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2014 Op. Or. Att'y Gen. 1 (2014)

handle is hein.sag/sagor0082 and id is 1 raw text is: ELLEN F. ROSENBLUM FREDERICK M. BOSS Attorney Genekal oDeputy Attorney General DEPARTMENT OF JUSTICE GENERAL COUNSEL DIVISION October 1, 2014 Darren Bond, Deputy State Treasurer Oregon State Treasury 350 Winter Street NE, Suite 100 Salem, OR 97301-3896 Re: Opinion Request OP-2014-1 Dear Mr. Bond: The State Treasurer asks a question about the payment of bonds issued by or for the benefit of Oregon public universities with institutional governing boards. Below we set out your question and our short answer followed by a discussion. QUESTION AND SHORT ANSWER Question: Does the requirement in ORS 351.379(3) that a university pay the debt service on bonds issued by the state for the benefit of a university with a governing board on a par passu basis with the payment of university-issued revenue bonds mean that, if a university has a revenue shortfall, it must use the available funds to pay the debt service on both in proportion to the amounts owed? Short Answer: No. We interpret the pari passu language to require universities to time payments to the State Treasurer and revenue bond holders roughly equally within a fiscal period but not to require lien parity. DISCUSSION I. Background Before 2011, Oregon's seven public universities were part of the Oregon University System (OUS), a state agency. The State Treasurer issued bonds for universities as for any other state agency. In 2011, Senate Bill 242 (2011) changed OUS's status from a state agency to a 'public university system. Or Laws 2011, ch 637, § 19; ORS 351.011(1). In 2013, the legislature enacted Senate Bill 270 (2013) authorizing universities to establish their own institutional governing boards. Or Laws 2013, ch 768, § 3; ORS 352.054.' I 162 Court Street NE, Salem, OR 97301-4096 Telephone: (503) 947-4540 Fax: (503) 378-3784 TTY: (503) 378-5938 wwwdoj.state.or.us

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