(1) The Energy Project Bond Loan Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Energy Project Bond Loan Fund shall be credited to the fund.

(2) The fund shall consist of:

(a) Net proceeds from the issuance of revenue bonds under ORS § 470.610 that are deposited to the fund;

(b) Moneys from project initiation fees under ORS § 470.655;

(c) Repayments of any moneys loaned from the fund and interest earned on those moneys;

(d) Any moneys appropriated to the fund;

(e) Moneys from the sale of refunding bonds under ORS § 470.610 and any accrued interest on those bonds; and

(f) Interest earned on cash balances invested under ORS § 470.595.

(3) Moneys in the fund are continuously appropriated to the State Department of Energy for the following purposes:

(a) Subject to ORS § 470.620, to issue and administer small scale local energy program loans and energy efficiency and sustainable technology loans and to administer the loan programs.

(b) For transfer to the Energy Revenue Bond Repayment Fund for the payment of bond obligations, the costs of issuing bonds described in subsection (2) of this section and the costs of administering the revenue bond program and for the funding of bond payment reserves. Transfers under this paragraph shall be carried out as determined by the Director of the State Department of Energy under ORS § 470.610 (2).

(4) The State Treasurer may establish any subaccounts in the Energy Project Bond Loan Fund that the treasurer or the director considers reasonable for the efficient administration of the fund. [2009 c.753 § 17]