When it appears to the Superintendent of Public Instruction or the Director of the Office of Community Colleges and Workforce Development that the training and educational programs for which funds are advanced under ORS 344.070 have been completed, or that the need for the advances or revolving funds no longer exists, or that the sums advanced are not being properly handled or accounted for, the superintendent or director may require that all or part of the amounts advanced to any district shall be returned, with any interest earned, to the state funds or accounts from which the amounts originally were withdrawn. Upon receipt of notification from the superintendent or director that funds advanced are to be returned, the district concerned shall immediately repay the same to the State Treasurer, for credit to the proper fund or account. To the extent that funds advanced are so repaid, security or protection theretofore required by the Higher Education Coordinating Commission under ORS 344.080 (4) to ensure the safety of such funds may be released. [Amended by 1989 c.491 50; 1993 c.45 246; 2013 c.747 78; 2015 c.366 83]
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