(1) The Public University 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 Public University Fund is credited to the fund.

(2) Except for moneys otherwise designated by statute or federal law, the governing board of any public university listed in ORS § 352.002 may place any or all moneys received by it into the Public University Fund. Once deposited in the fund, the moneys of a public university shall be commingled with other moneys in the fund and are fungible, except to the extent they may be separately accounted for by the public university designated under subsection (3)(a) of this section.

(3)(a) Public universities listed in ORS § 352.002 that choose to participate in the Public University Fund shall, by agreement or other structure authorized by law, designate the participating public university responsible for the Public University Fund and identify any and all obligations necessary for a participating public university listed in ORS § 352.002 to serve as the designated responsible party under this subsection.

(b) The participating public universities shall inform the State Treasurer of the designated public university responsible for the Public University Fund. The participating public universities may change which participating public university is responsible for the Public University Fund.

(c) The State Treasurer may conclusively rely on a written instruction from the public universities as to the designated public university responsible for the fund.

(d) The designated public university shall inform the State Treasurer of the personnel authorized to provide instructions to the State Treasurer with respect to moneys in the fund. The State Treasurer may rely on instructions from the authorized personnel of the designated public university related to the deposit, withdrawal, investment, transfer, borrowing or lending of moneys in the fund. The State Treasurer is not responsible for or liable to the public universities for any error or omission in the instructions the State Treasurer receives from the designated public university.

(4) All moneys in the Public University Fund are continuously appropriated to the public university responsible for the Public University Fund, to be used only in a manner consistent with the agreement or other structure authorized by law as described in subsection (3) of this section.

(5) The moneys in the Public University Fund may be invested as provided in ORS § 293.701 to 293.857.

(6) Public universities that participate in the Public University Fund may, by agreement or other structure authorized by law, direct the public university designated under subsection (3)(a) of this section to establish accounts and subaccounts within the fund when the participating public universities determine that accounts or subaccounts are necessary or desirable. Except when otherwise specified by a statute establishing an account, the participating public universities or, as appropriate, the designated public university, may credit any interest or income derived from moneys in the fund to any account or subaccount within the fund.

(7) Public universities that participate in the Public University Fund or, as appropriate, the public university designated under subsection (3)(a) of this section, 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.

(8) Notwithstanding any other provision of law, public universities that participate in the Public University Fund or, as appropriate, the public university designated under subsection (3)(a) of this section, may transfer or lend the moneys in the fund to other participating public universities listed in ORS § 352.002. The Public University Fund may be a borrowing fund for purposes of ORS § 293.205 to 293.225 and may borrow from the Oregon Short Term Fund established in ORS § 293.728 or other state funds. Subject to the limitations of Article XI, section 7, of the Oregon Constitution, the Public University Fund may be a lending fund for purposes of ORS § 293.205 to 293.225 and may lend moneys to other state funds. The public university designated under subsection (3)(a) of this section shall be the relevant state agency or department for whom the State Treasurer may transfer funds or with whom the State Treasurer may enter into an agreement pursuant to ORS § 293.205 to 293.225.

(9) Notwithstanding any other provision of law, ORS § 293.169, 293.171, 293.353, 293.406, 293.450, 293.455, 293.460 and 293.465 to 293.485 apply to moneys in the Public University Fund and to checks, warrants or electronic funds transfers from or to the fund. For purposes of ORS § 293.169, 293.171, 293.353, 293.406, 293.450, 293.455, 293.460 and 293.465 to 293.485:

(a) The public university designated under subsection (3)(a) of this section is the relevant state agency or department; and

(b) The personnel of the designated public university authorized to provide instructions to the State Treasurer are the relevant state officers.

(10)(a) The State Treasurer may establish separate or commingled funds, or establish separate or commingled accounts within funds established under this subsection. The State Treasurer may establish separate or commingled accounts within other funds in the State Treasury to receive, hold, keep, manage or invest moneys of a public university listed in ORS § 352.002 pursuant to any agreements entered into by the State Treasurer and the university under ORS § 352.135. The moneys in a fund or account established under this subsection may be invested as provided in ORS § 293.701 to 293.857 and any interest or other investment income derived from the fund or account shall be credited to the fund or account. All moneys held in a fund or account established under this subsection are continuously appropriated to the relevant public university that has entered into an agreement with the State Treasurer under ORS § 352.135 for the purpose of carrying out the powers and duties of the public university or the purposes for which the moneys were donated.

(b) Except for moneys held to provide for the payment of state bonds and other state obligations described in ORS § 352.089 (4), a public university listed in ORS § 352.002 may transfer or lend the moneys held in the State Treasury pursuant to any agreements entered into under ORS § 352.135 to other public universities listed in ORS § 352.002. A fund or account in the State Treasury that holds moneys of a public university pursuant to an agreement entered into under ORS § 352.135 may be a borrowing fund for purposes of ORS § 293.205 to 293.225 and may borrow from the Oregon Short Term Fund established in ORS § 293.728 or other state funds. Subject to the limitations of Article XI, section 7, of the Oregon Constitution, a fund or account in the State Treasury that holds moneys of a public university pursuant to an agreement entered into under ORS § 352.135 may be a lending fund for purposes of ORS § 293.205 to 293.225 and may lend moneys to other state funds. The public university that has entered into an agreement with the State Treasurer under ORS § 352.135 is the relevant state agency or department for whom the State Treasurer may transfer funds or with whom the State Treasurer may enter into an agreement pursuant to ORS § 293.205 to 293.225.

(c) Notwithstanding any other provision of law, ORS § 293.169, 293.171, 293.353, 293.406, 293.450, 293.455, 293.460 and 293.465 to 293.485 apply to moneys received, held, kept, managed or invested by the State Treasurer for a public university listed in ORS § 352.002 pursuant to an agreement entered into under ORS § 352.135 and to checks, warrants or electronic funds transfers from or to any funds or accounts established pursuant to this subsection. For purposes of ORS § 293.169, 293.171, 293.353, 293.406, 293.450, 293.455, 293.460 and 293.465 to 293.485:

(A) The public university that has entered into an agreement with the State Treasurer under ORS § 352.135 is the relevant state agency or department; and

(B) The personnel of the public university authorized to provide instructions to the State Treasurer are the relevant state officers. [2014 c.83 § 7; 2015 c.767 § 41; 2015 c.774 § 40; 2017 c.440 § 32]

[Amended by 1989 c.966 § 38; 2005 c.755 § 26; 2009 c.762 § 29; 2011 c.637 § 251; repealed by 2013 c.115 § 1]

[Amended by 2009 c.762 § 31; repealed by 2013 c.115 § 1]

[Amended by 2009 c.762 § 32; repealed by 2013 c.115 § 1]

[Repealed by 1987 c.102 § 4]

[Repealed by 1961 c.238 § 1]

[Amended by 1969 c.594 § 49; 1989 c.966 § 39; 2005 c.755 § 27; 2009 c.762 § 33; repealed by 2013 c.115 § 1]

[Amended by 1969 c.594 § 50; 2009 c.762 § 34; repealed by 2013 c.115 § 1]

[Amended by 1969 c.594 § 51; 2009 c.762 § 35; repealed by 2013 c.115 § 1]

[Repealed by 1961 c.238 § 1]

[Amended by 1969 c.594 § 52; 1995 c.118 § 1; repealed by 2009 c.762 § 98]

UNIVERSITY OF OREGON