(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 293.820, 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 Office of Emergency Management for the purpose described in ORS 286A.762 (2) and for the purpose of paying bond-related costs. The office shall deposit in the seismic fund:
(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 office 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 office may create separate accounts in the seismic fund as appropriate for the management of moneys in the seismic fund.
(3) The office 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 office 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 office 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]
Section: Previous 286A.740 286A.745 286A.750 286A.760 286A.762 286A.764 286A.766 286A.768 286A.772 286A.780 286A.782 286A.784 286A.786 286A.788 286A.792 NextLast modified: August 7, 2008