ORS 352.415
Repayment of outstanding state bonds and other obligations by public university

  • provision of cash flow projections to State Treasurer
  • agreement between public universities and State Treasurer

(1)

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) do not impair the obligations, as defined in ORS 286A.100 (Definitions for ORS 286A.100 and 286A.102), or agreements of the State of Oregon or the State Board of Higher Education with respect to state bonds issued before August 14, 2013, for the benefit of a public university listed in ORS 352.002 (Public universities).

(2)

A public university listed in ORS 352.002 (Public universities) shall take all actions necessary to ensure full compliance with the operative documents executed with respect to state bonds issued before, on or after August 14, 2013, by the State Treasurer for the benefit of the public university.

(3)

The State Treasurer, in consultation with the Oregon Department of Administrative Services, shall at least annually provide a public university listed in ORS 352.002 (Public universities) a schedule of outstanding state bonds and other obligations for which the university must pay, including the payment dates and amounts, or methods for determining the amounts. To prepare the schedule, the State Treasurer may request and rely upon information produced by one or more universities with a governing board or a shared services enterprise of the universities that provides services related to debt management. The schedule must include amounts sufficient to pay principal, interest and premium, if any, on the state bonds, and to pay administrative and other costs of the State of Oregon that are related to the state bonds or other obligations. If the State Treasurer issues state bonds for the benefit of a public university on or after August 14, 2013, that are intended to be repaid in whole or in part by university revenues or other moneys under the control of the university, the schedule shall be amended to include such state bonds and the amounts to be paid by the university. In the absence of manifest error, the schedule provided by the State Treasurer to a public university is binding on the university. The public university shall pay the amounts specified in the schedule provided by the State Treasurer on or before the dates specified in the schedule from the legally available revenue of the university and on a pari passu basis with the payment of any revenue bonds of the university issued pursuant to ORS 352.408 (Issuance of bonds by public universities).

(4)

At the request of the State Treasurer, a public university listed in ORS 352.002 (Public universities) shall provide the State Treasurer with periodic cash flow projections and other information that allow the State Treasurer to review and approve the sufficiency of the university’s cash flow to pay amounts specified in the schedule described in subsection (3) of this section and to pay amounts owed under loans from state agencies that were funded with the proceeds of state bonds.

(5)

Moneys deposited with the State Treasurer or the Oregon Department of Administrative Services in a debt service reserve account or otherwise for the portion of the debt service associated with obligations entered into before August 14, 2013, for the benefit of a public university listed in ORS 352.002 (Public universities) must remain with the State Treasurer or the Oregon Department of Administrative Services until the obligations have been retired or defeased. Earnings on moneys described in this subsection must be credited to the account or fund in which the moneys are held.

(6)

The principal, interest, premium, if any, and any issuance costs of state bonds issued before, on or after August 14, 2013, for the benefit of a public university listed in ORS 352.002 (Public universities), and any related credit enhancement device or interest rate exchange agreement, shall be paid from the sources identified in the laws and operative documents authorizing the state bonds. The public university for which the state bonds were issued shall pay any other expenses and liabilities, including, but not limited to, legal expenses arising from an inquiry, audit or other action by a federal or state regulatory body, unless the expense or liability results solely from the negligence or willful misconduct of a state agency.

(7)

Pursuant to ORS chapter 180, on behalf of the State Treasurer or any other state agency, the Attorney General shall appear, commence, prosecute or defend any action, suit, matter, cause or proceeding arising from any state bond issued for the benefit of a public university listed in ORS 352.002 (Public universities) and any related credit enhancement device or interest rate exchange agreement. As soon as practicable after a governing board is established by a public university pursuant to ORS 352.054 (Names of governing boards of public universities), the university and the State Treasurer shall enter into an agreement that addresses reimbursement of reasonable costs and expenses associated with the legal representation of the State Treasurer in connection with state bonds issued for the benefit of the public university before, on or after August 14, 2013, and any other topic necessary for the Department of Justice to provide legal representation to the State Treasurer in connection with state bonds issued for the benefit of the public university and to provide representation related to funds and accounts or services provided under ORS 352.135 (Use and investment of moneys).

(8)

A public university listed in ORS 352.002 (Public universities) shall assume responsibility for the indemnity and defense of university officers, agents and employees with regard to, as applicable, claims asserted and actions commenced in connection with state bonds issued for the benefit of the public university. [Formerly 351.379; 2017 c.440 §30]
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).

Source: Section 352.415 — Repayment of outstanding state bonds and other obligations by public university; provision of cash flow projections to State Treasurer; agreement between public universities and State Treasurer, https://www.­oregonlegislature.­gov/bills_laws/ors/ors352.­html.

352.002
Public universities
352.011
Establishment of certain public universities as comprehensive universities
352.013
Designation of Eastern Oregon University as Oregon’s Rural University
352.014
Designation of Oregon Institute of Technology as Oregon’s Polytechnic University
352.018
Cooperation with Higher Education Coordinating Commission
352.025
Legislative findings
352.027
Legislative intent
352.029
Definitions for ORS 352.025 to 352.146 and 352.388 to 352.415
352.033
Status of public universities
352.039
Goals and mission of public universities
352.054
Names of governing boards of public universities
352.061
Annual evaluations of public universities
352.069
Biennial report of public universities
352.076
Formation and maintenance of a governing board for public universities
352.084
Term of office for members of a governing board
352.087
Powers and duties of governing board and public universities
352.089
Mission statements
352.096
Appointment and removal of university president
352.102
Tuition and mandatory enrollment fees
352.103
Advisory body for tuition and mandatory enrollment fees
352.105
Mandatory incidental fees
352.113
Real and personal property held by public universities
352.118
Establishment of police department
352.121
University police departments and officers
352.124
Collective bargaining
352.129
Shared services
352.132
Use of outside counsel
352.135
Use and investment of moneys
352.138
Applicability of laws to public universities
352.141
Jurisdiction over streets on property owned by or used for public universities
352.146
Faculty
352.152
Authority to sell forest products on public university lands
352.157
Construction and acquisition of buildings and structures
352.163
Rates, charges and fees for use of buildings, structures and projects
352.171
Insurance for buildings, structures and projects
352.189
Political or sectarian tests prohibited in appointment of faculty or employees
352.198
Authority of public universities to require fingerprints
352.208
Interchange of faculty members with universities outside Oregon
352.218
Affirmative action plan
352.226
Personnel records
352.232
Sources of compensation for officers and employees
352.237
Provision of group insurance for employees
352.244
Overpayment of salary or compensation
352.256
Alcohol and drug abuse policy and implementation plan
352.262
Standards for minimum content of alcohol and drug abuse policy and plan
352.268
Physical access committees
352.274
Sexual orientation and gender identity identification on university forms
352.281
Use of name other than legal first name
352.287
Resident tuition and fees and eligibility for financial aid for various persons
352.293
Rights of student ordered to active duty
352.296
Credit for room, board, tuition and fees for student ordered to active duty
352.303
Waiver of tuition for Oregon residents at least 65
352.306
Honorary degrees for persons ordered to internment camp
352.309
Credit for education and training received while in Armed Forces
352.313
Status of members of Armed Forces and certain federal agencies
352.319
Contract for disbursement of funds to students
352.365
Definition for ORS 352.365 to 352.379
352.372
Findings and policy for ORS 352.365 to 352.379
352.379
Short title
352.388
Definitions for ORS 352.388 to 352.415
352.402
Eligibility of public universities to receive proceeds from state bonds
352.408
Issuance of bonds by public universities
352.415
Repayment of outstanding state bonds and other obligations by public university
352.428
Sale to State of Oregon or United States Government
352.435
Repealed statutes continued effective until bonds redeemed
352.442
Federal aid
352.450
Public University Fund
352.605
University of Oregon School of Law
352.612
Oregon State Museum of Anthropology
352.618
Center for Brain, Biology and Machine
352.624
Condon Collection at University of Oregon Museum of Natural and Cultural History
352.668
Receipt and disposition of funds received for programs
352.678
Mark O. Hatfield School of Government
352.685
Oregon Criminal Justice Scientific Advisory Committee
352.691
Center for Lakes and Reservoirs
352.697
Graduate School of Social Work
352.703
Institute of Portland Metropolitan Studies
352.745
Oregon Renewable Energy Center
352.752
Oregon Center for Health Professions
352.801
Oregon State University designated as agricultural college of the state
352.808
Institute for Natural Resources
352.816
Oregon Climate Service
352.823
Oregon Climate Change Research Institute
352.829
Oceangoing Research Vessel Program
352.835
J.T. Apperson Agricultural College Educational Fund
352.842
Execution of instruments
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