70th OREGON LEGISLATIVE ASSEMBLY--1999 Regular Session



NOTE:  Matter within  { +  braces and plus signs + } in an

amended section is new. Matter within  { -  braces and minus

signs - } is existing law to be omitted. New sections are within

 { +  braces and plus signs + } .



LC 2157



                        Senate Bill 1105



Sponsored by Senator ADAMS; Senators BURDICK, NELSON, TIMMS,

  Representative SIMMONS





                             SUMMARY



The following summary is not prepared by the sponsors of the

measure and is not a part of the body thereof subject to

consideration by the Legislative Assembly. It is an editor's

brief statement of the essential features of the measure as

introduced.



  Directs Oregon Health Sciences University Board of Directors to

enter into agreement with community foundation for creation of

Oregon Health Sciences University Intellectual Capital Fund.

Specifies that fund may be used for recruiting and retaining

faculty who conduct research in specified areas.

  Transfers interest on moneys received by state from Master

Settlement Agreement of 1998 to Oregon Health Sciences University

public corporation for purposes of fund.



                        A BILL FOR AN ACT

Relating to Oregon Health Sciences University.

Be It Enacted by the People of the State of Oregon:

  SECTION 1.  { + Section 2 of this 1999 Act is added to and made

a part of ORS chapter 353. + }

  SECTION 2.  { + (1) The Oregon Health Sciences University Board

of Directors shall enter into an agreement with a community

foundation, as defined in ORS 348.580, in Oregon to create an

Oregon Health Sciences University Intellectual Capital Fund. The

fund may be used to recruit and retain faculty who are national

quality investigators who conduct bench-to-bedside research in

emerging clinical areas such as cancer, gene therapy, vaccine

development, women's health issues and cardiovascular disorders.

  (2) The board shall transfer moneys appropriated to, allocated

to, transferred to or otherwise received by the university for

the purposes of the fund to the community foundation to be placed

in the fund.

  (3) Any agreement entered into between the board and a

community foundation under this section shall include a

requirement that the fund be invested by the community foundation

and that moneys in the fund be distributed to the Oregon Health

Sciences Foundation as follows:

  (a) For each $1.5 million of private matching funds raised by

the Oregon Health Sciences Foundation, the community foundation

shall release $1 million from the fund to the Oregon Health

Sciences Foundation for the purpose of recruiting and retaining

intellectual capital at the university, if such funds are

available.

  (b) For each $2.5 million increment raised and released under

paragraph (a) of this subsection, the Oregon Health Sciences

Foundation may use no more than $1 million for recruitment,

relocation and capital expenses for each faculty recruitment and

a minimum of $1.5 million to establish an income-producing

endowment to support the faculty position.

  (4) In addition to the requirements of subsection (3) of this

section, the agreement shall include a requirement that the

community foundation, in partnership with the university, submit

an annual report to the Legislative Assembly or the appropriate

interim legislative committees about the key faculty recruitments

that have been funded through the Oregon Health Sciences

University Intellectual Capital Fund and the resulting return to

Oregon's economy and quality of life. + }

  SECTION 3.  { + There is transferred to the Oregon Health

Sciences University public corporation, during the period in

which moneys are received by the State of Oregon, _____ percent

of interest on the funds provided to the State of Oregon from the

Master Settlement Agreement of 1998 until $10 million has been

transferred, which may be expended for the Oregon Health Sciences

University Intellectual Capital Fund created pursuant to section

2 of this 1999 Act. + }

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