Bill Text: OR HB2967 | 2013 | Regular Session | Introduced

Oregon House Bill 2967 (Prior Session Legislation)

Bill Title: Relating to construction of an engineering building at Oregon State University; appropriating money; declaring an emergency.

Spectrum: Bipartisan Bill

Status: (Failed) 2013-07-08 - In committee upon adjournment. [HB2967 Detail]

Download: Oregon-2013-HB2967-Introduced.html



     77th OREGON LEGISLATIVE ASSEMBLY--2013 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 2964

                         House Bill 2967

Sponsored by Representative GELSER, Senator CLOSE

                             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.

  Authorizes issuance of Article XI-G bonds to match, dollar for
dollar, funds available to Oregon University System to finance
construction of chemical, biological and environmental
engineering building on campus of Oregon State University.
  Declares emergency, effective July 1, 2013.

                        A BILL FOR AN ACT
Relating to construction of an engineering building at Oregon
  State University; appropriating money; and declaring an
  emergency.
  Whereas the College of Engineering is the largest academic
college at Oregon State University, with 700 more undergraduate
students in the fall of 2012 than in the fall of 2011, and has
experienced phenomenal growth, including a 34 percent increase in
enrollment in each of the last three years; and
  Whereas the School of Chemical, Biological and Environmental
Engineering is one of the fastest growing within the College of
Engineering, enrolling an increasing number of high-achieving
students from Oregon and a high proportion of women; and
  Whereas Oregon State University has secured $20 million in
private support for the construction of a building for use in the
chemical, biological and environmental engineering program; and
  Whereas the approval of state financing to match available
private support for construction of the building will enable
Oregon State University to serve more students at the
undergraduate and graduate levels in critical science,
technology, engineering and mathematics fields; and
  Whereas the building will provide instructional space,
including classrooms and teaching laboratories, for students at
Oregon State University; and
  Whereas the building will provide space for faculty expansion
and for state-of-the-art laboratories in which undergraduate and
graduate students can develop skills in engineering areas that
are critical to Oregon's growth; and
  Whereas the building will improve the quality of student
experiences at Oregon State University by allowing for the
colocation of faculty and students from multiple engineering
disciplines, resulting in increased student retention and
satisfaction and decreased time to graduation; and
  Whereas the building will support academic and research
programs that further goals of the State of Oregon for economic
development, innovation and a healthy environment by supporting
Oregon industries through research; and
  Whereas 360 jobs will be created during construction of the
building; now, therefore,
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + (1) In addition to and not in lieu of any
authorization to issue general obligation bonds under ORS
286A.035, in the biennium beginning July 1, 2013, the State
Treasurer, at the request of the related agency, may issue
Article XI-G bonds in:
  (a) An amount not to exceed $20 million of net proceeds and
interest earnings for the purpose specified in subsection (2) of
this section, plus an amount estimated by the State Treasurer to
pay bond-related costs; and
  (b) The manner provided by ORS chapter 286A.
  (2) Net proceeds and interest earnings in the amount of $20
million from bonds issued under this section must be deposited in
the Chemical, Biological and Environmental Engineering Building
Construction Fund established in section 2 of this 2013 Act to
match available funds, dollar for dollar, to finance the
acquisition, construction, improvement, repair, equipping or
furnishing of a chemical, biological and environmental
engineering building on the campus of Oregon State University.
  (3)(a) As used in this section, 'bond-related costs' means:
  (A) The costs of paying the principal of, the interest on and
the premium, if any, on Article XI-G bonds.
  (B) The costs and expenses of issuing, administering and
maintaining Article XI-G bonds including, but not limited to, the
costs and expenses of:
  (i) Redeeming Article XI-G bonds.
  (ii) Paying amounts due in connection with credit enhancement
devices or agreements for exchange of interest rates.
  (iii) Paying the fees, administrative costs and expenses of the
State Treasurer or the related agency, including the costs of
consultants or advisers retained by the State Treasurer or the
related agency.
  (C) The costs of funding reserves for the Article XI-G bonds.
  (D) Capitalized interest for the Article XI-G bonds.
  (E) Rebates or penalties due to the United States in connection
with the Article XI-G bonds.
  (F) Any other costs or expenses that the State Treasurer or the
related agency determines are necessary or desirable in
connection with issuing and maintaining the Article XI-G bonds.
  (b) As used in this section and in ORS chapter 286A with
respect to this section, 'related agency' means the Oregon
University System. + }
  SECTION 2.  { + (1) The Chemical, Biological and Environmental
Engineering Building Construction Fund is established in the
State Treasury, separate and distinct from the General Fund.
Interest earned on moneys in the Chemical, Biological and
Environmental Engineering Building Construction Fund shall be
credited to the fund.
  (2) The fund consists of moneys deposited in the fund under
section 1 of this 2013 Act and may include:
  (a) Fees, revenues and other moneys appropriated by the
Legislative Assembly for deposit in the fund; and
  (b) Other moneys available to the Oregon University System for
the purposes described in subsection (4) of this section.
  (3) Moneys in the fund are continuously appropriated to the
Oregon University System for the purposes described in subsection
(4) of this section.
  (4) Moneys in the fund may be used to:
  (a) Finance the acquisition, construction, improvement, repair,
equipping or furnishing of a chemical, biological and
environmental engineering building on the campus of Oregon State
University;
  (b) Pay the costs of the system to administer the fund; and
  (c) Pay bond-related costs, as defined in section 1 of this
2013 Act. + }
  SECTION 3.  { + (1) The Chemical, Biological and Environmental
Engineering Building Bond Fund is established in the State
Treasury, separate and distinct from the General Fund. Amounts in
the bond fund may be invested as provided in ORS 293.701 to
293.820 and interest earned on the bond fund must be credited to
the bond fund. Amounts credited to the bond fund are continuously
appropriated to the Oregon Department of Administrative Services
for the purpose of paying, when due, the principal of, the
interest on and the premium, if any, on outstanding Article XI-G
bonds issued under section 1 of this 2013 Act. The department
shall deposit in the bond fund:
  (a) Capitalized or accrued interest on Article XI-G bonds
issued under section 1 of this 2013 Act;
  (b) Amounts appropriated or otherwise provided by the
Legislative Assembly for deposit in the bond fund; and
  (c) Reserves established for the payment of Article XI-G bonds
issued under section 1 of this 2013 Act.
  (2) The department may create separate accounts in the bond
fund for reserves and debt service for each series of Article
XI-G bonds issued under section 1 of this 2013 Act. + }
  SECTION 4.  { + (1) The Chemical, Biological and Environmental
Engineering Building Bond Administration Fund is established in
the State Treasury, separate and distinct from the General Fund.
Amounts in the bond administration fund may be invested as
provided in ORS 293.701 to 293.820 and interest earned on the
bond administration fund must be credited to the bond
administration fund. Amounts credited to the bond administration
fund are continuously appropriated to the Oregon Department of
Administrative Services for payment of bond-related costs. The
department shall credit to the bond administration fund:
  (a) Proceeds of Article XI-G bonds issued under section 1 of
this 2013 Act that were issued to pay bond-related costs; and
  (b) Amounts appropriated or otherwise provided by the
Legislative Assembly for deposit in the bond administration fund.
  (2) The department may create separate accounts in the bond
administration fund. + }
  SECTION 5.  { + This 2013 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2013 Act takes effect on July 1,
2013. + }
                         ----------