2007 ORS 351.460¹
Higher Education Bond Sinking Fund

(1) The State Board of Higher Education shall maintain with the State Treasurer a Higher Education Bond Sinking Fund, separate and distinct from the General Fund. The Higher Education Bond Sinking Fund shall comprise four separate subfunds to provide for the payment of the principal of and the interest upon the bonds issued under authority of Article XI-F(1) of the Oregon Constitution and ORS 351.350 (Bond issue for self-liquidating higher education purposes), and under authority of Article XI-G of the Oregon Constitution and ORS 351.345 (Bond issue for higher education and community college projects), revenue bonds authorized by ORS 351.315 (Borrowing money and issuing bonds for purchase of real property), and amounts due under financial agreements entered into under ORS 351.356 (Financial agreements). The moneys in the sinking fund are continuously appropriated to the board for such purposes. The fund may be invested by the State Treasurer, and the earnings from such investments shall be credited to the appropriate subfunds of the fund.

(2) The Higher Education Bond Sinking Fund shall consist of all moneys received from ad valorem taxes levied pursuant to ORS 291.445 (Certificate of state agency that issues general obligation bonds), all moneys that the Legislative Assembly may provide in lieu of such taxes, all of the net revenues received from the projects or undertakings for the financing of which the bonds were issued, including gifts, grants and building fees, such unpledged revenues of buildings and projects of like character as shall be allocated by the board, all moneys received as accrued interest upon bonds sold, all earnings from investments of the fund, all proceeds of the sale of refunding bonds and all moneys that the State of Oregon has agreed to hold in the Higher Education Bond Sinking Fund to pay amounts due under financial agreements entered into under ORS 351.356 (Financial agreements). Moneys credited to the Higher Education Bond Sinking Fund shall be credited to the appropriate subfunds of the fund.

(3) The board may credit the Higher Education Bond Sinking Fund with moneys received from either a sale or interfund transfer of land, buildings and facilities. When the land, buildings or facilities are sold, or the use thereof is rededicated so that a transfer from one subfund to the other is appropriate, the moneys received shall be credited to the appropriate subfund.

(4) The board shall apply student building fees, revenues, gifts and grants for the payment of the principal of and the interest upon the bonds issued under authority of Article XI-F(1) of the Oregon Constitution and upon revenue bonds authorized by ORS 351.315 (Borrowing money and issuing bonds for purchase of real property) until such time as the proper subfund of the sinking fund and investments thereof, as supplemented by expected future income will, in the judgment of the board, be sufficient to meet in full the principal of and the interest upon all such outstanding bonds. Except for student building fees, income not thus required for the sinking fund shall be transferred to such other fund and account as the board shall designate. Student building fees for buildings constructed from the proceeds of bonds issued under Article XI-F(1) of the Oregon Constitution or ORS 351.315 (Borrowing money and issuing bonds for purchase of real property) shall be applied only to those bonds authorized under Article XI-F(1) of the Oregon Constitution or ORS 351.315 (Borrowing money and issuing bonds for purchase of real property).

(5) The board may create a subfund in the Higher Education Bond Sinking Fund to pay amounts due under financial agreements entered into under ORS 351.356 (Financial agreements) and may credit to that subfund any moneys that the State of Oregon is obligated to use to pay those amounts due.

(6)(a) The board may not use the sinking fund for any purpose other than the purposes for which the fund was created.

(b) Notwithstanding paragraph (a) of this subsection, the board may transfer any surplus in the sinking fund to other funds designated by the board if a balance remains in the sinking fund from sources other than student building fees for buildings constructed from the proceeds of bonds issued under Article XI-F(1) of the Oregon Constitution and:

(A) The purposes for which the fund was created have been fulfilled; or

(B) A reserve sufficient to meet all existing and future obligations and liabilities of the fund has been set aside. [Amended by 1963 c.584 §7; 1969 c.513 §1; 1973 c.809 §1; 1981 c.660 §29; 1989 c.311 §2; 1991 c.220 §10; 1995 c.110 §4; 2003 c.14 §158; 2005 c.755 §25; 2007 c.767 §3; 2007 c.783 §152]

Atty. Gen. Opinions

Crea­tion and disposi­tion of Community College and Educa­tion Center Sinking Fund, (1977) Vol 38, p 1276

Chapter 351

Atty. Gen. Opinions

State institu­tions of higher educa­tion paying carpooling employees' parking fees, (1974) Vol 36, p 1015

1 Legislative Counsel Committee, CHAPTER 351—Higher Education Generally, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­351.­html (2007) (last ac­cessed Feb. 12, 2009).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 351, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­351ano.­htm (2007) (last ac­cessed Feb. 12, 2009).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.