Authority to issue baccalaureate bonds

(1) As used in this section: (a) “Oregon Baccalaureate Bonds” means bonds of the State of Oregon issued by the State Treasurer at the request of the Higher Education Coordinating Commission that are designated as baccalaureate bonds. (b) “Post-secondary education” means training and instruction provided by fully accredited public universities or private institutions of higher learning, community colleges and post-high-school career schools. (2) The Legislative Assembly encourages citizens of the State of Oregon to avail themselves of post-secondary education opportunities. (3) The Legislative Assembly finds: (a) For the benefit of its citizens, the state supports a system of common schools, public universities and community colleges. (b) A post-secondary education advances a citizen’s ability to pursue life, liberty and happiness through a wide range of employment opportunities. (c) A well-educated citizenry contributes to the economic well-being of the state and nation. (d) A well-trained and skilled citizenry enhances economic development of the state. (e) While students have just begun their education upon completion of a formal education, a lifetime pursuit of learning contributes to a well-informed citizenry and to Oregon’s cherished quality of life. (f) Citizens educated in Oregon are more likely to pursue careers in Oregon. (g) It is in the interest of this state to encourage its citizens to plan and save for a post-secondary education. (h) An Oregon Baccalaureate Bond program that provides citizens an opportunity to save for a post-secondary education for their children, themselves or any citizen is in the social and economic interest of the State of Oregon. (i) A systematic way to save for post-secondary education can assist all of Oregon’s higher education, community college and career schools to better project enrollments, thereby permitting the prudent allocation of scarce resources. (4) At the request of the Higher Education Coordinating Commission, the State Treasurer may: (a) Issue bonds as Oregon Baccalaureate Bonds, to encourage investors to save for post-secondary education opportunities. (b) Investigate and implement the means and procedures to facilitate the participation by the broadest practical range of investors in the Oregon Baccalaureate Bond program. The means and procedures may include, but are not limited to, adjustments in the denominations in which the bonds are issued and the frequency with which the bonds are issued. (5) The purchase of an Oregon Baccalaureate Bond does not guarantee the purchaser, owner or beneficiary of the bond admittance to a public university or private post-secondary institution.