Bill Text: OR HB2119 | 2011 | Regular Session | Introduced

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Bill Title: Relating to interest derived from moneys in Oregon University System Fund.

Spectrum: Unknown

Status: (Failed) 2011-06-30 - In committee upon adjournment. [HB2119 Detail]

Download: Oregon-2011-HB2119-Introduced.html

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     76th OREGON LEGISLATIVE ASSEMBLY--2011 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 618

                         House Bill 2119

Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
  Presession filed (at the request of Governor John A. Kitzhaber
  for Oregon University System)

                             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.

  Retains in Oregon University System Fund existing portion of
interest and investment income derived from Oregon University
System Fund that is currently transferred to General Fund.

                        A BILL FOR AN ACT
Relating to interest derived from moneys in Oregon University
  System Fund; creating new provisions; and amending ORS 351.506.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 351.506 is amended to read:
  351.506. (1) The Oregon University System Fund is established
in the State Treasury, separate and distinct from the General
Fund. Any interest or other investment income derived from moneys
in the Oregon University System Fund is credited to the fund.
  { - Except when otherwise specified by a statute establishing
an account, the interest or other investment income credited to
the Oregon University System Fund that was derived from tuition
and fees, facility and administrative cost recoveries, sales and
services revenues, housing fees, food service fees, parking fees
and General Fund appropriations shall be transferred to the
General Fund by the State Board of Higher Education. - }
  (2) Except for moneys otherwise designated by statute or
federal law, all moneys received by the State Board of Higher
Education or the Oregon University System shall be paid into the
State Treasury and credited to the Oregon University System Fund.
All moneys in the fund are continuously appropriated to the State
Board of Higher Education for purposes authorized by law.
  (3) The moneys in the Oregon University System Fund may be
invested as provided in ORS 293.701 to 293.820.
  (4) The board may establish accounts and subaccounts within the
Oregon University System Fund when the board determines that
accounts or subaccounts are necessary or desirable. Except when
otherwise specified by a statute establishing an account, the
board may credit any interest or income derived from moneys in
the fund to any account or subaccount within the fund.
  (5) The board shall keep a record of all moneys deposited into
the fund. The record shall indicate by separate cumulative
accounts and subaccounts the sources from which the moneys are
derived and the individual activity or program against which each
withdrawal is charged.
  SECTION 2.  { + The amendments to ORS 351.506 by section 1 of
this 2011 Act apply to all interest or other investment income
derived from moneys in the Oregon University System Fund after
January 1, 2012. + }
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