The construction pipeline at Oregon’s largest universities will get a lot smaller in the next two years under a sharply reduced building budget approved in the just-completed legislative session. Capital construction funds for the state’s seven public universities are down 66 percent over last biennium. The $260 million in bonding authority for the coming two years is a big step down from the $758 million approved for the 2009-11 biennium, and includes only one major new building — at Oregon State University.