(1) In addition to other funds made available for education and training of public assistance recipients, the Department of Human Services may accept gifts and grants from private sources for the purpose of providing the scholarships or grants authorized under ORS § 411.175.

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(2) The moneys received under subsection (1) of this section shall be deposited in a special account, separate and distinct from the General Fund, to be named the Department of Human Services Scholarship Account, which account is established. All moneys in the account and all earnings thereon are continuously appropriated to the Department of Human Services to be used together with any federal funds that may be available to provide scholarships or grants under ORS § 411.175.

(3) The amount in the Department of Human Services Scholarship Account that is available after scholarships and grants under ORS § 411.175 have been awarded for any period shall be reported to the Oregon Investment Council by the Department of Human Services and shall be considered investment funds within the meaning of ORS § 293.701 to 293.857 and shall be invested in accordance with the standards of ORS § 293.726. All earnings on such investments shall be credited to the Department of Human Services Scholarship Account. [Formerly 411.575]

[Renumbered 411.142 in 2009]