The Board may submit to voters, on any election date specified in Oregon Revised Statutes, the question of contracting a bonded indebtedness to build or renovate College buildings, or to purchase College sites as provided by law. Before such a bonded election, the specific needs for facilities will be communicated to the public. Careful estimates will be made as to amounts required for the project.

All new construction or alterations to existing buildings will ensure to the maximum extent feasibly that facilities are readily accessible and usable by individuals with disabilities.

Following approval by the voters, the bonds to be issued will be advertised appropriately. The date of issue will be coordinated with tax collection dates, payments on bonds already outstanding and favorable market conditions. Disposition of the bonds may be accomplished by public sale on a competitive bid or negotiated basis, as determined by the Board.

The Board will annually appropriate College funds in the bonded debt service fund for the purpose of paying interest and principal on outstanding bonds. If sufficient funds are not available in the debt service fund, the Board will authorize by resolution an interfund loan for the purpose of meeting debt service requirements.

The capital projects fund is the fund authorized by the approval of the bond issue. Initial receipts from the sale of bonds are deposited in, and actual expenditures made from, this fund. The Board will adopt an annual budget appropriation resolution authorizing payments from the fund of the amounts needed to meet contractual obligations due architects, contractors, and other individuals or firms. The Board will receive periodic reports on expenditures made from this fund as compared with original appropriations for various projects.

END OF POLICY

Legal Reference(s):
ORS 195.110
ORS 197.295-197.314
ORS Chapter 255
ORS Chapter 294
ORS 341.290
OAR 589-003-0100