Oregon Statutes 286A.768 – Education Seismic Fund; purposes; rules
(1) The Education Seismic Fund is established in the State Treasury, separate and distinct from the General Fund. Amounts in the seismic fund may be invested as provided in ORS § 293.701 to 293.857, and interest earned on the seismic fund must be credited to the seismic fund. Amounts credited to the seismic fund are continuously appropriated to the Oregon Business Development Department for the purpose described in ORS § 286A.762 (2) and for the purpose of paying bond-related costs. The department shall deposit in the seismic fund:
Terms Used In Oregon Statutes 286A.768
- Any other state: includes any state and the District of Columbia. See Oregon Statutes 174.100
- Revenue: means all fees, tolls, excise taxes, assessments, property taxes and other taxes, rates, charges, rentals and other income or receipts derived by a state agency or to which a state agency is entitled. See Oregon Statutes 286A.001
- State Treasury: includes those financial assets the lawful custody of which are vested in the State Treasurer and the office of the State Treasurer relating to the custody of those financial assets. See Oregon Statutes 174.100
(a) The net proceeds of Article XI-M bonds transferred pursuant to ORS § 286A.762 (3);
(b) Amounts appropriated or otherwise provided by the Legislative Assembly for deposit in the seismic fund;
(c) Gifts, grants or contributions received by the department for the purpose described in ORS § 286A.762 (2); and
(d) Moneys received as repayment of, as a return on or in exchange for the grant or loan of net proceeds of Article XI-M bonds.
(2) The department may create separate accounts in the seismic fund as appropriate for the management of moneys in the seismic fund.
(3) The department and any other state agency or other entity receiving or holding net proceeds of Article XI-M bonds shall, at the direction of the Oregon Department of Administrative Services, take action necessary to maintain the excludability of interest on Article XI-M bonds from gross income under the Internal Revenue Code.
(4) The department shall transfer to the Article XI-M Bond Administration Fund the unexpended and uncommitted amounts remaining in the seismic fund if:
(a) Unexpended funds that are not contractually committed to a particular purpose remain in the seismic fund on the last day of the biennium; and
(b) Article XI-M bonds will be outstanding in the next biennium.
(5) The department may adopt rules to carry out this section including, but not limited to, establishing:
(a) Required contributions from applicants;
(b) Fees;
(c) Standards, terms and conditions under which moneys in the seismic fund may be granted, loaned or otherwise made available; and
(d) Procedures for distributing and monitoring the use of moneys from the seismic fund. [Formerly 286.768; 2013 c.782 § 7]