

Sec. 20. Oregon State University Bates Hall/Hallie Ford Healthy Children and Families Center Project Account. (1) There is established in the General Fund an account to be known as the Oregon State University Bates Hall/Hallie Ford Healthy Children and Families Center Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Oregon State University.

(2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to the Oregon University System for the purpose of the 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 $5,000,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 (Account for construction, remodeling, expansion and renovation of facilities) for the facility project described in subsection (1) of this section. [2009 c.904 §20; 2010 c.99 §8; 2011 c.2 §48]

Sec. 21. Oregon State University Student Success Center Project Account. (1) There is established in the General Fund an account to be known as the Oregon State University Student Success Center Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Oregon State University.

(2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to the Oregon University System for the purpose of the 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 $2,054,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 (Account for construction, remodeling, expansion and renovation of facilities) for the facility project described in subsection (1) of this section. [2009 c.904 §21; 2011 c.2 §49; 2011 c.9 §45]

Sec. 22. Portland State University Science Research and Teaching Center/Hazardous Waste Facility Phase 2 Project Account. (1) There is established in the General Fund an account to be known as the Portland State University Science Research and Teaching Center/Hazardous Waste Facility Phase 2 Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Portland State University.

(2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to Portland State University for the purpose of the 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 $2,500,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to Portland State University and may be transferred to the account designated by the university for the facility project described in subsection (1) of this section. [2009 c.904 §22; 2011 c.2 §50; 2011 c.9 §46; 2013 c.768 §160]

Note: The amendments to section 22, chapter 904, Oregon Laws 2009, by section 160, chapter 768, Oregon Laws 2013, become operative July 1, 2014. See section 171, chapter 768, Oregon Laws 2013. The text that is operative until July 1, 2014, is set forth for the users convenience.

Sec. 22. (1) There is established in the General Fund an account to be known as the Portland State University Science Research and Teaching Center/Hazardous Waste Facility Phase 2 Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Oregon State University.

(2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to the Oregon University System for the purpose of the 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 $2,500,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 (Account for construction, remodeling, expansion and renovation of facilities) for the facility project described in subsection (1) of this section.

Sec. 23. Southern Oregon University Theatre Arts Expansion and Remodel Project Account. (1) There is established in the General Fund an account to be known as the Southern Oregon University Theatre Arts Expansion and Remodel Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Southern Oregon University.

(2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the 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 $5,500,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 (Account for construction, remodeling, expansion and renovation of facilities) for the facility project described in subsection (1) of this section. [2009 c.904 §23; 2011 c.2 §51; 2011 c.9 §47]

Sec. 24. University of Oregon Allen Hall Expansion and Remodel Project Account. (1) There is established in the General Fund an account to be known as the University of Oregon Allen Hall Expansion and Remodel Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at the University of Oregon.

(2) The account shall consist of proceeds from grant funds and gift funds made available to and funds donated to the University of Oregon for the purpose of the 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 $7,500,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the University of Oregon and may be transferred to the account designated by the university for the facility project described in subsection (1) of this section. [2009 c.904 §24; 2011 c.2 §52; 2011 c.9 §48; 2013 c.768 §161]

Note: The amendments to section 24, chapter 904, Oregon Laws 2009, by section 161, chapter 768, Oregon Laws 2013, become operative July 1, 2014. See section 171, chapter 768, Oregon Laws 2013. The text that is operative until July 1, 2014, is set forth for the users convenience.

Sec. 24. (1) There is established in the General Fund an account to be known as the University of Oregon Allen Hall Expansion and Remodel Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at the University of Oregon.

(2) The account shall consist of proceeds from grant funds and gift funds made available to and funds donated to the Oregon University System for the purpose of the 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 $7,500,000 for purposes of this subsection.

(3) Moneys in the account are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 (Account for construction, remodeling, expansion and renovation of facilities) for the facility project described in subsection (1) of this section.