2017 ORS 352.408¹
Issuance of bonds by public universities
  • use and limitations of security interests
  • character of bonds and obligations

(1) A public university listed in ORS 352.002 (Public universities):

(a) May issue revenue bonds for any lawful purpose of the university in accordance with ORS chapter 287A.

(b) May issue under ORS 287A.360 (Current refunding bonds) to 287A.380 (Tax levy to pay maturing general obligation advance refunding bonds) refunding bonds of the same character and tenor as the revenue bonds replaced.

(2) For the purposes of ORS 271.390 (Lease or purchase of real estate by public body or council of governments) and ORS chapter 287A, a public university listed in ORS 352.002 (Public universities) is a public body.

(3) ORS 287A.150 (Authority of public body to issue revenue bonds) does not apply to revenue bonds issued by a public university listed in ORS 352.002 (Public universities).

(4) A public university listed in ORS 352.002 (Public universities):

(a) May grant leases of real property held by a trustee or lender for a term that ends on the date on which all amounts due under the operative documents have been paid, or provision for payment has been made, or for a term of up to 20 years after the last scheduled payment under the operative documents, whichever is sooner. The leases may grant the trustee or lender the right to evict the university and exclude the university from possession of the real property for the term of the lease if the university fails to pay when due the amounts scheduled to be paid under the operative documents or otherwise defaults under the operative documents. Upon default, the trustee or lender may sublease the real property to third parties and apply any rents to payments scheduled to be made under the operative documents.

(b) May not mortgage, pledge or grant a security interest in, or otherwise encumber, real or personal property that has been pledged or leased to provide security for, or acquired, constructed, improved with, or otherwise directly benefited by, the proceeds of outstanding state bonds, except as provided in ORS 352.113 (Real and personal property held by public universities) (4).

(5) Revenue bonds and other obligations authorized by this section:

(a) Are revenue bonds or obligations of a political subdivision of the State of Oregon.

(b) Are not an indebtedness or obligation of the State of Oregon and are not a charge upon revenue or property of the State of Oregon, except as provided in subsection (4) of this section.

(c) Are not a charge upon any revenue or property of a public university listed in ORS 352.002 (Public universities) unless the revenue or property is pledged to secure the revenue bonds or other obligations.

(d) Are not payable from, and may not be secured by a pledge of or lien on, any amounts a public university is required to:

(A) Deposit with the State Treasurer pursuant to ORS 352.135 (Use and investment of moneys) (2); or

(B) Pay to the State Treasurer pursuant to a schedule described in ORS 352.415 (Repayment of outstanding state bonds and other obligations by public university). [Formerly 351.374; 2017 c.440 §29]

Note: Definitions in ORS 352.029 (Definitions for ORS 352.025 to 352.146 and 352.388 to 352.415) also apply to ORS 352.388 (Definitions for ORS 352.388 to 352.415) to 352.415 (Repayment of outstanding state bonds and other obligations by public university).

1 Legislative Counsel Committee, CHAPTER 352—Public Universities, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors352.­html (2017) (last ac­cessed Mar. 30, 2018).
 
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
 
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.