2011 ORS § 352.510¹
Account for maintenance, use and support of University of Oregon
  • limitations on use

The interest that may accrue on an account arising from the sale of lands for public universities that were donated to the state by Act of Congress of February 14, 1859, may be deposited in and credited to an account in the Oregon University System Fund established by ORS 351.506 (Oregon University System Fund) for the purpose of the maintenance, use and support of the University of Oregon. No part of the interest may be expended otherwise than in the payment of the salaries of the president, professors and teachers of the University of Oregon and other current expenses of the University of Oregon. If at the close of any fiscal year an amount equal to or greater than $500 of the interest remains unexpended after the full payment of the salaries and expenses for the fiscal year, the amount shall be added to and become a part of the principal of the account. The State Board of Higher Education or the faculty or other officers of the University of Oregon may not pledge the faith or credit of the University of Oregon in excess of the interest annually accruing on the account, together with the receipts from tuitions and other sources during the current year. [Amended by 1989 c.966 §38; 2005 c.755 §26; 2009 c.762 §29; 2011 c.637 §251]