(1) All moneys collected, received by or appropriated to the Oregon Tourism Commission must be deposited into an account established by the commission in a depository bank insured by the Federal Deposit Insurance Corporation. In a manner consistent with the requirements of ORS chapter 295, the chair of the commission shall ensure that sufficient collateral secures any amount of funds on deposit that exceeds the limits of the Federal Deposit Insurance Corporation’s coverage.
(2) Subject to the approval of the chair, the commission may invest moneys collected or received by the commission. Investments made by the commission must be limited to investments described in ORS 294.035 (3)(a) to (i).
(3) Interest earned on any moneys invested under subsection (2) of this section must be made available to the commission in a manner consistent with the biennial budget of the commission.
(4) The commission shall spend state transient lodging tax moneys appropriated to the commission under ORS 320.335 as follows:
(a) At least 80 percent must be used to fund state tourism marketing programs.
(b) As much as 15 percent must be used to implement a regional cooperative tourism marketing program that:
(A) Requires fund allocations to focus on creating new business from out-of-state and international markets;
(B) Utilizes a regional allocation formula that distributes revenue to regions, the boundaries of which are established by the commission, in proportion to the amount of transient lodging tax revenues collected in each region;
(C) Distributes revenue to recipients that are selected by the commission as organizations able to conduct tourism-related marketing for each region;
(D) Requires advertising, publications, CD-ROMs, websites, videos and other tourism promotion materials funded through the regional cooperative tourism marketing program to carry the Oregon Tourism Commission logo and marketing tag line; and
(E) Encourages funding recipients to incorporate design elements from commission advertising and promotional campaigns, such as fonts, images and other design elements.
(5) All moneys in the account that are not state transient lodging tax revenues are continuously appropriated to the commission for the purposes of carrying out the functions of the commission.
(6) All expenditures from the account are exempt from any state expenditure limitation. [Formerly 285A.274]
Section: Previous 284.115 284.118 284.120 284.122 284.125 284.126 284.130 284.131 284.134 284.135 284.138 284.140 284.142 284.145 284.146 NextLast modified: August 7, 2008