Chapter 2 Oregon Laws 2011

 

AN ACT

 

HB 3338

 

Relating to general obligation bonds; creating new provisions; amending ORS 341.725, 341.728, 341.735, 341.751, 341.753, 341.755, 341.757, 341.759, 341.762, 341.764, 341.766, 341.768, 341.771, 341.773, 341.775, 341.777, 341.779, 341.782, 341.784, 341.787, 351.153, 351.160, 351.170, 351.356, 351.450, 351.455, 351.460, 351.507, 351.508, 351.509, 351.511, 351.516, 351.517, 351.518, 351.519, 351.521, 351.532, 351.538, 351.539 and 351.628 and sections 11, 12, 13, 14, 15, 16 and 17, chapter 761, Oregon Laws 2007, sections 6, 7, 11, 12 and 13, chapter 2, Oregon Laws 2009, and sections 14, 15, 16, 17, 18, 19, 20, 21, 22, 23 and 24, chapter 904, Oregon Laws 2009; repealing ORS 351.470; and declaring an emergency.

 

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

 

          SECTION 1. (1) The Legislative Assembly finds that:

          (a) Article XI-F(1) of the Oregon Constitution permits the state to incur general obligation bonded indebtedness to finance higher education projects.

          (b) Article XI-G of the Oregon Constitution permits the state to incur general obligation bonded indebtedness to finance projects for higher education institutions or activities and community colleges.

          (c) An amendment to Articles XI-F(1) and XI-G of the Oregon Constitution was approved by the people at a special election held on the date of the primary election in May 2010.

          (d) The amendment requires the Legislative Assembly to determine that projects financed under Article XI-F(1) or XI-G of the Oregon Constitution either benefit higher education institutions or activities or benefit community colleges authorized by law to receive state aid.

          (2) To permit the issuance of general obligation bonds under Article XI-F(1) or XI-G of the Oregon Constitution for projects that the Legislative Assembly approved prior to the effective date of the amendment to Articles XI-F(1) and XI-G of the Oregon Constitution, the Legislative Assembly determines that:

          (a) The projects that the Legislative Assembly approved for financing under Article XI-F(1) or XI-G of the Oregon Constitution prior to the effective date of the amendment to Articles XI-F(1) and XI-G of the Oregon Constitution for higher education benefit higher education institutions or activities; and

          (b) The projects that the Legislative Assembly approved for financing under Article XI-G of the Oregon Constitution prior to the effective date of the amendment to Article XI-G of the Oregon Constitution for community colleges benefit community colleges authorized by law to receive state aid.

 

          SECTION 2. (1) The Legislative Assembly finds that:

          (a) Article XI-G of the Oregon Constitution, including the amendment approved by the people at a special election held on the date of the primary election in May 2010, requires that the amount of any general obligation bonded indebtedness incurred under Article XI-G of the Oregon Constitution be matched by an amount that is at least equal to the amount of the indebtedness.

          (b) The matching amount required under Article XI-G of the Oregon Constitution may consist of moneys appropriated from the General Fund or any other moneys available to the constructing authority for such purposes.

          (c) Prior to the effective date of the amendment to Article XI-G of the Oregon Constitution, Article XI-G of the Oregon Constitution required matching amounts to be appropriated from the General Fund. To satisfy this requirement, the Legislative Assembly created separate matching accounts in the General Fund to hold matching amounts for each project that was authorized to receive financing under Article XI-G of the Oregon Constitution.

          (d) Appropriating matching amounts from the General Fund artificially inflates the General Fund and interferes with efficient application of matching amounts to projects approved by the Legislative Assembly.

          (2) To eliminate unnecessary inflation of the General Fund and to allow more efficient application of matching amounts, the Legislative Assembly determines that the matching amount for each project that the Legislative Assembly approved for financing under Article XI-G of the Oregon Constitution prior to the effective date of the amendment to Article XI-G of the Oregon Constitution, but that has not yet been financed under Article XI-G of the Oregon Constitution:

          (a) May consist of a deposit to a fund or account of a state agency, or a deposit to a fund or account held by an escrow agent, a commercial bank or a private financial institution, if the moneys deposited are obligated to pay for costs of the project.

          (b) May consist of a grant agreement, contract or other intergovernmental agreement that obligates a federal, state or local governmental entity to provide funds for the project. The matching amount provided by a grant agreement, contract or other intergovernmental agreement is considered to be the total amount of funds the constructing authority reasonably expects to receive from the agreement or contract and have available for the project.

          (c) Is not required to be deposited in a General Fund matching account created by the Legislative Assembly prior to the effective date of the amendment to Article XI-G of the Oregon Constitution.

          (3) To ensure that the types and sources of funds that the Legislative Assembly approved prior to the effective date of the amendment to Article XI-G of the Oregon Constitution for use as matching amounts are used as expected by the Legislative Assembly, matching amounts for each project approved under Article XI-G of the Oregon Constitution prior to the effective date of the amendment to Article XI-G of the Oregon Constitution may consist only of the types and sources of funds that the Legislative Assembly approved prior to the effective date of the amendment to Article XI-G of the Oregon Constitution for deposit in the General Fund matching account created for that project.

 

          SECTION 3. ORS 341.725 is amended to read:

          341.725. (1) The Community College Capital Construction Fund is established separate and distinct from the General Fund. Interest earned on moneys in the Community College Capital Construction Fund shall be credited to the fund.

          (2) Moneys in the Community College Capital Construction Fund are appropriated continuously to the Department of Community Colleges and Workforce Development and may be disbursed by the department [to construct, improve, repair, equip and furnish buildings, structures and projects, or parts thereof, and to purchase or improve sites therefor, at community colleges] for the purposes described in section 1 (2), Article XI-G of the Oregon Constitution pursuant to grant agreements entered into between the department and community college districts under ORS 341.735.

 

          SECTION 4. ORS 341.728 is amended to read:

          341.728. (1) The Community College Bond Building Fund is established separate and distinct from the General Fund.

          (2) The Community College Bond Building Fund shall consist of moneys realized from the sale of bonds issued pursuant to Article XI-G of the Oregon Constitution for the benefit of community college districts under ORS 341.721.

          (3) Moneys in the Community College Bond Building Fund are appropriated continuously to the Department of Community Colleges and Workforce Development and may be disbursed by the department [to construct, improve, repair, equip and furnish buildings, structures and projects, or parts thereof, and to purchase or improve sites therefor, at community colleges] for the purposes described in section 1 (2), Article XI-G of the Oregon Constitution, including payment of costs related to issuing bonds and payment of debt service on bonds, pursuant to grant agreements entered into between the department and community college districts under ORS 341.735.

          (4) Moneys in the Community College Bond Building Fund may be invested as provided in ORS 286A.025 until needed for disbursement under subsection (3) of this section. If a surplus remains in the fund after disbursement, the surplus and earnings from temporary investments shall be credited to the Community College Bond Sinking Fund.

 

          SECTION 5. ORS 341.735 is amended to read:

          341.735. (1) For the purposes of distributing moneys held in the Community College Capital Construction Fund and the Community College Bond Building Fund, the Department of Community Colleges and Workforce Development shall enter into grant agreements with each community college district for whose projects moneys have been appropriated from the General Fund and are held pending disbursement of the moneys. The grant agreements shall obligate the department to distribute to each community college district any funds the district provides to the state to provide a General Fund match as required by Article XI-G of the Oregon Constitution and shall also obligate the department to distribute to each community college district any amounts that are credited to the Community College Bond Building Fund for a project of the district. The department may impose reasonable conditions and reporting and accounting requirements in a grant agreement described in this section that are intended to ensure that the amounts distributed from the funds listed in this subsection will be used for the projects for which the amounts were distributed.

          (2) The grant agreements shall also require that each community college district that receives amounts from the funds listed in subsection (1) of this section shall:

          (a) Return to the state any amounts distributed from the Community College Bond Building Fund that are not required to complete the project of that district. Except as provided in this paragraph, the department shall credit the returned amounts to the Community College Bond Sinking Fund. If the department, with the approval of the State Treasurer, determines that the state’s costs may be reduced by applying the returned amounts to other projects in lieu of issuing additional bonds for those projects, the returned amounts may be credited to the Community College Bond Building Fund.

          (b) Take any action as determined by the state’s bond counsel that is necessary to maintain the excludability of the interest paid by the state on the general obligation bonds that the state issues pursuant to Article XI-G of the Oregon Constitution to fund the Community College Bond Building Fund, that is necessary to obtain or maintain the ability of the state to receive federal interest subsidies on those bonds or that is necessary to obtain or maintain any other tax-advantaged treatment under the Internal Revenue Code.

          (3) The department may collect fees from community college districts that receive moneys under a grant agreement entered into under this section to cover the costs relating to the administration of the distribution of proceeds from general obligation bonds issued pursuant to Article XI-G of the Oregon Constitution to finance community college district projects and for executing the responsibilities of the department under the grant agreement. The department shall deposit any moneys collected under this subsection in the Department of Community Colleges and Workforce Development Account.

 

          SECTION 6. ORS 351.450 is amended to read:

          351.450. (1) Except as provided in ORS 351.460, the moneys realized from sales of bonds [issued to construct, improve, repair, equip and furnish buildings and other structures for higher education, and to purchase and improve sites therefor,] authorized by Article XI-F(1) and Article XI-G of the Oregon Constitution for the Oregon University System shall be credited to a designated account in the Oregon University System Fund established by ORS 351.506.

          (2) The account designated by this section shall have:

          (a) A separate subaccount for the credit of moneys realized from sales of bonds issued pursuant to Article XI-F(1) of the Oregon Constitution and ORS 351.350;

          (b) A separate subaccount for the credit of moneys realized from sales of bonds issued pursuant to Article XI-G of the Oregon Constitution and ORS 351.345; and

          (c) A separate subaccount for the credit of moneys realized from the sales of revenue bonds issued pursuant to ORS chapter 286A.

          [(3) The moneys received from the issuance of temporary bonds under ORS 351.470 for the purpose of interim financing pending the sale of the bonds shall also be credited to the appropriate subaccount of the account designated by this section.]

          [(4)] (3) The moneys in the account designated by this section shall be invested as provided in ORS 286A.025. [used for the purpose of defraying the costs of the projects to be financed through sale of the bonds and for the purpose of retiring temporary bonds issued under ORS 351.470 and may not be used for any other purpose unless designated for investment by the Chancellor of the Oregon University System. If a surplus remains after application to the purposes described in this subsection, the surplus and earnings from temporary investments shall be credited to the account maintained in the Oregon University System Fund under ORS 351.460.]

 

          SECTION 7. ORS 351.455 is amended to read:

          351.455. [Notwithstanding any other provisions of law, the Oregon University System may expend moneys from the appropriate subaccount of the account in the Oregon University System Fund designated by ORS 351.450, including moneys realized from the sale of bonds issued pursuant to Article XI-F(1) of the Oregon Constitution and ORS 351.350, and from the sale of revenue bonds authorized by ORS 351.315, for the planning, constructing, altering, repairing, furnishing and equipping of buildings and facilities of the kind and character prescribed by Article XI-F(1) of the Oregon Constitution and for the acquisition of land.]

          (1) Proceeds of bonds issued pursuant to Article XI-F(1) of the Oregon Constitution and interest earnings on those proceeds shall be deposited in the appropriate subaccount of the account designated by ORS 351.450 and expended for the purposes described in Article XI-F(1) of the Oregon Constitution, including payment of costs related to issuing those bonds and debt service on those bonds.

          (2) Proceeds of bonds issued pursuant to Article XI-G of the Oregon Constitution for the Oregon University System and interest earnings on those proceeds shall be deposited in the appropriate subaccount of the account designated by ORS 351.450 and expended for the purposes described in Article XI-G of the Oregon Constitution, including payment of costs related to issuing those bonds and debt service on those bonds.

 

          SECTION 8. ORS 351.460 is amended to read:

          351.460. (1) The State Board of Higher Education shall maintain an account within the Oregon University System Fund established by ORS 351.506 to provide for the payment of the principal of and the interest upon:

          (a) The bonds issued under authority of Article XI-F(1) of the Oregon Constitution and ORS 351.350;

          (b) The bonds issued under authority of Article XI-G of the Oregon Constitution and ORS 351.345;

          (c) Revenue bonds authorized by ORS 351.315; and

          (d) Amounts due under financial agreements entered into under ORS 351.356.

          (2) The account maintained under this section comprises one subaccount for each of the purposes of the account identified in subsection (1) of this section.

          (3) Income and interest derived from moneys in the subaccounts of the account maintained under this section are credited to the appropriate subaccount.

          (4) The sources of moneys for the account maintained under this section are:

          (a) All moneys received from ad valorem taxes levied pursuant to ORS 291.445;

          (b) All moneys that the Legislative Assembly may provide in lieu of such taxes;

          [(c) All of the net revenues received from the projects or undertakings for the financing of which the bonds were issued, including gifts, grants and building fees;]

          [(d) Unpledged revenues of buildings and projects of like character that are allocated by the board;]

          (c) The revenues transferred to the account maintained under this section pursuant to subsection (6) of this section;

          [(e)] (d) All moneys received as accrued interest upon bonds sold;

          [(f)] (e) All earnings from investments of the account;

          [(g)] (f) [All] Net proceeds of the sale of refunding bonds; and

          [(h)] (g) All moneys that the State of Oregon has agreed to hold in the account to pay amounts due under financial agreements entered into under ORS 351.356.

          (5) The board may credit the account maintained under this section with moneys received from either a sale or interfund transfer of [land, buildings and facilities] buildings, structures, land or other projects. When the [land, buildings or facilities] buildings, structures, land or other projects are sold or the use of the [land, buildings or facilities] buildings, structures, land or other projects is rededicated so that a transfer from one subaccount to another subaccount is appropriate, the moneys received shall be credited to the appropriate subaccount.

          (6)(a) The board shall [apply student building fees, revenues, gifts and grants for the payment of] transfer revenues to the account maintained under this section in amounts sufficient to pay, when due, the principal of and the interest and any premium upon the bonds issued under authority of Article XI-F(1) of the Oregon Constitution and upon revenue bonds authorized by ORS 351.315 [until such time as the proper subaccount and investments of the subaccount, as supplemented by expected future income will, in the judgment of the board, be sufficient to meet in full the principal of and the interest upon all such outstanding bonds. Except for student building fees, income]. Revenues not required for the account as described in this subsection shall be transferred to other accounts and subaccounts within the Oregon University System Fund that are designated by the [board] Chancellor of the Oregon University System. [Student building fees for buildings constructed from the proceeds of bonds issued under Article XI-F(1) of the Oregon Constitution or ORS 351.315 shall be applied only to those bonds authorized under Article XI-F(1) of the Oregon Constitution or ORS 351.315.] The portion of student building fees that are imposed under ORS 351.170 to provide the funds with which to amortize the principal of and pay the interest on bonds issued under Article XI-F(1) of the Oregon Constitution shall be applied only to pay those bonds.

          (b) For purposes of this subsection, “revenues” includes all funds available to the board except:

          (A) Amounts appropriated by the Legislative Assembly from the General Fund; and

          (B) Lottery funds allocated for debt service.

          (7)(a) The board may not use the account maintained under this section for any purpose other than the purposes for which the account was created.

          (b) Notwithstanding paragraph (a) of this subsection, if the balance in any subaccount exceeds the amount required to pay debt service during a fiscal period, the board may transfer [any] the surplus in the [account] subaccount to other accounts in the Oregon University System Fund. This paragraph does not apply to any surplus consisting of General Fund moneys appropriated for debt service or lottery funds allocated for debt service. Any surplus consisting of General Fund moneys appropriated for debt service shall revert to the General Fund as provided in ORS 293.190. [if a balance remains in the account from sources other than student building fees for buildings constructed from the proceeds of bonds issued under Article XI-F(1) of the Oregon Constitution and:]

          [(A) The purposes for which the account was created have been fulfilled; or]

          [(B) A reserve sufficient to meet all existing and future obligations and liabilities of the account has been set aside.]

 

          SECTION 9. ORS 351.160 is amended to read:

          351.160. (1) The State Board of Higher Education may undertake the construction of any building or structure for higher education when[, in the judgment of the board, it appears that the building or structure will be wholly self-liquidating and self-supporting from revenues to accrue from the operation thereof and from gifts, grants or building fees, and from unobligated revenues of buildings or projects of like character] the board conservatively estimates that the Oregon University System will have sufficient revenues to pay the operating costs and any indebtedness for the building or structure. For purposes of this section, “revenues” includes all funds available to the board except amounts appropriated by the Legislative Assembly from the General Fund. The board may enter into contracts for the acquisition, erection, improvement, repair, equipping and furnishing of buildings and structures for dormitories, housing, boarding, off-street motor vehicle parking facilities and other purposes for higher education pursuant to Article XI-F(1) of the Oregon Constitution, ORS 351.160 to 351.190, 351.350 to 351.460 and 351.505.

          (2) The board may also undertake the acquisition or construction of those buildings and structures that [are designated by] the Legislative Assembly [for] has determined will benefit higher education institutions [and] or activities, and may enter into contracts with persons, firms or corporations for the acquisition, erection, improvement, repair, equipping and furnishing of such buildings and structures pursuant to Article XI-G of the Oregon Constitution and ORS 351.345.

 

          SECTION 10. ORS 351.170 is amended to read:

          351.170. (1) The State Board of Higher Education [shall] may establish [such] rates, charges and fees for use of buildings, structures [or] and projects [referred to in ORS 351.160 (1), including revenue-producing buildings and structures already constructed, as,] under its control. The rates and charges shall be sufficient, in the judgment of the board[, will provide the required revenues to make the particular new building, project or structure self-liquidating and self-supporting, and as will provide the funds with which to amortize the principal of and pay the interest on the bonds issued to finance such buildings, structures or projects] and with other available revenues, as defined in ORS 351.160, to pay the operating costs and any indebtedness for the buildings, structures and projects.

          (2) The board shall charge and collect from each regular student a building fee at a rate not to exceed $45 for each regular term, for not less than three terms in each regular academic year, and not to exceed $67.50 if instruction is on a semester basis, or an equivalent rate of charge when instruction is on a different basis. The board is authorized to maintain adequate accounts for bonds outstanding. The fee shall be in addition to tuition and other fees charged to students and shall be deposited in the appropriate subaccount of the account maintained in the Oregon University System Fund under ORS 351.460.

 

          SECTION 11. ORS 351.356 is amended to read:

          351.356. (1) As used in this section:

          (a) “Bond” means a bond issued under Article XI-F(1) of the Oregon Constitution.

          (b) “Credit enhancement device” means a letter of credit, line of credit, bond insurance policy, standby purchase agreement, surety bond or other device or facility used to enhance the creditworthiness, liquidity or marketability of a bond.

          (c) “Financial agreement” means an agreement for exchange of interest rates, as defined in ORS 286A.001, a credit enhancement device or an agreement made in connection with a credit enhancement device, that is executed for one or more bonds.

          (2) The State of Oregon, acting through the State Board of Higher Education or the State Treasurer, may:

          (a) Enter into financial agreements.

          (b) Identify, segregate, pledge and agree to pay amounts due under financial agreements entered into under this section from:

          (A) The revenues[, gifts, grants or building fees that are] described in section 2, Article XI-F(1) of the Oregon Constitution; or

          (B) The unexpended proceeds of the bonds for which financial agreements are executed.

          (c) To the extent permitted by Article XI-F(1) of the Oregon Constitution, issue bonds to secure the state’s obligation to make payments under a financial agreement. If a bond is issued under this paragraph, the bond amount shall count toward the limit described in section 1, Article XI-F(1) of the Oregon Constitution, only to the extent that it increases the amount the state is obligated to pay under other bonds.

 

          SECTION 12. ORS 351.153 is amended to read:

          351.153. As used in ORS 351.160, 351.170, 351.180[, 351.350,] and 351.440 [and 351.450], “structure” includes, but is not limited to, paving, sidewalks, curbs, gutters, sewers, drainage works, vehicular parking facilities, lighting facilities, retaining walls and other constructed or erected improvements to real property.

 

          SECTION 13. ORS 341.751 is amended to read:

          341.751. (1) There is established in the General Fund an account to be known as the Blue Mountain Community College Facilities Account. Moneys in the account shall be used [to construct, improve, repair, equip and furnish facilities and purchase land for facilities] for the purposes described in Article XI-G of the Oregon Constitution for the Blue Mountain Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Blue Mountain Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $1 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Blue Mountain Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 14. ORS 341.753 is amended to read:

          341.753. (1) There is established in the General Fund an account to be known as the Central Oregon Community College Facilities Account. Moneys in the account shall be used [to construct, improve, repair, equip and furnish facilities and purchase land for facilities] for the purposes described in Article XI-G of the Oregon Constitution for the Central Oregon Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Central Oregon Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $11,478,000 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Central Oregon Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 15. ORS 341.755 is amended to read:

          341.755. (1) There is established in the General Fund an account to be known as the Chemeketa Community College Facility Account. Moneys in the account shall be used [to construct, improve, repair, equip and furnish facilities and purchase land for facilities] for the purposes described in Article XI-G of the Oregon Constitution for the Chemeketa Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Chemeketa Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $11,880,000 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Chemeketa Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 16. ORS 341.757 is amended to read:

          341.757. (1) There is established in the General Fund an account to be known as the Clackamas Community College Facilities Account. Moneys in the account shall be used [to construct, improve, repair, equip and furnish facilities and purchase land for facilities] for the purposes described in Article XI-G of the Oregon Constitution for the Clackamas Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Clackamas Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $13,156,250 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Clackamas Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 17. ORS 341.759 is amended to read:

          341.759. (1) There is established in the General Fund an account to be known as the Clatsop Community College Facilities Account. Moneys in the account shall be used [to construct, improve, repair, equip and furnish facilities and purchase land for new facilities] for the purposes described in Article XI-G of the Oregon Constitution for the Clatsop Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Clatsop Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $11,500,000 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Clatsop Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 18. ORS 341.762 is amended to read:

          341.762. (1) There is established in the General Fund an account to be known as the Columbia Gorge Community College Facilities Account. Moneys in the account shall be used [to construct, improve, repair, equip and furnish facilities] for the purposes described in Article XI-G of the Oregon Constitution for the Columbia Gorge Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Columbia Gorge Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $15,500,000 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Columbia Gorge Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 19. ORS 341.764 is amended to read:

          341.764. (1) There is established in the General Fund an account to be known as the Klamath Community College Facilities Account. Moneys in the account shall be used [to construct, improve, repair, equip and furnish new facilities] for the purposes described in Article XI-G of the Oregon Constitution for the Klamath Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Klamath Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $7,700,000 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Klamath Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 20. ORS 341.766 is amended to read:

          341.766. (1) There is established in the General Fund an account to be known as the Lane Community College Facilities Account. Moneys in the account shall be used [to construct, improve, repair, equip and furnish facilities and purchase land for facilities] for the purposes described in Article XI-G of the Oregon Constitution for the Lane Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Lane Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $14,750,000 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Lane Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 21. ORS 341.768 is amended to read:

          341.768. (1) There is established in the General Fund an account to be known as the Linn-Benton Community College Facilities Account. Moneys in the account shall be used [to construct, improve, repair, equip and furnish facilities and purchase land for facilities] for the purposes described in Article XI-G of the Oregon Constitution for the Linn-Benton Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Linn-Benton Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $3,731,250 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Linn-Benton Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 22. ORS 341.771 is amended to read:

          341.771. (1) There is established in the General Fund an account to be known as the Mt. Hood Community College Facilities Account. Moneys in the account shall be used [to construct, improve, repair, equip and furnish facilities and purchase land for facilities] for the purposes described in Article XI-G of the Oregon Constitution for the Mt. Hood Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Mt. Hood Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $2,500,000 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the [Linn-Benton] Mt. Hood Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 23. ORS 341.773 is amended to read:

          341.773. (1) There is established in the General Fund an account to be known as the Oregon Coast Community College Facilities Account. Moneys in the account shall be used [to construct, improve, repair, equip and furnish facilities and purchase land for facilities] for the purposes described in Article XI-G of the Oregon Constitution for the Oregon Coast Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Oregon Coast Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $9,500,000 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Oregon Coast Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 24. ORS 341.775 is amended to read:

          341.775. (1) There is established in the General Fund an account to be known as the Portland Community College Facilities Account. Moneys in the account shall be used [to construct, improve, repair, equip and furnish facilities and purchase land for facilities] for the purposes described in Article XI-G of the Oregon Constitution for the Portland Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Portland Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $15,500,000 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Portland Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 25. ORS 341.777 is amended to read:

          341.777. (1) There is established in the General Fund an account to be known as the Rogue Community College Medford Instructional Facility Account. Moneys in the account shall be used [to construct, improve, repair, equip and furnish] for the purposes described in Article XI-G of the Oregon Constitution for a joint instructional facility in Medford for Southern Oregon University and the Rogue Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Rogue Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $4,100,000 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Rogue Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 26. ORS 341.779 is amended to read:

          341.779. (1) There is established in the General Fund an account to be known as the Southwestern Oregon Community College Curry County Facilities Account. Moneys in the account shall be used [to construct, improve, repair, equip and furnish facilities in Curry County] for the purposes described in Article XI-G of the Oregon Constitution for the Southwestern Oregon Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Southwestern Oregon Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $2,300,000 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Southwestern Oregon Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 27. ORS 341.782 is amended to read:

          341.782. (1) There is established in the General Fund an account to be known as the Tillamook Bay Community College Facilities Account. Moneys in the account shall be used [to construct, improve, repair, equip and furnish new facilities] for the purposes described in Article XI-G of the Oregon Constitution for the Tillamook Bay Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Tillamook Bay Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $4,900,000 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Tillamook Bay Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 28. ORS 341.784 is amended to read:

          341.784. (1) There is established in the General Fund an account to be known as the Treasure Valley Community College Facilities Account. Moneys in the account shall be used [to construct, improve, repair, equip and furnish facilities and purchase land for facilities] for the purposes described in Article XI-G of the Oregon Constitution for the Treasure Valley Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Treasure Valley Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $3,000,000 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Treasure Valley Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 29. ORS 341.787 is amended to read:

          341.787. (1) There is established in the General Fund an account to be known as the Umpqua Community College Facilities Account. Moneys in the account shall be used [to construct, improve, repair, equip and furnish facilities and purchase land for facilities] for the purposes described in Article XI-G of the Oregon Constitution for the Umpqua Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Umpqua Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $8,500,000 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Umpqua Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 30. Section 11, chapter 761, Oregon Laws 2007, as amended by section 91, chapter 762, Oregon Laws 2009, is amended to read:

          Sec. 11. (1) There is established in the General Fund an account to be known as the Western Oregon University Business, Math and Computer Science Facility Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Western Oregon University.

          (2) The account shall consist of proceeds from lottery bonds, grant funds, gift funds, federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $500,000 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 for the facility project described in subsection (1) of this section.

 

          SECTION 31. Section 12, chapter 761, Oregon Laws 2007, as amended by section 92, chapter 762, Oregon Laws 2009, is amended to read:

          Sec. 12. (1) There is established in the General Fund an account to be known as the Oregon State University Pauling Research and Education Building Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for the Pauling Research and Education Building at the Oregon State University.

          (2) The account shall consist of grant funds, gift funds, federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the Pauling Research and Education Building project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $31,256,035 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 for the Pauling Research and Education Building project described in subsection (1) of this section.

 

          SECTION 32. Section 13, chapter 761, Oregon Laws 2007, as amended by section 5, chapter 2, Oregon Laws 2009, and section 93, chapter 762, Oregon Laws 2009, is amended to read:

          Sec. 13. (1) There is established in the General Fund an account to be known as the Portland State University Science Research and Teaching Center and Hazardous Waste Facility Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a Science Research and Teaching Center and Hazardous Waste Facility Phase I at Portland State University.

          (2) The account shall consist of proceeds from certificates of participation, grant funds, gift funds, proceeds of legal settlements, federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the center and facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $7,000,000 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 for the center and facility project described in subsection (1) of this section.

 

          SECTION 33. Section 14, chapter 761, Oregon Laws 2007, as amended by section 94, chapter 762, Oregon Laws 2009, is amended to read:

          Sec. 14. (1) There is established in the General Fund an account to be known as the University of Oregon Integrative Science Complex, Phase 2 Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for an Interactive Science Complex, Phase 2 at the University of Oregon.

          (2) The account shall consist of grant funds, gift funds, federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the Interactive Science Complex, Phase 2 project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $30,000,000 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 for the Interactive Science Complex, Phase 2 project described in subsection (1) of this section.

 

          SECTION 34. Section 15, chapter 761, Oregon Laws 2007, as amended by section 95, chapter 762, Oregon Laws 2009, is amended to read:

          Sec. 15. (1) There is established in the General Fund an account to be known as the University of Oregon Hayward Field Account. Funds in the account shall be used for the [construction, remodeling, expansion and renovation of] purposes described in Article XI-G of the Oregon Constitution at Hayward Field at the University of Oregon.

          (2) The account shall consist of funds received from not-for-profit organizations, grant funds, gift funds, federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the Hayward Field project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $2,500,000 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 for the [Hayward Field project] purposes described in subsection (1) of this section.

 

          SECTION 35. Section 16, chapter 761, Oregon Laws 2007, as amended by section 14, chapter 15, Oregon Laws 2008, and section 96, chapter 762, Oregon Laws 2009, is amended to read:

          Sec. 16. (1) There is established in the General Fund an account to be known as the Oregon Institute of Technology Center for Health Professions Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a Center for Health Professions project for the Oregon Institute of Technology.

          (2) The account shall consist of grant funds, gift funds, federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the Center for Health Professions project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $9,000,000 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 for the Center for Health Professions project described in subsection (1) of this section.

 

          SECTION 36. Section 17, chapter 761, Oregon Laws 2007, as amended by section 97, chapter 762, Oregon Laws 2009, is amended to read:

          Sec. 17. (1) There is established in the General Fund an account to be known as the Portland State University Science PCAT Redevelopment Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities on the current site of the Portland Center for Advanced Technology at Portland State University.

          (2) The account shall consist of grant funds, gift funds, proceeds of legal settlements, federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $10,000,000 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 for the project described in subsection (1) of this section.

 

          SECTION 37. Section 6, chapter 2, Oregon Laws 2009, is amended to read:

          Sec. 6. (1) There is established in the General Fund an account to be known as the Western Oregon University Classroom and Office Building Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for classroom and office space at Western Oregon University.

          (2) The account shall consist of proceeds from certificates of participation, grant funds, gift funds, proceeds of legal settlements, federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the classroom and office space project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $3,000,000 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the Department of Higher Education Capital Construction Fund for the classroom and office space project described in subsection (1) of this section.

 

          SECTION 38. Section 7, chapter 2, Oregon Laws 2009, is amended to read:

          Sec. 7. (1) There is established in the General Fund an account to be known as the Oregon Institute of Technology Owens Hall Deferred Maintenance Account. Funds in the account shall be used for the [construction, remodeling, expansion and renovation of] purposes described in Article XI-G of the Oregon Constitution at Owens Hall at the Oregon Institute of Technology.

          (2) The account shall consist of proceeds from certificates of participation, grant funds, gift funds, proceeds of legal settlements, federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $1,444,000 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the Department of Higher Education Capital Construction Fund for the [project] purposes described in subsection (1) of this section.

 

          SECTION 39. Section 11, chapter 2, Oregon Laws 2009, is amended to read:

          Sec. 11. (1) There is established in the General Fund an account to be known as the Chemeketa Community College Deferred Maintenance Account. Moneys in the account shall be used for deferred maintenance, capital renewal, code compliance and safety projects for the Chemeketa Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Chemeketa Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $5,082,500 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Chemeketa Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 40. Section 12, chapter 2, Oregon Laws 2009, is amended to read:

          Sec. 12. (1) There is established in the General Fund an account to be known as the Clackamas Community College Deferred Maintenance Account. Moneys in the account shall be used for deferred maintenance, capital renewal, code compliance and safety projects for the Clackamas Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Clackamas Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $1,293,750 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Clackamas Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 41. Section 13, chapter 2, Oregon Laws 2009, is amended to read:

          Sec. 13. (1) There is established in the General Fund an account to be known as the Portland Community College Deferred Maintenance Account. Moneys in the account shall be used for deferred maintenance, capital renewal, code compliance and safety projects for the Portland Community College District.

          (2) The account may consist of the following moneys that have been deposited in the account by the Department of Community Colleges and Workforce Development at the request of the Portland Community College District for the purposes listed in subsection (1) of this section:

          (a) Moneys from federal and local governments;

          (b) Donations;

          (c) Community College Support Fund moneys transferred to the account by the department at the request of the community college district;

          (d) Building reserve funds of the community college district transferred to the department from the community college district; and

          (e) Proceeds from the sale of bonds issued by the community college district.

          (3) Interest earned on moneys in the account shall be credited to the account.

          (4) The account may not be credited with more than $3,327,500 in donations, Community College Support Fund moneys, proceeds from the sale of bonds, building reserve funds, federal and local government funds and interest.

          (5) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the department and may be transferred to the Community College Capital Construction Fund for the purpose of making distributions to the Portland Community College District for the purposes listed in subsection (1) of this section.

 

          SECTION 42. Section 14, chapter 904, Oregon Laws 2009, is amended to read:

          Sec. 14. (1) There is established in the General Fund an account to be known as the South Waterfront Life Sciences Facility Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project located in the South Waterfront Central District in the North Macadam Urban Renewal Area in the City of Portland.

          (2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $50,000,000 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the Department of Higher Education Capital Construction Fund for the facility project described in subsection (1) of this section.

 

          SECTION 43. Section 15, chapter 904, Oregon Laws 2009, is amended to read:

          Sec. 15. (1) There is established in the General Fund an account to be known as the Oregon State University Biofuels Demonstration Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Oregon State University.

          (2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $4,000,000 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the Department of Higher Education Capital Construction Fund for the facility project described in subsection (1) of this section.

 

          SECTION 44. Section 16, chapter 904, Oregon Laws 2009, is amended to read:

          Sec. 16. (1) There is established in the General Fund an account to be known as the Eastern Oregon University Zabel Hall Deferred Maintenance Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Eastern Oregon University.

          (2) The account shall consist of proceeds from lottery bonds made available to the Oregon University System for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $1,522,000 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the Department of Higher Education Capital Construction Fund for the facility project described in subsection (1) of this section.

 

          SECTION 45. Section 17, chapter 904, Oregon Laws 2009, is amended to read:

          Sec. 17. (1) There is established in the General Fund an account to be known as the Eastern Oregon University Pierce Library Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Eastern Oregon University.

          (2) The account shall consist of proceeds from certificates of participation made available to the Oregon University System for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $4,000,000 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the Department of Higher Education Capital Construction Fund for the facility project described in subsection (1) of this section.

 

          SECTION 46. Section 18, chapter 904, Oregon Laws 2009, is amended to read:

          Sec. 18. (1) There is established in the General Fund an account to be known as the Oregon Institute of Technology Geothermal Renewable Energy Demonstration Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at the Oregon Institute of Technology.

          (2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $2,000,000 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the Department of Higher Education Capital Construction Fund for the facility project described in subsection (1) of this section.

 

          SECTION 47. Section 19, chapter 904, Oregon Laws 2009, is amended to read:

          Sec. 19. (1) There is established in the General Fund an account to be known as the Oregon State University Strand Agriculture Hall Deferred Maintenance Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Oregon State University.

          (2) The account shall consist of proceeds from lottery bonds made available to the Oregon University System for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $6,586,000 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the Department of Higher Education Capital Construction Fund for the facility project described in subsection (1) of this section.

 

          SECTION 48. Section 20, chapter 904, Oregon Laws 2009, as amended by section 8, chapter 99, Oregon Laws 2010, is amended to read:

          Sec. 20. (1) There is established in the General Fund an account to be known as the Oregon State University Bates Hall/Hallie Ford Healthy Children and Families Center Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Oregon State University.

          (2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to the Oregon University System for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $5,000,000 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 for the facility project described in subsection (1) of this section.

 

          SECTION 49. Section 21, chapter 904, Oregon Laws 2009, is amended to read:

          Sec. 21. (1) There is established in the General Fund an account to be known as the Oregon State University Student Success Center Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Oregon State University.

          (2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to the Oregon University System for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $2,054,000 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the Department of Higher Education Capital Construction Fund for the facility project described in subsection (1) of this section.

 

          SECTION 50. Section 22, chapter 904, Oregon Laws 2009, is amended to read:

          Sec. 22. (1) There is established in the General Fund an account to be known as the Portland State University Science Research and Teaching Center/Hazardous Waste Facility Phase 2 Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Oregon State University.

          (2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to the Oregon University System for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $2,500,000 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the Department of Higher Education Capital Construction Fund for the facility project described in subsection (1) of this section.

 

          SECTION 51. Section 23, chapter 904, Oregon Laws 2009, is amended to read:

          Sec. 23. (1) There is established in the General Fund an account to be known as the Southern Oregon University Theatre Arts Expansion and Remodel Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Southern Oregon University.

          (2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $5,500,000 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the Department of Higher Education Capital Construction Fund for the facility project described in subsection (1) of this section.

 

          SECTION 52. Section 24, chapter 904, Oregon Laws 2009, is amended to read:

          Sec. 24. (1) There is established in the General Fund an account to be known as the University of Oregon Allen Hall Expansion and Remodel Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at the University of Oregon.

          (2) The account shall consist of proceeds from grant funds and gift funds made available to and funds donated to the Oregon University System for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $7,500,000 for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the Department of Higher Education Capital Construction Fund for the facility project described in subsection (1) of this section.

 

          SECTION 53. ORS 351.507 is amended to read:

          351.507. (1) There is established in the General Fund an account to be known as the Oregon State University Animal Sciences Pavilion Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for an animal sciences education and research pavilion at Oregon State University.

          (2) The account shall consist of federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the animal sciences pavilion project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $4,000,000 in interest, donations and federal and local government funds for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 for the animal sciences pavilion project described in subsection (1) of this section.

 

          SECTION 54. ORS 351.508 is amended to read:

          351.508. (1) There is established in the General Fund an account to be known as the Oregon State University Steam Plant Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a steam plant at Oregon State University.

          (2) The account shall consist of grant funds, loan funds, business energy tax credit proceeds and federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the steam plant project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $12,000,000 in interest, donations, grant funds, loan funds, tax credit proceeds and federal and local government funds for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 for the steam plant project described in subsection (1) of this section.

 

          SECTION 55. ORS 351.509 is amended to read:

          351.509. (1) There is established in the General Fund an account to be known as the Portland State University Center for Nanoscience and Nanotechnology Account. Funds in the account shall be used for the acquisition and expansion of microscopy and materials characterization facilities at Portland State University related to a signature research center.

          (2) The account shall consist of proceeds from lottery bonds made available to the Oregon University System for the purpose of the Portland State University center for nanoscience and nanotechnology project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution, and] are continuously appropriated to the Oregon University System for the center for nanoscience and nanotechnology project described in subsection (1) of this section. The account may not be credited with more than $500,000 in interest and proceeds from lottery bonds.

 

          SECTION 56. ORS 351.511 is amended to read:

          351.511. (1) There is established in the General Fund an account to be known as the Portland State University Northwest Engineering Science Center Phase I Account. Funds in the account shall be used for acquisition or construction of an engineering science center at Portland State University.

          (2) The account shall consist of federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the Portland State University Northwest Engineering Science Center Phase I project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution, and] are continuously appropriated to the Oregon University System for the purposes described in subsection (1) of this section [that purpose]. The account may not be credited with more than $26,500,000 in interest, donations and federal and local government funds for purposes of this subsection.

 

          SECTION 57. ORS 351.516 is amended to read:

          351.516. (1) There is established in the General Fund an account to be known as the Eastern Oregon University Regional Agricultural, Health and Life Sciences Building Account. Funds in the account shall be used to acquire or construct a new building for agriculture, health and life sciences studies at Eastern Oregon University.

          (2) The account shall consist of proceeds from lottery bonds and federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the Eastern Oregon University Regional Agricultural, Health and Life Sciences Building project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution, and] are continuously appropriated to the Oregon University System for the purposes described in subsection (1) of this section [that purpose]. The account may not be credited with more than $14,470,500 in interest, proceeds from lottery bonds, donations and federal and local government funds for purposes of this subsection.

 

          SECTION 58. ORS 351.517 is amended to read:

          351.517. (1) There is established in the General Fund an account to be known as the University of Oregon Education Building and Complex Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for an education building and complex at the University of Oregon.

          (2) The account shall consist of federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the education building and complex project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $19,400,000 in interest, donations and federal and local government funds for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 for the education building and complex project described in subsection (1) of this section.

 

          SECTION 59. ORS 351.518 is amended to read:

          351.518. (1) There is established in the General Fund an account to be known as the University of Oregon Gilbert Hall Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for Gilbert Hall at the University of Oregon.

          (2) The account shall consist of federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the Gilbert Hall project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $3,300,000 in interest, donations and federal and local government funds for purposes of this subsection.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution,] are continuously appropriated to the Oregon University System and may be transferred to the account designated by ORS 351.626 for the Gilbert Hall project described in subsection (1) of this section.

 

          SECTION 60. ORS 351.519 is amended to read:

          351.519. (1) There is established in the General Fund an account to be known as the University of Oregon Integrative Science Complex Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for an integrative science complex at the University of Oregon that includes a multiscale materials and devices laboratory and other facilities related to a signature research center.

          (2) The account shall consist of proceeds from lottery bonds made available to the Oregon University System for the purpose of the University of Oregon integrative science complex project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution, and] are continuously appropriated to the Oregon University System for the integrative science complex project described in subsection (1) of this section. The account may not be credited with more than $4,750,000 in interest and proceeds from lottery bonds.

 

          SECTION 61. ORS 351.521 is amended to read:

          351.521. (1) There is established in the General Fund an account to be known as the University of Oregon School of Music Account. Funds in the account shall be used for additions and alterations to the School of Music at the University of Oregon.

          (2) The account shall consist of federal and local government funds made available to and funds donated to the Oregon University System for the purpose of the University of Oregon School of Music project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution, and] are continuously appropriated to the Oregon University System for that purpose. The account may not be credited with more than $7,600,000 in interest, donations and federal and local government funds for purposes of this subsection.

 

          SECTION 62. ORS 351.532 is amended to read:

          351.532. (1) There is established in the General Fund an account to be known as the Oregon State University Engineering Capital Construction Remodel Account. Funds in the account shall be used for the HP Building II Renovation project at Oregon State University for a microproducts breakthrough institute related to a signature research center.

          (2) The account shall consist of proceeds from lottery bonds made available to the Oregon University System for the purpose of the Oregon State University capital construction project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution, and] are continuously appropriated to the Oregon University System for the capital construction project described in subsection (1) of this section. The account may not be credited with more than $4,750,000 in interest and proceeds from lottery bonds.

 

          SECTION 63. ORS 351.538 is amended to read:

          351.538. (1) There is established in the General Fund an account to be known as the Museum of Art Project Account. Funds in the account shall be used for additions to and alterations of the Museum of Art at the University of Oregon.

          (2) The account shall consist of federal and local government funds made available to and funds donated to the Oregon University System for the purposes of the Museum of Art project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution, and] are continuously appropriated to the Oregon University System for that purpose. The account may not be credited with more than $6,360,000 in interest, donations and federal and local government funds for purposes of this subsection.

 

          SECTION 64. ORS 351.539 is amended to read:

          351.539. (1) There is established in the General Fund an account to be known as the Straub Hall Project Account. Funds in the account shall be used for the additions to and alterations of Straub Hall at the University of Oregon.

          (2) The account shall consist of federal and local government funds made available to and funds donated to the Oregon University System for the purposes of the Straub Hall project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution, and] are continuously appropriated to the Oregon University System for that purpose. The account may not be credited with more than $1,166,000 in interest, donations and federal and local government funds for purposes of this subsection.

 

          SECTION 65. ORS 351.628 is amended to read:

          351.628. (1) There is established in the General Fund an account to be known as the Higher Education Academic Modernization Account. Funds in the account shall be used at state institutions of higher education within the Oregon University System for academic modernization, capital repair, deferred maintenance and making facilities compliant with building and safety codes.

          (2) The account shall consist of funds donated to the Oregon University System for the purposes described in subsection (1) of this section. The account may also consist of other funds available to the Oregon University System for the purposes described in subsection (1) of this section. The Oregon University System may not deposit any moneys into the account that were appropriated to the Department of Higher Education under chapter 725, Oregon Laws 2003. Interest earned on moneys in the account shall be credited to the account.

          (3) Moneys in the account [shall be considered to be General Fund moneys for purposes of section 1 (3), Article XI-G of the Oregon Constitution, and] are continuously appropriated to the Oregon University System for the purposes described in subsection (1) of this section. The account may not be credited with more than $1,000,000 in interest, donations and other funds.

 

          SECTION 66. ORS 351.470 is repealed.

 

          SECTION 67. The amendments to ORS 341.725, 341.728, 341.735, 341.751, 341.753, 341.755, 341.757, 341.759, 341.762, 341.764, 341.766, 341.768, 341.771, 341.773, 341.775, 341.777, 341.779, 341.782, 341.784, 341.787, 351.153, 351.160, 351.170, 351.356, 351.450, 351.455, 351.460, 351.507, 351.508, 351.509, 351.511, 351.516, 351.517, 351.518, 351.519, 351.521, 351.532, 351.538, 351.539 and 351.628 and sections 11, 12, 13, 14, 15, 16 and 17, chapter 761, Oregon Laws 2007, sections 6, 7, 11, 12 and 13, chapter 2, Oregon Laws 2009, and sections 14, 15, 16, 17, 18, 19, 20, 21, 22, 23 and 24, chapter 904, Oregon Laws 2009, by sections 3 to 65 of this 2011 Act and the repeal of ORS 351.470 by section 66 of this 2011 Act apply to bonds issued prior to, on or after the effective date of this 2011 Act.

 

          SECTION 68. This 2011 Act being necessary for the immediate preservation of the public peace, health and safety, an emergency is declared to exist, and this 2011 Act takes effect on its passage.

 

Approved by the Governor March 8, 2011

 

Filed in the office of Secretary of State March 8, 2011

 

Effective date March 8, 2011

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