(1) There is created under ORS 293.445 a suspense account to be known as the County Assessment Function Funding Assistance Account. The account shall consist of:
(a) All moneys paid over by the county treasurers as provided under ORS 294.187; and
(b) All interest earned upon any moneys in the account.
(2) Of the moneys in the account as of the last day of each fiscal quarter, the moneys necessary to pay the following Department of Revenue expenses shall be transferred to a suspense account of the department created under ORS 293.445 and are continuously appropriated to the department for:
(a) Expenses incurred in carrying out the purposes of ORS 294.175 to 294.184; and
(b) Appraisal expenses incurred by the department in appraising principal and secondary industrial properties identified under ORS 306.126 and property of centrally assessed companies under ORS 308.505 to 308.665.
(3) The total amount of moneys transferred to the suspense account of the department under subsection (2) of this section may not exceed 10 percent of the moneys in the account as of the last day of the fiscal quarter for which the transfer is being made.
(4) The remainder of the moneys in the account as of the last day of the fiscal quarter shall be used for the purpose of making the grant payments to counties as required under ORS 294.178 and are continuously appropriated to the department for that purpose. [1989 c.796 §6; 1999 c.701 §2a; 2001 c.303 §13]
Section: Previous 294.135 294.145 294.155 294.160 294.175 294.178 294.181 294.184 294.187 294.205 294.210 294.215 294.220 294.225 294.230 NextLast modified: August 7, 2008