Community College Bond Building Fund
(1) The Community College Bond Building Fund is established in the State Treasury, separate and distinct from the General Fund.
(2) The Community College Bond Building Fund shall consist of moneys realized from the sale of bonds issued pursuant to Article XI-G of the Oregon Constitution and ORS 286A.848 (Authority of State Treasurer to issue Article XI-G bonds) for the benefit of community colleges.
(3) Moneys in the Community College Bond Building Fund are continuously appropriated to the Higher Education Coordinating Commission and may be distributed by the commission pursuant to grant contracts entered into between the commission and community colleges under ORS 286A.851 (Grant contracts for Article XI-G bonds).
(4) Moneys in the Community College Bond Building Fund may be invested as provided in ORS 286A.025 (Issuance and sale of bonds) until needed for distribution under subsection (3) of this section. If a surplus remains in the fund after disbursement, the surplus and earnings from temporary investments shall be credited to the Article XI-G Bond Fund established under ORS 286A.854 (Article XI-G Bond Fund). [2005 c.787 §22; 2007 c.783 §141; 2009 c.2 §18; 2011 c.2 §4; 2015 c.366 §35; 2017 c.9 §15]
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