Chapter 293
AN ACT
HB 2729
Relating to Oregon Student Assistance Commission; creating new
provisions; amending ORS 348.570; appropriating money; and declaring an
emergency.
Be It Enacted by the People of
the State of
SECTION 1. Section 2 of this 2007 Act is added to and
made a part of ORS 348.505 to 348.695.
SECTION 2. (1) The Oregon Student Assistance Commission
may establish Access to Student Assistance Programs in Reach of Everyone
(ASPIRE) to provide information about financial aid and education and training
options beyond high school to students in Oregon secondary schools. The goals
of the programs are to:
(a) Provide mentoring
and resources to help students access education and training beyond high
school;
(b) Help high schools
build a sustainable community of volunteer mentors; and
(c) Educate students and
families about the scholarship application process and other options for paying
for post-secondary education.
(2) The programs shall
bring together students, school staff, community volunteers and parents to help
students overcome obstacles to their continuing education. The programs may
provide training, technical assistance and other resources to
SECTION 3. ORS 348.570 is amended to read:
348.570. (1) There is
established in the State Treasury a fund, separate and distinct from the
General Fund, to be known as the Oregon Student Assistance Fund for investment
as provided by ORS 293.701 to 293.820 and for the payment of the expenses of
the Oregon Student Assistance Commission in carrying out the purposes of ORS
348.210 to 348.250, 348.505 to 348.615, 348.696 and 348.992. Interest earned by
the fund shall be credited to the fund.
(2) There is established
in the State Treasury a fund, separate and distinct from the General Fund, to
be known as the Student Loan Guarantee Fund, which may be invested in the same
manner as the Oregon Student Assistance Fund. This fund shall receive funds
from federal, state or private sources for the purpose of guarantying payment
of loans made by eligible lending institutions to students who are enrolled or
accepted for enrollment at any eligible institution and parents of those
students, under the provisions of the Higher Education Act of 1965 as amended
and for administrative expenses of guarantying loans. This fund, including the
interest earnings on the fund, if any, is continuously appropriated to the
commission for those purposes for which such funds were provided to, received
or collected by the commission.
(3) There is established
in the State Treasury a fund, separate and distinct from the General Fund, to
be known as the Alternative Student Loan Program Fund for investment as
provided by ORS 293.701 to 293.820 and for the payment of expenses of the
commission in carrying out the purposes of ORS 348.625 to 348.695. This fund,
including the interest earnings on the fund, if any, is continuously
appropriated to the commission for those purposes for which such funds were
provided to, received or collected by the commission.
(4)(a) There is
established in the General Fund an account to be known as the Nursing Services
Account. Funds in the account shall be used for the payment of expenses of the
Nursing Services Program created in ORS 442.540.
(b) The account shall
consist of:
(A) Funds appropriated
to the Oregon Student Assistance Commission for deposit into the account;
(B) Collections and
penalties received by the commission under ORS 442.545; and
(C) Any donations or
grants received by the commission for purposes of the Nursing Services Program.
(c) Any funds in the
account that are not expended in any biennium shall be retained in the account
and may be expended in the next biennium.
(5) There is established
in the State Treasury a fund, separate and distinct from the General Fund, to
be known as the Former Foster Youth Scholarship Fund. Moneys received from
appropriations, donations and grants shall be credited to the fund. Moneys in
the fund are continuously appropriated to the Oregon Student Assistance
Commission for the purposes of investment, as provided by ORS 293.701 to
293.820, and for carrying out the provisions of ORS 348.270 (1)(b). Interest earned by the fund shall be credited to the
fund.
(6) There is
established in the State Treasury a fund, separate and distinct from the
General Fund, to be known as the ASPIRE Program Fund. Moneys received from
donations and grants shall be credited to the ASPIRE Program Fund. Moneys in
the fund are continuously appropriated to the
SECTION 4. ORS 348.570, as amended by section 5, chapter
360, Oregon Laws 2003, is amended to read:
348.570. (1) There is
established in the State Treasury a fund, separate and distinct from the
General Fund, to be known as the Oregon Student Assistance Fund for investment
as provided by ORS 293.701 to 293.820 and for the payment of the expenses of
the Oregon Student Assistance Commission in carrying out the purposes of ORS
348.210 to 348.250, 348.505 to 348.615, 348.696 and 348.992. Interest earned by
the fund shall be credited to the fund.
(2) There is established
in the State Treasury a fund, separate and distinct from the General Fund, to
be known as the Student Loan Guarantee Fund, which may be invested in the same
manner as the Oregon Student Assistance Fund. This fund shall receive funds
from federal, state or private sources for the purpose of guarantying payment
of loans made by eligible lending institutions to student residents of the
State of Oregon who are enrolled or accepted for enrollment at any eligible
institution, nonresident students enrolled or accepted for enrollment in an institution
of higher education or community college in Oregon, and parents of those
students, under the provisions of the Higher Education Act of 1965 as amended
and for administrative expenses of guarantying loans. This fund, including the
interest earnings on the fund, if any, is continuously appropriated to the
commission for those purposes for which such funds were provided to, received
or collected by the commission.
(3) There is established
in the State Treasury a fund, separate and distinct from the General Fund, to
be known as the Alternative Student Loan Program Fund for investment as
provided by ORS 293.701 to 293.820 and for the payment of expenses of the
commission in carrying out the purposes of ORS 348.625 to 348.695. This fund,
including the interest earnings on the fund, if any, is continuously
appropriated to the commission for those purposes for which such funds were
provided to, received or collected by the commission.
(4)(a) There is
established in the General Fund an account to be known as the Nursing Services
Account. Funds in the account shall be used for the payment of expenses of the
Nursing Services Program created in ORS 442.540.
(b) The account shall
consist of:
(A) Funds appropriated
to the Oregon Student Assistance Commission for deposit into the account;
(B) Collections and
penalties received by the commission under ORS 442.545; and
(C) Any donations or
grants received by the commission for purposes of the Nursing Services Program.
(c) Any funds in the
account that are not expended in any biennium shall be retained in the account
and may be expended in the next biennium.
(5) There is established
in the State Treasury a fund, separate and distinct from the General Fund, to
be known as the Former Foster Youth Scholarship Fund. Moneys received from
appropriations, donations and grants shall be credited to the fund. Moneys in
the fund are continuously appropriated to the Oregon Student Assistance
Commission for the purposes of investment, as provided by ORS 293.701 to
293.820, and for carrying out the provisions of ORS 348.270 (1)(b). Interest earned by the fund shall be credited to the
fund.
(6) There is
established in the State Treasury a fund, separate and distinct from the
General Fund, to be known as the ASPIRE Program Fund. Moneys received from
donations and grants shall be credited to the ASPIRE Program Fund. Moneys in
the fund are continuously appropriated to the
SECTION 5. This 2007 Act being necessary for the
immediate preservation of the public peace, health and safety, an emergency is
declared to exist, and this 2007 Act takes effect July 1, 2007.
Approved by the Governor June 1, 2007
Filed in the office of Secretary of State June 1, 2007
Effective date July 1, 2007
__________