Governor John Kitzhaber has signed Senate Bill 270 into law, allowing the University of Oregon and a handful of other schools in the Oregon University System to establish independent governing boards.

According to Tim Raphael, the communications director for the governor, Kitzhaber is expected to announce his proposed list of board members sometime next week. The University has already named Nike co-founder Phil Knight on its short list.

Once announced, the proposed list will make its way to the Senate for final approval. According to Raphael, the Senate will make its decision by September. Once the Senate approves a final list, the University can establish its independent board by as early as July 2014.

However, the bill isn’t without cost. The UO’s 11-person board, which will include a University student, a faculty member and a classified employee, will cost roughly $1.7 million a year, UO Chief Financial Officer Jamie Moffitt told The Register-Guard in June.

With that price tag, the benefits may outweigh the cost according to some. Architecture professor Peter Keyes told the Emerald in May that the current system restricts the University from achieving its full potential, as it’s too far removed from the University itself. He noted that the most important aspect of the independent board is the greater freedom it provides.

After implementation, the board will have a greater say in hiring and firing of the University president, compared to the previous system where the University relied on either the governor, or the current board which operates for all Oregon public institutions.

Moreover, the change will allow the University to collect and sell bonds for new projects.

For students and community members who want apply for board membership, here is a PDF of the submission form.