71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
SA to SB 102
 
LC 1818/SB 102-1
 
                      SENATE AMENDMENTS TO
                         SENATE BILL 102
 
      By COMMITTEE ON INFORMATION MANAGEMENT AND TECHNOLOGY
 
                             March 1
 
  On page 1 of the printed bill, delete line 22 and insert:
  ' (2) The earnings from the Higher Education Technology
Transfer Account are continuously appropriated to the Department
of Higher Education as necessary to meet the expenses of the
Chancellor of the State Board of Higher Education incurred under
section 3 (11) of this 2001 Act.
  ' (3) The earnings from the Higher Education Technology
Transfer Account that are not appropriated under subsection (2)
of this section are contin-'.
  In line 29, delete '(3)' and insert '(4)'.
  On page 2, line 39, after the period delete the rest of the
line and insert 'The Department of Higher Education shall be
reimbursed for expenses incurred by the chancellor under this
subsection from amounts appropriated to the department under
section 2 (2) of this 2001 Act.'.
  Delete line 40.
  On page 3, line 11, after the period insert 'Amounts
transferred to a state institution of higher education under this
paragraph are continuously appropriated to the Department of
Higher Education for use by the state institution of higher
education.'.
  On page 6, delete lines 17 through 45 and insert:
  '  { +  SECTION 13. + } If the amendment to section 6, Article
XI of the Oregon Constitution, proposed by Senate Joint
Resolution 17 (2001) is approved by the people at the next
regular general election, ORS 293.790 is amended on the effective
date of Senate Joint Resolution 17 (2001) to read:
  ' 293.790. (1) Under authority of section 6, Article XI of the
Oregon Constitution, the state, subject to subsection (2) of this
section, may hold and dispose of the stock of any company,
association or corporation, including stock already received,
that is donated or bequeathed and the state, acting by and
through the State Board of Higher Education, subject to
subsection (2) of this section, may invest and reinvest in the
stock of any company, association or corporation, any funds or
moneys of the State Board of Higher Education that:
  ' (a) Are or have been donated or bequeathed for higher
education purposes;
  ' (b) Are the proceeds from the disposition of stock that is
donated or bequeathed for higher education purposes, including
stock already received; or
  ' (c) Are dividends paid with respect to stock that is donated
or bequeathed for higher education purposes, including stock
already received.
  ' (2) The state, including any of its agencies having control
of, or authority to invest and reinvest in, any stock described
in subsection (1) of this section, in holding, disposing of or
investing and reinvesting in such stock, shall be governed by ORS
128.065 and 128.194 to 128.218, notwithstanding the date of
acquisition of such stock. Moneys received from the disposition
of such stock, including dividends, shall be maintained separate
and distinct from the General Fund, and those moneys, including
interest earned thereon, are appropriated continuously for the
purposes of the donation or bequest and of the investments and
reinvestments authorized by subsection (1) of this section and by
ORS 351.130. Except as specifically authorized by law, the state
or any of its agencies may not purchase stock.
  ' (3) { + (a) + } This section does not apply to investment and
reinvestment of moneys in the Public Employees Retirement Fund,
the Industrial Accident Fund, the Deferred Compensation Fund and
the Education Endowment Fund or to acquisition, retention,
management and disposition of investments of those funds as
provided in ORS 293.701 to 293.820.
  '  { +  (b) This section does not apply to investment or
reinvestment of moneys or stock resulting from the holding and
disposing of stock by the state as allowed under section 6 (2),
Article XI of the Oregon Constitution. + }
  '  { +  NOTE: + } Section 14 was deleted by amendment.
Subsequent sections were not renumbered.'.
  On page 7, delete lines 1 through 25.
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