Eligibility of public universities to receive proceeds from state bonds; requirements; certification to the State Treasurer. (1) A public university may elect to remain eligible to receive proceeds of state bonds. If a public university requests the State Treasurer to issue state bonds for the benefit of the university that are authorized under Article XI-F(1) or XI-Q of the Oregon Constitution or ORS 283.085 to 283.092, and the state bonds are intended to be repaid in whole or in part by university revenues or other moneys under the control of the university, the university may not issue revenue bonds pursuant to ORS 352.388 to 352.415 unless the university first certifies to the State Treasurer, in a form and manner required by the State Treasurer, the sufficiency of the university’s cash flow to pay any loans from state agencies funded with the proceeds of state bonds and to pay costs for

(a) State bonds issued for the benefit of the public university pursuant to Article XI-F(1) or XI-Q of the Oregon Constitution or ORS 283.085 to 283.092; and

(b) Revenue bonds issued pursuant to ORS 352.388 to 352.415.

(2) A public university must transmit the certification required under subsection (1) of this section to the State Treasurer by the earlier of:

(a) 30 days before issuing the bonds; or

(b) 10 days prior to the date the bonds are offered for sale to investors.

(3) A public university that issues revenue bonds of the university, or executes other obligations related to the revenue bonds, without making the certification required under this section is not eligible to receive proceeds of the state bonds described in subsection (1) of this section after January 1, 2024.

(4) As used in this section, “public university” means a public university listed in ORS 352.002. [Formerly 351.369; 2017 c.440 §28; 2023 c.237 §3]

Note: Definitions in ORS 352.029 also apply to ORS 352.388 to 352.415.