(1) The Forest Development Revenue Bond Fund is established separate and distinct from the General Fund. Interest earned by the Forest Development Revenue Bond Fund shall be credited to the fund. Moneys in the fund may be invested as provided in ORS § 286A.025 and 293.701 to 293.857. All moneys in the fund are continuously appropriated to the State Board of Forestry for the purposes of paying bond-related costs when due on the revenue bonds issued under ORS § 530.140 on or after July 28, 2009.

(2) The Forest Development Revenue Bond Fund may be credited with:

(a) Moneys deposited in the fund from the State Forestry Department Account, to the extent that the State Forestry Department allocates proceeds from the sale of revenue bonds issued on or after July 28, 2009, under ORS § 530.140 to the payment of bond-related costs;

(b) Proceeds from the disposal of lands acquired with revenue bonds that were issued on or after July 28, 2009, under ORS § 530.140;

(c) Proceeds from the disposal of forest products, as defined in ORS § 532.010, minerals or other forest-related values derived from the lands acquired with revenue bonds that were issued on or after July 28, 2009, under ORS § 530.140; and

(d) Gifts, grants or any other unrestricted moneys paid to the State Forestry Department or the State Board of Forestry or appropriated by the Legislative Assembly that may be used for the purpose set forth in this section.

(3) The board or the State Forester may make covenants related to, or pledge moneys deposited in, the fund that the board or forester, after consultation with the State Treasurer, determines to be necessary or desirable for the repayment of revenue bonds and the payment of bond-related costs. [2009 c.831 § 4]

[Amended by 1957 c.83 § 17; 1975 c.614 § 18; repealed by 2009 c.831 § 19]

[Amended by 1957 c.83 § 18; repealed by 2009 c.831 § 19]