(1) There is created within the State Treasury a revolving fund known as the Oregon Port Revolving Fund, separate and distinct from the General Fund. Moneys in this fund are continuously appropriated to the Oregon Economic and Community Development Commission for the following purposes:
(a) Administrative expenses of the commission in processing applications and investigating proposed projects.
(b) Payment of loans to port districts pursuant to ORS 285A.666 to 285A.732.
(c) Administrative expenses of the Economic and Community Development Department relating to ports. In any one year, administrative expenses charged under this paragraph may not be greater than the total revenues received in that year from fees provided for in subsection (2)(a) of this section, plus an amount not to exceed five percent of the total asset value of the fund.
(2) The fund created by subsection (1) of this section shall consist of:
(a) Application fees required by ORS 285A.672 (2).
(b) Repayment of moneys loaned to port districts or others from the Oregon Port Revolving Fund, including interest on such moneys.
(c) Payment of such moneys as may be appropriated to the fund by the Legislative Assembly.
(d) Moneys obtained from any interest accrued from such funds.
(3) Outstanding debt on the fund shall not exceed 95 percent of all deposits, accounts payable, and other assets of the fund.
(4) No money shall be expended from the Oregon Port Revolving Fund for any economic development study costing more than $50,000 unless a work plan and budget for such study has been provided to appropriate legislative committees. [Formerly 285.915; 2001 c.883 §19; 2007 c.354 §13; 2007 c.804 §30]Section: Previous 285A.687 285A.690 285A.693 285A.696 285A.699 285A.702 285A.705 285A.708 285A.709 285A.711 285A.714 285A.717 285A.720 285A.723 285A.726 Next
Last modified: August 7, 2008