Chapter 728 Oregon Laws 2003

AN ACT

HB 5052

Relating to the financial administration of the Oregon Student Assistance Commission; appropriating money; limiting expenditures; and declaring an emergency.

Be It Enacted by the People of the State of Oregon:

SECTION 1. There are appropriated to the Oregon Student Assistance Commission, for the biennium beginning July 1, 2003, out of the General Fund, the following amounts for the following purposes:

(1) Financial aid payments to

individuals and institutions ............. $ 39,973,890

(2) Operations....................................... $ 897,346

SECTION 2. Notwithstanding any other law limiting expenditures, the amount of $15,702,762 is established for the biennium beginning July 1, 2003, as the maximum limit for payment of expenses from fees, moneys or other revenues, including Miscellaneous Receipts, but excluding federal funds and lottery moneys allocated from the Education Stability Fund for Oregon Opportunity Grants, collected or received by the Oregon Student Assistance Commission.

SECTION 3. Notwithstanding any other law limiting expenditures, the amount of $1,239,605 is established for the biennium beginning July 1, 2003, as the maximum limit for payment of expenses from federal funds collected or received by the Oregon Student Assistance Commission.

SECTION 4. Notwithstanding any other law limiting expenditures, the amount of $647,977 is established for the biennium beginning July 1, 2003, as the maximum limit for payment of expenses from lottery moneys allocated from the Education Stability Fund to the Oregon Student Assistance Commission for Oregon Opportunity Grants.

SECTION 5. For the biennium beginning July 1, 2003, expenditures are not limited for the following activities:

(1) Purchasing defaulted loans from lenders;

(2) Reimbursing the federal portion of collections on defaulted loans;

(3) Paying collection agency charges;

(4) Making disbursements of grants from private and special scholarship accounts as established by the Legislative Assembly;

(5) Making disbursements of educational benefits to individuals through the JOBS Plus Program; and

(6) Making payments or transfers of any federal share of assets or recalled amounts.

SECTION 6. This 2003 Act being necessary for the immediate preservation of the public peace, health and safety, an emergency is declared to exist, and this 2003 Act takes effect July 1, 2003.

Approved by the Governor August 29, 2003

Filed in the office of Secretary of State September 2, 2003

Effective date August 29, 2003

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