(1) The Oregon 529 College Savings Network Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Oregon 529 College Savings Network Fund shall be credited to the fund. All moneys credited to the Oregon 529 College Savings Network Fund are continuously appropriated to the Oregon 529 College Savings Board for the purposes of ORS 348.841 to 348.873.
(2) The Oregon 529 College Savings Network Fund shall consist of:
(a) Moneys appropriated to the fund by the Legislative Assembly;
(b) Moneys transferred to the fund from the federal government, other state agencies or local governments;
(c) Moneys from the payment of fees and the payment of other moneys due the board;
(d) Any gifts or donations made to the State of Oregon for deposit in the fund; and
(e) Earnings on moneys in the fund.
(3) The board may use the moneys in the fund to pay the administrative costs and expenses of the board and the Oregon 529 College Savings Network, to provide or make available scholarships, grants and other incentives to account owners, potential account owners and their designated beneficiaries or to further any other purpose of ORS 348.841 to 348.873. [2003 c.280 §22; 2005 c.297 §2]
Note: See note under 348.841.
Section: Previous 348.840 348.841 348.844 348.845 348.849 348.853 348.855 348.856 348.857 348.860 348.863 348.865 348.867 348.869 348.870 NextLast modified: August 7, 2008