(2) A public university listed in ORS 352.002 or the Oregon Health and Science University may direct that moneys credited to its university venture development fund be held and invested by the university’s affiliated foundation. Any moneys held by an affiliated foundation under this section or ORS 350.550 are not subject to the provisions of ORS chapter 293 or 295 and may not be considered public or state funds for any purpose. Moneys transferred to an affiliated foundation under this section or ORS 350.550 may be used only as provided under ORS 350.540, 350.545, 350.550 and 353.445.
(3) A public university listed in ORS 352.002 or the Oregon Health and Science University may retain or may elect to have its affiliated foundation retain some or all of the principal contributed to a university venture development fund for investment to perpetuate and increase the moneys available for expenditure. The balance of the fund and the earnings on that balance may be used as provided under ORS 350.540, 350.545, 350.550 and 353.445. [Formerly 351.695]