Prior to the sale of any Article XI-G bonds, except for refunding bonds, a public university or a community college and the Higher Education Coordinating Commission must enter into a grant contract.
The grant contract must include:
A certification that the requirement for a matching amount is satisfied;
Terms and conditions obligating the public university or community college to maintain any federal tax benefit related to the Article XI-G bonds and to execute and deliver any required tax certificates or agreements in connection with any federal tax benefit related to the Article XI-G bonds; and
Terms and conditions indemnifying the State of Oregon against regulatory or bondholder liability due to the action or inaction of the public university or community college related to the Article XI-G bonds.
The grant contract may include:
Reporting and accounting requirements or other conditions necessary or advisable to ensure that moneys are expended for intended purposes;
Terms and conditions that are necessary or advisable to ensure compliance with applicable laws or regulations; and
Provisions for the payment of fees by a community college to cover costs of the commission relating to the execution of the commission’s responsibilities under the grant contract. [2015 c.828 §9; 2016 c.66 §11; 2017 c.9 §11]