2013 ORS § 351.545¹
Account to pay principal and interest of bonds authorized by ORS 351.350
(1) An account in the Oregon University System Fund established by ORS 351.506 (Oregon University System Fund) is designated to provide for the payment of principal and interest of bonds issued under the authority of Article XI-F(1) of the Oregon Constitution and ORS 351.350 (Bond issue for self-liquidating higher education purposes) in an amount equal to the amount authorized for expenditure by section 3 (2)(b), chapter 709, Oregon Laws 1971, and expended as provided therein. Income and interest derived from moneys in the account are credited to the account.
(2) The account designated by this section consists of moneys received as net revenues from the isolation facilities for which the expenditure of funds is authorized by section 3 (2)(b), chapter 709, Oregon Laws 1971, including gifts, grants and building fees, moneys received as accrued interest on bonds sold, earnings from investments on the account, the proceeds of the sale of refunding bonds and any accrued interest on such refunding bonds, moneys appropriated to the account by the Legislative Assembly and moneys received for the purposes of the account from all other sources. Moneys in the account may be used only for the purposes provided in subsection (1) of this section.
(3) If the account designated by this section has a balance after the purpose for which the account was created has been fulfilled, or the account and the investments of the account, will, in the judgment of the board, be sufficient to meet in full the principal of and the interest upon all Higher Education Isolation Facility bonds, then any excess moneys may be transferred by the board to an account to be used for research related to veterinary medicine. [1971 c.688 §3; 1973 c.809 §2; 1975 c.550 §13; 1977 c.281 §5; 1977 c.855 §19; 1981 c.660 §31; 1987 c.452 §1; 1995 c.79 §193; 1995 c.110 §6; 2009 c.762 §14]