(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]
Note: Sections 6 and 7, chapter 2, Oregon Laws 2009, provide:
Sec. 6. Western Oregon University Classroom and Office Building Account. (1) There is established in the General Fund an account to be known as the Western Oregon University Classroom and Office Building Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for classroom and office space at Western Oregon University.
(2) The account shall consist of proceeds from certificates of participation, grant funds, gift funds, proceeds of legal settlements, federal and local government funds made available to and funds donated to Western Oregon University for the purpose of the classroom and office space project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $3,000,000 for purposes of this subsection.
(3) Moneys in the account are continuously appropriated to the Higher Education Coordinating Commission for distribution to Western Oregon University and may be transferred to the account designated by the university for the classroom and office space project described in subsection (1) of this section. [2009 c.2 §6; 2011 c.2 §37; 2011 c.9 §37; 2015 c.767 §30]
Sec. 7. Oregon Institute of Technology Owens Hall Deferred Maintenance Account. (1) There is established in the General Fund an account to be known as the Oregon Institute of Technology Owens Hall Deferred Maintenance Account. Funds in the account shall be used for the purposes described in Article XI-G of the Oregon Constitution at Owens Hall at the Oregon Institute of Technology.
(2) The account shall consist of proceeds from certificates of participation, grant funds, gift funds, proceeds of legal settlements, federal and local government funds made available to and funds donated to the Oregon Institute of Technology for the purpose of the project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $1,444,000 for purposes of this subsection.
(3) Moneys in the account are continuously appropriated to the Higher Education Coordinating Commission for distribution to the Oregon Institute of Technology and may be transferred to the account designated by the university for the purposes described in subsection (1) of this section. [2009 c.2 §7; 2011 c.2 §38; 2011 c.9 §38; 2015 c.767 §31]
Note: Sections 14 to 16 and 18 to 24, chapter 904, Oregon Laws 2009, provide:
Sec. 14. South Waterfront Life Sciences Facility Project Account. (1) There is established in the General Fund an account to be known as the South Waterfront Life Sciences Facility Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project located in the South Waterfront Central District in the North Macadam Urban Renewal Area in the City of Portland.
(2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to and funds donated to the Higher Education Coordinating Commission for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $50,000,000 for purposes of this subsection.
(3) Moneys in the account are continuously appropriated to the Higher Education Coordinating Commission and may be transferred to the account designated by the commission for the facility project described in subsection (1) of this section. [2009 c.904 §14; 2011 c.2 §42; 2011 c.9 §39; 2015 c.767 §32]
Sec. 15. Oregon State University Biofuels Demonstration Project Account. (1) There is established in the General Fund an account to be known as the Oregon State University Biofuels Demonstration Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Oregon State University.
(2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to and funds donated to Oregon State University for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $4,000,000 for purposes of this subsection.
(3) Moneys in the account are continuously appropriated to the Higher Education Coordinating Commission for distribution to Oregon State University and may be transferred to the account designated by the university for the facility project described in subsection (1) of this section. [2009 c.904 §15; 2011 c.2 §43; 2011 c.9 §40; 2015 c.767 §33]
Sec. 16. Eastern Oregon University Zabel Hall Deferred Maintenance Project Account. (1) There is established in the General Fund an account to be known as the Eastern Oregon University Zabel Hall Deferred Maintenance Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Eastern Oregon University.
(2) The account shall consist of proceeds from lottery bonds made available to Eastern Oregon University for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $1,522,000 for purposes of this subsection.
(3) Moneys in the account are continuously appropriated to the Higher Education Coordinating Commission for distribution to Eastern Oregon University and may be transferred to the account designated by the university for the facility project described in subsection (1) of this section. [2009 c.904 §16; 2011 c.2 §44; 2011 c.9 §41; 2015 c.767 §34]
Sec. 18. Oregon Institute of Technology Geothermal Renewable Energy Demonstration Project Account. (1) There is established in the General Fund an account to be known as the Oregon Institute of Technology Geothermal Renewable Energy Demonstration Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at the Oregon Institute of Technology.
(2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to and funds donated to the Oregon Institute of Technology for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $2,000,000 for purposes of this subsection.
(3) Moneys in the account are continuously appropriated to the Higher Education Coordinating Commission for distribution to the Oregon Institute of Technology and may be transferred to the account designated by the university for the facility project described in subsection (1) of this section. [2009 c.904 §18; 2011 c.2 §46; 2011 c.9 §43; 2015 c.767 §35]
Sec. 19. Oregon State University Strand Agriculture Hall Deferred Maintenance Project Account. (1) There is established in the General Fund an account to be known as the Oregon State University Strand Agriculture Hall Deferred Maintenance Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Oregon State University.
(2) The account shall consist of proceeds from lottery bonds made available to Oregon State University for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $6,586,000 for purposes of this subsection.
(3) Moneys in the account are continuously appropriated to the Higher Education Coordinating Commission for distribution to Oregon State University and may be transferred to the account designated by the university for the facility project described in subsection (1) of this section. [2009 c.904 §19; 2011 c.2 §47; 2011 c.9 §44; 2015 c.767 §36]
Sec. 20. Oregon State University Bates Hall/Hallie Ford Healthy Children and Families Center Project Account. (1) There is established in the General Fund an account to be known as the Oregon State University Bates Hall/Hallie Ford Healthy Children and Families Center Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Oregon State University.
(2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to Oregon State University for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $5,000,000 for purposes of this subsection.
(3) Moneys in the account are continuously appropriated to the Higher Education Coordinating Commission for distribution to Oregon State University and may be transferred to the account designated by the university for the facility project described in subsection (1) of this section. [2009 c.904 §20; 2010 c.99 §8; 2011 c.2 §48; 2015 c.767 §37]
Sec. 21. Oregon State University Student Success Center Project Account. (1) There is established in the General Fund an account to be known as the Oregon State University Student Success Center Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Oregon State University.
(2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to Oregon State University for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $2,054,000 for purposes of this subsection.
(3) Moneys in the account are continuously appropriated to the Higher Education Coordinating Commission for distribution to Oregon State University and may be transferred to the account designated by the university for the facility project described in subsection (1) of this section. [2009 c.904 §21; 2011 c.2 §49; 2011 c.9 §45; 2015 c.767 §38]
Sec. 22. Portland State University Science Research and Teaching Center/Hazardous Waste Facility Phase 2 Project Account. (1) There is established in the General Fund an account to be known as the Portland State University Science Research and Teaching Center/Hazardous Waste Facility Phase 2 Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Portland State University.
(2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to Portland State University for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $2,500,000 for purposes of this subsection.
(3) Moneys in the account are continuously appropriated to the Higher Education Coordinating Commission for distribution to Portland State University and may be transferred to the account designated by the university for the facility project described in subsection (1) of this section. [2009 c.904 §22; 2011 c.2 §50; 2011 c.9 §46; 2013 c.768 §160; 2015 c.767 §39]
Sec. 23. Southern Oregon University Theatre Arts Expansion and Remodel Project Account. (1) There is established in the General Fund an account to be known as the Southern Oregon University Theatre Arts Expansion and Remodel Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Southern Oregon University.
(2) The account shall consist of proceeds from grant funds, gift funds and federal and local government funds made available to and funds donated to Southern Oregon University for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $5,500,000 for purposes of this subsection.
(3) Moneys in the account are continuously appropriated to the Higher Education Coordinating Commission for distribution to Southern Oregon University and may be transferred to the account designated by the university for the facility project described in subsection (1) of this section. [2009 c.904 §23; 2011 c.2 §51; 2011 c.9 §47; 2015 c.767 §40]
Sec. 24. University of Oregon Allen Hall Expansion and Remodel Project Account. (1) There is established in the General Fund an account to be known as the University of Oregon Allen Hall Expansion and Remodel Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at the University of Oregon.
(2) The account shall consist of proceeds from grant funds and gift funds made available to and funds donated to the University of Oregon for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $7,500,000 for purposes of this subsection.
(3) Moneys in the account are continuously appropriated to the University of Oregon and may be transferred to the account designated by the university for the facility project described in subsection (1) of this section. [2009 c.904 §24; 2011 c.2 §52; 2011 c.9 §48; 2013 c.768 §161]
Note: Sections 11 to 17, chapter 761, Oregon Laws 2007, provide:
Sec. 11. Western Oregon University Business, Math and Computer Science Facility Project Account. (1) There is established in the General Fund an account to be known as the Western Oregon University Business, Math and Computer Science Facility Project Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a facility project at Western Oregon University.
(2) The account shall consist of proceeds from lottery bonds, grant funds, gift funds, federal and local government funds made available to and funds donated to Western Oregon University for the purpose of the facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $500,000 for purposes of this subsection.
(3) Moneys in the account are continuously appropriated to the Higher Education Coordinating Commission for distribution to Western Oregon University and may be transferred to the account designated by the university for the facility project described in subsection (1) of this section. [2007 c.761 §11; 2009 c.762 §91; 2011 c.2 §30; 2015 c.767 §25]
Sec. 12. Oregon State University Pauling Research and Education Building Account. (1) There is established in the General Fund an account to be known as the Oregon State University Pauling Research and Education Building Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for the Pauling Research and Education Building at the Oregon State University.
(2) The account shall consist of grant funds, gift funds, federal and local government funds made available to and funds donated to Oregon State University for the purpose of the Pauling Research and Education Building project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $31,256,035 for purposes of this subsection.
(3) Moneys in the account are continuously appropriated to the Higher Education Coordinating Commission for distribution to Oregon State University and may be transferred to the account designated by the university for the Pauling Research and Education Building project described in subsection (1) of this section. [2007 c.761 §12; 2009 c.762 §92; 2011 c.2 §31; 2015 c.767 §26]
Sec. 13. Portland State University Science Research and Teaching Center and Hazardous Waste Facility Account. (1) There is established in the General Fund an account to be known as the Portland State University Science Research and Teaching Center and Hazardous Waste Facility Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a Science Research and Teaching Center and Hazardous Waste Facility Phase I at Portland State University.
(2) The account shall consist of proceeds from certificates of participation, grant funds, gift funds, proceeds of legal settlements, federal and local government funds made available to and funds donated to Portland State University for the purpose of the center and facility project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $7,000,000 for purposes of this subsection.
(3) Moneys in the account are continuously appropriated to Portland State University and may be transferred to the account designated by the university for the center and facility project described in subsection (1) of this section. [2007 c.761 §13; 2009 c.2 §5; 2009 c.762 §93; 2011 c.2 §32; 2013 c.768 §156]
Sec. 14. University of Oregon Integrative Science Complex, Phase 2 Account. (1) There is established in the General Fund an account to be known as the University of Oregon Integrative Science Complex, Phase 2 Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for an Interactive Science Complex, Phase 2 at the University of Oregon.
(2) The account shall consist of grant funds, gift funds, federal and local government funds made available to and funds donated to the University of Oregon for the purpose of the Interactive Science Complex, Phase 2 project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $30,000,000 for purposes of this subsection.
(3) Moneys in the account are continuously appropriated to the University of Oregon and may be transferred to the account designated by the university for the Interactive Science Complex, Phase 2 project described in subsection (1) of this section. [2007 c.761 §14; 2009 c.762 §94; 2011 c.2 §33; 2013 c.768 §157]
Sec. 15. University of Oregon Hayward Field Account. (1) There is established in the General Fund an account to be known as the University of Oregon Hayward Field Account. Funds in the account shall be used for the purposes described in Article XI-G of the Oregon Constitution at Hayward Field at the University of Oregon.
(2) The account shall consist of funds received from not-for-profit organizations, grant funds, gift funds, federal and local government funds made available to and funds donated to the University of Oregon for the purpose of the Hayward Field project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $2,500,000 for purposes of this subsection.
(3) Moneys in the account are continuously appropriated to the Higher Education Coordinating Commission for distribution to the University of Oregon and may be transferred to the account designated by the university for the purposes described in subsection (1) of this section. [2007 c.761 §15; 2009 c.762 §95; 2011 c.2 §34; 2013 c.768 §158; 2015 c.767 §27]
Sec. 16. Oregon Institute of Technology Center for Health Professions Account. (1) There is established in the General Fund an account to be known as the Oregon Institute of Technology Center for Health Professions Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities for a Center for Health Professions project for the Oregon Institute of Technology.
(2) The account shall consist of grant funds, gift funds, federal and local government funds made available to and funds donated to the Oregon Institute of Technology for the purpose of the Center for Health Professions project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $9,000,000 for purposes of this subsection.
(3) Moneys in the account are continuously appropriated to the Higher Education Coordinating Commission for distribution to the Oregon Institute of Technology and may be transferred to the account designated by the university for the Center for Health Professions project described in subsection (1) of this section. [2007 c.761 §16; 2008 c.15 §14; 2009 c.762 §96; 2011 c.2 §35; 2015 c.767 §28]
Sec. 17. Portland State University Science PCAT Redevelopment Account. (1) There is established in the General Fund an account to be known as the Portland State University Science PCAT Redevelopment Account. Funds in the account shall be used for the acquisition, construction, remodeling, expansion and renovation of facilities on the current site of the Portland Center for Advanced Technology at Portland State University.
(2) The account shall consist of grant funds, gift funds, proceeds of legal settlements, federal and local government funds made available to and funds donated to Portland State University for the purpose of the project described in subsection (1) of this section. Interest earned on moneys in the account shall be credited to the account. The account may not be credited with more than $10,000,000 for purposes of this subsection.
(3) Moneys in the account are continuously appropriated to the Higher Education Coordinating Commission for distribution to Portland State University and may be transferred to the account designated by the university for the project described in subsection (1) of this section. [2007 c.761 §17; 2009 c.762 §97; 2011 c.2 §36; 2013 c.768 §159; 2015 c.767 §29]