Provides that part-time faculty member at public institution of higher education qualifies for employee-only health care benefits if part-time faculty member works at level equal to at least half of full-time equivalent employee during at least three of four previous academic terms. who qualifies for health care benefits will] Requires part-time faculty member to pay 10 percent of insurance premiums for employee coverage. Requires part-time faculty member to select home public institution of higher education. Requires selected institution to determine whether part-time faculty member is eligible to receive health benefit plans, collect premiums for health benefit plans, pay full cost of insurance premiums for health benefit plans and to administer and provide health benefit plans to party-time faculty member. Requires Higher Education Coordinating Commission to reimburse selected institution for cost of paying insurance premiums. Requires state to pay for remaining costs of insurance premiums out of moneys appropriated to Oregon Educators Benefit Board.] Permits institution to agree through either institution policy or collective bargaining to pay portion of health care benefits paid for by employee. Provides that unless otherwise agreed through collective bargaining, employees who are eligible to receive health care benefits in manner specified may receive health care benefits from institution only in manner specified. Provides that any savings realized by institution are subject to collective bargaining. Directs board to determine prior to open enrollment period whether it has received sufficient funds to cover required premium payments. Provides that if board has not received sufficient funds, board may require employee share to increase and that institution is not responsible for paying insurance premiums.] Requires legacy health benefit coverage to be maintained for part-time faculty at institutions who are not eligible for health care benefits under provisions. Establishes Part-Time Faculty Insurance Fund and continuously appropriates moneys in fund to commission board]. Declares emergency, effective on passage.