70th OREGON LEGISLATIVE ASSEMBLY--1999 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 2157

                        Senate Bill 1105

Sponsored by Senator ADAMS; Senators BURDICK, NELSON, TIMMS,
  Representative SIMMONS


                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Directs Oregon Health Sciences University Board of Directors to
enter into agreement with community foundation for creation of
Oregon Health Sciences University Intellectual Capital Fund.
Specifies that fund may be used for recruiting and retaining
faculty who conduct research in specified areas.
  Transfers interest on moneys received by state from Master
Settlement Agreement of 1998 to Oregon Health Sciences University
public corporation for purposes of fund.

                        A BILL FOR AN ACT
Relating to Oregon Health Sciences University.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 1999 Act is added to and made
a part of ORS chapter 353. + }
  SECTION 2.  { + (1) The Oregon Health Sciences University Board
of Directors shall enter into an agreement with a community
foundation, as defined in ORS 348.580, in Oregon to create an
Oregon Health Sciences University Intellectual Capital Fund. The
fund may be used to recruit and retain faculty who are national
quality investigators who conduct bench-to-bedside research in
emerging clinical areas such as cancer, gene therapy, vaccine
development, women's health issues and cardiovascular disorders.
  (2) The board shall transfer moneys appropriated to, allocated
to, transferred to or otherwise received by the university for
the purposes of the fund to the community foundation to be placed
in the fund.
  (3) Any agreement entered into between the board and a
community foundation under this section shall include a
requirement that the fund be invested by the community foundation
and that moneys in the fund be distributed to the Oregon Health
Sciences Foundation as follows:
  (a) For each $1.5 million of private matching funds raised by
the Oregon Health Sciences Foundation, the community foundation
shall release $1 million from the fund to the Oregon Health
Sciences Foundation for the purpose of recruiting and retaining
intellectual capital at the university, if such funds are
available.
  (b) For each $2.5 million increment raised and released under
paragraph (a) of this subsection, the Oregon Health Sciences
Foundation may use no more than $1 million for recruitment,
relocation and capital expenses for each faculty recruitment and
a minimum of $1.5 million to establish an income-producing
endowment to support the faculty position.
  (4) In addition to the requirements of subsection (3) of this
section, the agreement shall include a requirement that the
community foundation, in partnership with the university, submit
an annual report to the Legislative Assembly or the appropriate
interim legislative committees about the key faculty recruitments
that have been funded through the Oregon Health Sciences
University Intellectual Capital Fund and the resulting return to
Oregon's economy and quality of life. + }
  SECTION 3.  { + There is transferred to the Oregon Health
Sciences University public corporation, during the period in
which moneys are received by the State of Oregon, _____ percent
of interest on the funds provided to the State of Oregon from the
Master Settlement Agreement of 1998 until $10 million has been
transferred, which may be expended for the Oregon Health Sciences
University Intellectual Capital Fund created pursuant to section
2 of this 1999 Act. + }
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